The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Stock exchanges in Europe were in the green in the premarket on Friday as investors prepared for services sector data from Germany and the Eurozone as well as trade balance figures from Germany. Furthermore, the retail sales report for the euro area is also coming up before noon local time.
The DAX rose by 0.82% and the CAC 40 was up 0.68% at 6:56 am CET. The London Stock Exchange remained closed due to a public holiday.
Both the euro and the British pound were flat compared to the United States dollar, changing hands for 1.07488 and 1.25713, respectively, at 07:09 am CET.
Baha Breaking News (BBN) / MS
Happy Friday y’al
Prices of precious metals rose on Thursday as investors analyzed the latest batch of employment data from the United States. Automatic Data Processing (ADP) reported that the number of jobs in the US private sector rose by 128,000 from April to May, falling short of market expectations. Concerns that the nation's economy might be facing a slowdown seemingly sparked the demand for safe-haven assets such as gold.
Gold grew 1.18% to $1,868.20 per ounce at 10:16 am ET. Silver was up 1.96% to sell for $22.27 per ounce at the same time. Platinum rose by 1.64% to change hands for $1,015.25 per ounce at 10:17 am ET. Palladium increased 1.10% to $2,020.60 per ounce at the same time.
Baha Breaking News (BBN) / MS
Currently + 1.16% @ 1868.01
Most precious metals are up 2%+
What'd I miss?
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RIYADH: Shareholders of Saudi Arabian Mining Co., also known as Ma’aden, have approved a capital hike plan in addition to the board’s proposal to withhold dividends for 2021.
The company is looking to double capital from SR12.3 billion ($3.3 billion) to SR24.6 billion by issuing bonus shares, according to a bourse filing.
The Riyadh-based firm’s shareholders will get one bonus share for every existing share, whereby the number of outstanding shares will increase from 1.23 billion to 2.46 billion.
Ma’aden said the move comes in a bid to “strengthen its capital base,” which contributes to boosting the future growth plans.
https://www.arabnews.com/node/2093301/business-economy
Sorry tyro below!
Should read "All things considered understandable the turnout was low?"
Major European stock market indexes traded higher in the premarket session on Thursday, as investors continue to monitor the situation in Ukraine. Ukrainian President Volodymyr Zelensky accused Russia of not valuing "human life at all." Meanwhile, Russian officials warned that Ukraine is planning to attack them with the rocket systems the United States has supplied it with.
On the data front, reports on the Eurozone producer price index and the Swiss consumer price index are to be released later in the day.
The DAX rose 0.11% at 6:50 am CET, while the CAC 40 added 0.17% at the same time. The FTSE 100 will be closed today due to the Spring Bank Holiday.
The euro was flat against the dollar at 7:13 am CET, selling for 1.06567. The pound lost 0.07% versus the greenback and went for 1.24776 at the same time.
Baha Breaking News (BBN) / AY
former Centamin boss Youssef Al Raghy was quoted by Asharq as saying. Al Raghy praised the ministry’s move to ditch the tenders, saying that most countries don’t run bid rounds for gold exploration as they’re “not suitable” for the industry.
The Oil Ministry will not launch new tenders to explore for gold and will instead move to the direct awarding of concessions after low turnout for this year’s bid round, Bloomberg Asharq reports, citing a ministry source. Fewer private firms bid in this year’s tender than in the 2020 bid round due to fallout from the covid-19 pandemic and a lack of “promising” areas on offer, the source said.
https://enterprise.press/stories/2022/05/30/rip-gold-tenders-72268/
This junior gold find reads like an Indiana Jones / Dan Brown novel all-in-one
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2080-tsx-venture/aru/122149-aurania-and-metron-find-lost-city-of-gold-in-ecuador.html
Dear Dr
You should not assume all of the players in the market are intelligent. Nor should you assume the market is fair and equally well informed. At one level it is a chaotic clash of get rich
the gnome
More seriously, it would be more pertinent if the "owners" of the artisanals wrote an ESG plus an end to slavery, and signed a fair work employment agreement.
Cowichan
Most artisinals cannot wirte their name
30/05/2022
In Côte d'Ivoire, the Special Group for the Fight against Illegal Gold Panning destroyed 801 illegal gold panning sites between July 14, 2021 and May 27, 2022, in the 31 regions of the country.
Over the period, the forces of this Group arrested 630 people and seized various materials belonging to miners.
" 4,355 bags of ore, 3.469 kg of gold, 288 generators, 207 detonating cords, 75 lighter plugs, 672 sticks of dynamite , 192 diggers and cash resulting in 145,491,950 CFA francs were seized, listed Lieutenant-Colonel Guéi Mouho quoted by the Ivorian Press Agency . "
https://mineinsiders.com/#/mining-news?news=719
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Maybe this could all be avoided if the artisanals published an ESG statement in the local paper? Works out West.
Starting RC drilling at the topmost of remaining Sukari Hill. #Sukari_Gold_mine #drilling
pictures here:
https://www.linkedin.com/posts/mohamed-hassan-ebaid-b56839a2_sukariabrgoldabrmine-drilling-activity-6937810341372248064-z6F0
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NB - Earlier this year Mr Horgan said an exploration update (drill results, etc ) would be provided in Q2 for Sukari and its surroundings - perhaps in June?
Well considering Egypt is now looking for a $1 billion of investment there wont be many new mines , Sukari cost $1billon alone!
EMRA didn't contribute a bean and yet it takes 50% of the profits of the only mine licenced nine producing gold , no profit share with from the illegal mines as far as we know, possibly brown envelopes?
Should i try there ?.
CAIRO, June 1 (Reuters) – Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry.
Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.
Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin's Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.
The country is targeting $1 billion dollars of investment in the sector. ...
(Reporting by Ahmed Ismail Writing by Maher Chmaytelli Editing by David Goodman) ((Maher.Chmaytelli@thomsonreuters.com;)
The beginning of so-called quantitative tightening commences today as the Fed lets bonds mature off its $9T balance sheet without replacement. It's a big step for a central bank that conducted unprecedented bond purchases from March 2020 to March 2022, which were intended to blunt the economic fallout from the coronavirus pandemic. The pullback comes at a time when the Treasury market is already grappling with periods of volatility and low liquidity, and there are many unanswered questions about the effects of the new policy regime.
Snapshot: Yields should technically move higher in response to QT, while the curve should steepen, due to a tightening of financial conditions and money supply. However, the direction of yields is also highly dependent on other economic factors, like expectations of Fed interest rate hikes, the U.S. economic outlook or greater regulatory constraints. Others feel that any outsized impacts will rather show up in money markets or financial market plumbing, or that effects on liquidity are at least a few quarters away.
"It's going to be very gradual... It's just too soon to know what if anything the impact is going to be from QT," said Subadra Rajappa, head of U.S. rates strategy at Societe Generale. "I don’t think we know the impacts of QT just yet, especially since we haven't done this slimming down of the balance sheet much in history," added Dan Eye, chief investment officer at Fort Pitt Capital Group. "But it's a safe bet to say that it pulls liquidity out of the market, and it's reasonable to think that as liquidity is pulled out, it affects multiples in valuations to some degree."
Go deeper: The latest central bank story comes as the U.S. grapples with persistent red-hot inflation, which triggered a rare meeting between President Biden and Fed Chair Jerome Powell on Tuesday. Treasury Secretary Janet Yellen, who previously served as Fed Chair under the Obama administration, was also at the gathering, but later admitted that she "was wrong about the path inflation would take" and that it wouldn't pose a long-term problem. "There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly," Yellen told CNN's Wolf Blitzer. "At the time I didn't fully understand, but we recognize that now."
"Better times coming", certainly hope so, although I would be very wary of saying it too loudly until there is some proof!
Valid comments Sotolo,
Yet according to Rishi Sunak claims to the "Sheeples" the UK economy is remarkably resilient !
Unfortunately the "Sheeples" are blissfully unaware that the market and central bank manipulation along with the governments past and present flawed policy and monitory decisions are the main cause of the spiraling cost of their everyday living .
As to POG the FED & other Cartel members don't even really try to hide the price suppression by Comex paper contracts!
Considering that EMRA have never put a bean into the development of Sukari the profit share does seem over generous now, let's face it the Egyptian government knew it was on to a nice little earner for no effort, or outlay on its part and I really can't see things changing anytime ever!
Yes Tornado but in Jan 2016 the pound was worth 20% more, making dollar gold worth 20% more to UK shareholders, aisc costs have risen and is 50% more and we have 50% to take off now for profit share so on that basis share price should be quite a bit lower, as all that considerably more than obviates the gold dollar price rise since Jan 2016, but luckily for us the share price is giving us the benefit of the doubt and has priced in better times coming
Cey has had its problems since 2016 but digging their way out now.
It's not all selling, the lse algorithms can see the buys waiting and wants to mop them up. Watch the spread change.
Inflation will soon become stagflation as interest rates rise. MM's need your shares.
Gold was $1161 per ounce when CEY was last at 79p in January 2016.