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A cardboard cutout government with a paper opposition.
Time both were recycled.
Its a v bad look. The left hand wasnt talking to the rights in the Parliament, and no one was talking to the markey, and ...
The new British government triggered a vicious sell-off in both the pound and UK government bonds, which are known as gilts, when it unveiled a surprise and unfunded tax cut, at a time when the Bank of England is hiking interest rates to subdue soaring inflation.
Treasurer Jim Chalmers is breaching the widely accepted principle that tax changes aren’t retrospective, and hitting investor confidence in the process. Alex Ellinghausen
Investors were dismayed to see UK fiscal and monetary policy obviously pulling in opposite directions. It pointed to a fundamental conflict and lack of consensus between UK politicians and the country’s key institutions. IT POINTED TO SOME REAL DOUBTS AS TO HOW FUNDAMENTAL POLICIES ARE CONSTRUCTED BY THE NEW GOVERNMENT. FIRST LOOKS CAN BE FATAL. Yoyu really dont need this sort fo thing happening in this sort of global environment.
best of luck
Gnome
Fairly predictable. Batter down me hearties in the UK,, this does look very ugly, and winter is looming!
The UK watchdogs responsible for the £1.5tn corner of the pensions sector that came close to imploding this week are holding daily talks with asset managers to stave off a fresh crisis when the Bank of England’s emergency bond buying ends.
The £65 billion ($113.7 billion) plan, which ends on October 14, was launched on Wednesday to safeguard the pensions sector after this week’s market turmoil sparked by chancellor Kwasi Kwarteng’s plans for unfunded tax cuts.
And more pain is coming, and where the money is coming from is still anyone's guess...?
Meanwhile in the U.S. policy makers aren’t likely to take action to slow the dollar’s rapid rise despite rising risks of global financial turmoil, analysts say, largely because a strong greenback helps fight domestic inflation.
The U.S. dollar has soared in value as the Federal Reserve raises interest rates to fight the highest U.S. inflation in decades and investors move money into dollar-denominated assets. The WSJ Dollar Index, which measures the dollar against a basket of other currencies, is up roughly 16% so far this year.
The dollar’s strengthening relative to other currencies puts pressure on many other countries around the world, boosting the costs of imports priced in dollars and servicing dollar-denominated debts. This is particularly difficult for many developing economies that struggle with large debts and import much of their fuels, food and other commodities.
Wealthier economies face troubles, too, as their import costs rise. Japan, the world’s third-largest economy, recently intervened in currency markets to support the yen.
Treasury Secretary Janet Yellen says the U.S. supports market-determined exchange rates, adding that the strength of the dollar is largely the product of the Fed’s policies and subsequent capital inflows to the U.S. So FU all?
CEY is not a bad place to invest
best
the gnome
Posted 11 hrs ago
Lotus Gold advancing it's exploration projects in Egypt. 12 months since land handover, great exploration team assembled, >10k samples collected and assayed, drill targets defined, rig on site today. Busy few months coming up.
#mining #egypt #gold
https://www.linkedin.com/posts/activity-6982023398348476416-0gq8?
------------------------------------->>>>
Sounds impressive to already be at the drilling stage.
It would be lovely to hear an equivalent progress report from Centamin.
Or Hell.
Just saying.
Also, there are no pockets in heaven.
But a monthly repayment of £399 on an interest rate of 0.92% is a £520,000 loan whichever way you cut it
I rolled it over from a previous one. Over 5 years the interest is £24k. Dividends if not reduced should be £150k. Inflation should halve the repayment in real terms. So if Cey etc fall 3 fold in real terms I should be ok. Still scary…as of course it could fall more than that so I have been gently raising cash and will keep the dividends in dollars cash. As said still scary. I now have 4 years for gold to turn…
Don't like to be picky but never sure how an increase in the R/I will bring down the price of oil, gas and electricity which are at the heart of the rise in the "cost of living" or how an increase in the R/I on mortgages, another vital component, will similarly reduce the rate of "inflation". Just saying.
8 days to divi payout.
The Bank of England made an error in not raising rates earlier- they have 1 job, control inflation, muppets.
Blimey Sotolo, taking out a £520,000 mortgage when rates were at virtually an all time low was a massive risk! Coupled with your massive losses on CEY- if I were you I would have never kept my CEY for so long but sold out and have a fraction of a mortgage- I really hope your fixed rate is for a heck of a long time...
Pound temporarily back up due to B of E intervention and closing of huge profit positions. It will be on down soon. But the cost. Expected interest rates are up hugely tho despite this pound will be on down again as we are now such a weird UKIP basket case. Mortgage I got at 0.92% earlier this year was 3.56-% last week, now 5.24%. My interest payments of £399 a month if taken out now would be £2390!!! Come back Conservative Party please, but sadly most of the sensible ones gone
Yet again, Bank of England wrong
https://www.poundsterlinglive.com/gbp-live-today/17601-month-end-pound-to-euro-and-dollar/amp
Paper headlines- pound tanking, pound tanking etc etc--- no back to 1.12 when it was 1.13 the Thurs before the mini-budget- so if the pound was "tanking"- why aren't the headlines now "rocketing" which is the opposite of tanking... look at all the currencies, and it's interesting stuff.
On CEY, good to see continued rise- although as Tony said - "where's our news?"...
European stock exchanges were lower in the premarket on Friday as investors awaited September inflation and August jobs data from the Eurozone. In addition, new figures on United Kingdom GDP, housing prices and mortgages, as well as German retail sales and unemployment will be released throughout the day.
The DAX decreased by 0.28%, London's FTSE 100 fell by 0.45% and the CAC 40 declined by 0.22% at 7:06 am CET.
The euro was 0.06% lower against the dollar at 7:14 am CET, trading at 0.98085. The British pound was flat compared to the American currency, going for 1.11180 at the same time.
Baha Breaking News (BBN) / MS
Happy Friday y’al.
Enjoy your weekend.
Last trading day of Q3
Bol
Pardon .
Arrested at Ibiza Airport.
Mallorca Daily Bulletin. (HA HA /
Briton wanted in USA for fraud in Ibiza.
Somewhat ironic ,now the Banks lost 2 0 milllion dollars .
Peanuts compared to their frauds.
Top Banks "/ Crooks" say Forex rigging case filed too late.
Means they know they will be found guilty ,to me.
Good point Tony!
ROBERT M. FRIEDLAND of Ivanhoe Mines, Ivanhoe Electric (Africa: Kamoa-Kakula copper-project; Platreef in South Africa), filled a large Colorado Springs main hall for his 45-minute luncheon ‘show.’
“Mining is not a business for intelligent people,” the CEO said.
Quotables here:
“The Fed can’t do anything about the Balkanized supply chain,” Robert Friedland said just now.
“If you really want to find copper you have to go to the Western Forelands (DRC Congo — Makoko project).”
“The computers think we are (just) a copper company.” Pointing to zinc at DRC’s Kipushi and to Platreef’s gold-nickel-platinum-etc. metals project in Republic of South Africa.
“Without grid-scale batteries there will be no green revolution.” (See Ivanhoe Electric below.)
“Very few people can even define what energy is.”
“Renewal energy is absurdly metals intensive.”
“We need to mine in the next 23 years all of the copper we have mined in human history.”
“That’s why (they) should add ‘copper’ to the name (of this conference) next year.’
The amount of misinformation in the media, has never been higher ...
the gnome
Bristow in response to a question said he hopes to increase Barrick’s exposure to Australia and to Canada.
CEO Bristow singled out a World Gold Council effort to create handheld buttons that allow individuals to purchase certified, physical gold with the help of the Internet. WGC calls it the 24-7 Gold initiative. “We like the other gold miners are working closely with WGC on this initiative,” he said.
One day to meet all the updates they promised in July. I have written to investor relations and I wonder what do they get paid to do?
I don't have any bonds in my pension which is probably why it's grown massively in the last 10years... Ipaid off my mortgage last year, but am concerned here for my kids, who are young and both have mortgages now, albeit can sustain quite large increases luckily here- but yes, a worry for many on top of everything else- I do think that growth is the only way out of this though- the UK Govt mini budget was clearly exploited.
Major stock indexes in Europe traded higher in Thursday's premarket session, as the positive sentiment was seemingly prompted by the Bank of England's latest decision to temporarily buy long-dated United Kingdom government bonds (gilts), so as to bring back "orderly market conditions."
On the data front, traders will be looking out for the report on Eurozone's consumer confidence, alongside Germany's inflation.
The DAX gained 0.82% at 6:52 am CET. At the same time, London's FTSE 100 rose 0.39%, while the CAC 40 was up 0.67%.
The euro lost 0.50% against the dollar at 7:02 am CET, selling for 0.96866. The pound was down 0.79% against the greenback to go for 1.08057 a minute later.
Baha Breaking News (BBN) / AY