London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Yes indeed. Hoc up 33% since I suggested popping in half an hour ago, what a rollercoaster! Maybe time to pop out again if you popped in. I am just sitting it out as usual
Their situation is horrible, brings back bad memories of CEY when the CC license fiasco happend.
I am not suggesting Hoc isnot being punished by the government but you said markets could be heavily punishing on poor results , in this case the price fall is realistic if you listen to the currently on air Hoc conference call where ceo just saying right now that if this is correct they must stop all operations and close down immanently, the market price is still saying 50% chance this will be withdrawn and Hoc mines continue ,
Tripe of course it's being punished, are you blind? Cited as environmental however but buyer's beware do your homework on the new president, very leftwing. This board is going to the dogs, although it gives me a good laugh especially the posts from the weekends.
The problem is the law was changed many years ago so the heads of banks cannot be jailed.
These type of institutes are protected by an Act ,that high up officialdom is virtually immune.
Individuals who act on their own ,are a different story.
A few have ended up in the slammer but not many.
I cannot remember exactly where and when allowed ,but I am sure someone on this BB does.
The government closing your mines shortly and permanently is rather more than punishing an update. Methinks however that at 75p Hoc could be an interesting buy?
Hoc now down 60%. Just goes to show how the market punishes lets hope our update doesn't disappoint.
Fair comments MRBond,
In reality these fines are less than a slap on the wrist and who really pays, it's the share holders in the bank's and the customers who continue to receive derisory rates of interest.
It's time to start giving custodial sentences to a few of the top instigators of this fraud up for a year or two and start taking away he licences of these banks.
The other problem is that if regulator tries to do their job properly they get leaned on or moved on!
Like they'll give a monkey's what you do.
On a more sensible note, hoc being hammered this morning, -40% at time of writing, due to new hardliner in power only doing what he said he'd do, so investors should've seen that one coming. At least we've a more facilitating government in power in Egypt atm.
It's not even a slap, it's a tickle.
Shares in Europe traded mixed in the premarket on Monday after Germany set a new record COVID-19 incidence rate and mass protests against new restrictions over the weekend were held in a number of European cities. Meanwhile, Bank of England (BoE) Governor Andrew Bailey said that he was concerned about inflation and that rate rises will have to be considered.
The DAX was up 0.05% at 7:20 am CET. At the same time, the FTSE 100 was down 0.12% and the CAC 40 dropped 0.06%.
The euro was down 0.11% against the dollar to sell for $1.12760 at 7:22 am CET. The pound sterling was flat against the greenback, going for $1.34414.
Breaking the News / IB
Its a start.
No more than that .
Unlikely to stop it at the moment.
Needs at least another nought adding,.
But will it happen?
Doubfulll.
Wow, the Grenadier is seriously retro inside. I want one!
Inflation “is not transitory”, said Nicky Shiels, head of metals strategy at MKS (Switzerland) SA. “It’s injected some bullish momentum. That’s a change from the previous ‘thinking’ since the Fed’s taper threat is out of the way.”
Very difficult to not see inflation growing, and lasting longer. The volume of money being printed and promised to fix this and that is gigantic, and no end in site.
The infrastructure act in the USA signed into law last week marked a defeat for the faction of progressive economists in ascendancy in 2020. For these advocates of modern monetary theory (MMT), the insistence by both political parties that all the $550 billion of new spending be matched by offsetting revenue, known as “payfors,” goes against their belief that money is merely a tool for government.
MMTers detest payfors as wrongheaded thinking about money. Money only exists because of government spending, and under MMT, the government should just create as much as it needs to finance its projects (doesnt matter how worthy the projects are). In a tight economy—like we have now—MMT might want offsets to new spending. But higher taxes or lower spending elsewhere would be aimed at avoiding inflation, not at balancing the budget.
The most important claim of MMT is that a government need never default on debt issued in its own currency. The lesson of 2020 was that MMT is right.
“We got five or six trillion dollars of spending and tax cuts without anyone worrying about payfors, so that was a good thing,” says L. Randall Wray, an economics professor at Bard College in New York and a leading MMT academic. “In January [2020], MMT was a crazy idea, and then in March, it was, OK, we’re going to adopt MMT.”
So there we have it. The governments will and are, printing as much money as they want. It is tied to nothing much, just floats and gets pased around, and if you are lucky it may produce productivity growth, but who cares, as long as the debt is created in your won currency (This was the basics of the USD strength in many ways, global currency and all that).
So how do you value money now. Probably by a thumb suck, and probably not much more than a thumb suck.
The centtral banks are in trouble with the crypto's
It used to be that Trust was a key currency, but its worth considering what you trust,
Money supply now is in theory and practice infinite. Gold is not, and nor is bitcoin
good luck, get into real assets, and dont be caught holding any money, or worse, leaving your money in the bank!
best
the gnome
Please note newer supposed 4x4 vehicles engines would be ruined by running on chip fat, even these although they are proper 4X4'S not the silly things being offered by most manufacturers!
Building a serious off-roader from the ground up. The rugged 4X4 that will get you there. And get the job done.
Set up in 1988 by two former British soldiers, they have operations in over 25 countries, employing 9,000 local deminers across the globe. To do their work, they need a 4X4 fleet that is tough, reliable and fit for purpose.
https://ineosgrenadier.com/en/gb/explore/ineos-grenadier-partners/the-halo-trust
Some of the regulars including a farmer one of the country locals I frequent take take away the barrels of used cooking oil (Chip fat) and use it in their old Dahatsu Fourtracks, they run OK but do tend to smell like a local "Chippy"
Great saving on fuel cost and helps dispose of the chip fat!
The Biden administration is turning to some of the world's largest oil consuming nations to lower global prices after OPEC+ snubbed several requests to increase crude production. Reuters reports that the coordinated effort could include China, India, South Korea and Japan, and would involve releasing national crude stockpiles at a time when prices are rising at the pump. The U.S. and allies have coordinated strategic petroleum reserve releases before, with the last big effort coming during the 2011 war in OPEC member Libya.
Quote: "We're talking about the symbolism of the largest consumers of the world sending a message to OPEC that 'you've got to change your behavior,'" a source told Reuters. Crude futures (CL1:COM) -0.7% to $77.03/bbl, after dropping nearly 3% on Wednesday.
Reports also suggest that President Biden asked the Federal Trade Commission to probe possible criminal conduct in the U.S. gasoline market. He specifically pointed to gasoline prices that rose about 3% from a month earlier, even as the price of unfinished gasoline was down more than 5%. "This unexplained large gap is well above the pre-pandemic average," Biden said in a letter to FTC Chair Lina Khan. "Meanwhile, the largest oil-and-gas companies in America are generating significant profits off higher energy prices."
What is the SPR? The U.S. created the Strategic Petroleum Reserve in 1975 after the Arab Oil Embargo led to a spike in gasoline prices that scarred the U.S. economy. The reserve currently holds enough oil to meet U.S. demand for more than a month, including about 606M barrels in dozens of caverns across the Louisiana and Texas coasts, as well as small heating oil and gasoline reserves in the U.S. Northeast. Presidents have authorized several emergency sales from the SPR (Gulf War in 1991, Katrina in 2005 and Libyan Civil War in 2011), but oil swaps take place more frequently, with the last exchange happening after Hurricane Ida in September.
Thanks Mr Bond,
The Comex casino seems to be using leveraged price manipulation on just about everything and should be stopped, it serves no justifiable useful purpose,
Just seen another $trillion or 2 money creation effort in the USA. Its the biggest ponzi scheme that the world has ever seen, and on the circus goes. What has trouble "going on" is access to potable water, and in fact water managment in the US is at the tipping point. More $trillion/s to be spent
The Environmental Protection Agency (EPA) reports that water mains, especially such old ones, rupture 240,000 times annually, while “trillions of gallons” of potable water worth $2.6 billion seep from leaky pipes, and “billions of gallons of raw sewage” pollute the surface water that provides 61% of our supply. Fixing busted pipes, which break at the rate of one every two minutes nationally, has cost nearly $70 billion since 2000.
The U.S. has 2.2 million miles of waterpipes, which are, on average, 45 years old. The EPA’s 2015 estimate for overhauling such an aging system of piping was $473 billion, or $23.7 billion annually over 20 years — in other words, anything but chump change. Still, compared to the way Congress allots money to the U.S. military for its endless losing wars and eternal build-ups of weaponry, it couldn’t be more modest. After all, the Pentagon’s latest budget request was for $715 billion, to which the House Armed Services Committee added $25.5 billion, unsolicited, as did its Senate counterpart.
We are not much better in Oz, the way we treat water. We cannot even manage our only large river properly, and are mired in petty state politics.
https://www.theguardian.com/australia-news/2020/aug/30/murray-darling-mismanagement-floods-water-theft-and-burke-and-willss-camels
We are the driest inhaboted continent, in an era of unprecedented climate change, and now we are so distracted we cannot focus on resolving one of the more important issues which has been facing us for 100 plus years.
Off for a run, followed by a coffee...
latest cricket news? We lost our cricket captain for a lapse in reason, sexting, flashing a picture of the wedding tackle (fine upstanding man? LOL)?
hope everyone is enjoying their weekend, and I am sure glad I am a male in Australia, antd not a (educated or want to be educated) female in Afghanistan.
best
the gnome
Central banks are suddenly reducing bond-buying programs, known as quantitative easing (QE), that were used successfully to suppress interest rates.
Liquidity is a global phenomenon but it’s clear Australia has been acutely affected. A study by Sweden’s Riksbank showed that initially QE enhanced liquidity, but once the percentage of stock held by a central bank reached a tipping point of about 40 per cent, liquidity deteriorated significantly.
And New York Federal Reserve governor John Williams commented last week “more work needs to be done to improve the resilience of the US Treasury market”. “A well-functioning US Treasury market is critically important for the US economy and the entire world.”
... large carry trades have been disrupted. These are where hedge funds and the like borrow in low-yielding assets to buy higher-yielding assets.
Often these are leveraged, so any sudden lift in volatility causes many of these positions to be unwound. The Reserve Bank via QE and the old yield curve control could have reasonably been expected to offset some of this. However, the RBA was in the middle of a policy rethink and Australian short-term rates went nuclear. Been caught with pants down before ...
According to Goldman Sachs, volumes in Australia’s major bond contracts are down about 46 per cent. Other liquidity metrics point to a 71 per cent decline. The US two-year note has some liquidity measures flashing 94 per cent lower than average.
The Australian bond market is currently factoring in six increases to the cash rate over the next 18 months. The volatility and lift in interest rates has begun to move fixed-rate mortgages; the five-year swap rate has lifted 1.1 per cent since mid-August.
If anything, fixed-rate loans should be priced higher than where they are now.
There is, however, another force countering the momentum of fixed-income markets: the quantum of excess liquidity the banks currently have. It’s allowing home loan rates to have had only modest increases. At the risk of oversimplification, once this is extinguished, the banks will have to step back into wholesale markets. So, it could be worse, and if it does, that will be reflected in higher variable loan rates. BUT THE LOW INTEREST RATES ARE CAUSING ASSET SPIKES AND HOMES ARE UNAFFORABLE TO THE YOUNG AND UNCERTAIN.
Should we be as worried about inflation as the bond market is? So far, it has been largely cost-push. Shanghai to LA freight costs are 180 per cent ..and going north, enrgy up 40%, wages pushing up, productivity down.
Gold - the ultimate inflation hedge, but gold ETFs have not grown. Gold miners underpriced This suggests that investors are not so worried about inflation that the ultimate safe haven is required, but they are worried enough for some prudent tail risk hedging...
Thanks Cowichan.
Mr H maybe a tad too cautious/conservative. I am interested to see how his predictions go, I think he is comfortable underpromising and overdelivering, but see how things work out. Some short term pain? for long term gain?
best
the gnome
CEO Martin Horgan laid out the timeline for Doropo on his video with RBC
- Deliver Doropo PEA by Q3 2022 and assuming it's positive proceed to
- Deliver DFS 18 months from then (which takes us to approx Q4 2023) assuming that's positive
- Build a mine within 18 months of then (which takes us to approx Q1 2025)
Also, ABC won't be delivering gold until 2027 (as it's two years behind Doropo)
This means we could be a single asset company for 3 more years. How is that delivering value for shareholders?
Centamin's board is WAY too slow to develop assets. I think most of the board needs to go - they are dead weight - a hinderance to our survival.
https://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=3512860&sessionid=1&username=&partnerref=&format=fhvideo1&mobile=&flashsupportedmobiledevice=&helpcenter=&key=730F3DE40842E2667B62401391D0B059&newConsole=true&nxChe=true&newTabCon=true&consoleEarEventConsole=false&text_language_id=en&playerwidth=748&playerheight=526&eventuserid=494384500&contenttype=A&mediametricsessionid=427217270&mediametricid=4930159&usercd=494384500&mode=launch
PS Mr Horgan said they could be looking for assets around Doropo in terms of M&A - said bankers keep knocking on the door with their pitchbooks
Also said he doesn't see Centamin in South America or Asia in terms of M&A
Thanks Mr T. And if they do an RNS on it beforehand I’ll go to their office and go nuts!
Red diesel in Spain i s double that price, so Egypt is keeping some control of fuel prices, but it is much closer to it's source,less transportation costs.
But it depends which currency the 54 c is.
Best wishes from grey skies here, and cold.