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03/ 09/21. 17.13.49 seconds. Sell 21477 @95.94.
Very odd.
Why must every comment go back to Bemoaning? Britain escaping from the clutches of the ECB, the worst example of corrupt unelected economic dictatorship on the planet should be applauded. Why not try accepting the democratically made decision instead of repeatedly whining because your wishes cannot be forced upon society?
THE BASEL 3 CARVE OUT IS JUST MORE EVIDENCE OF HOW CONTRIVED AND CONFLICTED CERTAIN MARKETS ARE. JUST WHO BENEFITS, AND IT IS FAIR, AND IS IT WHAT WE SHOULD BE AIMING FOR?
The upcoming rules... net stable funding ratio (NSFR),.. are part of Basel III regulations designed to make banks more stable and prevent a repeat of the financial crisis of 2008-09. VERY WORTHY GOAL!
The London Bullion Market Association (LBMA) lobbied against them, saying they are unnecessary and could force some banks – including clearing banks - to stop trading (SO WHAT? THE POINT IS THE STABILITY OF THE BANKS AND BANKING SYSTEM AND NOT WHETHER SOME BANKS STOP TRADING GOLD IN A MANNER INCONSISTENT WITH ACHIEVING THE WORTHY GOAL).
Following EXTREME LOBBYING, the Bank of England's Prudential Regulatory Authority (PRA) said on Friday it had "decided to amend its approach to precious metal holdings related to deposit-taking and clearing activities."
It said it had introduced an "interdependent precious metals permission" which would reduce the size of the required capital buffer, AND DEFEAT THE PURPOSE OF THE NEW RULES, AND COMPROMISE THE WORTHY CAUSE, ADD COMPLEXITY AND ADMINISTRATION
"This is one of the key points that what we've been asking for all these years," said Sakhila Mirza, the LBMA's chief counsel. "Clearing will be exempt." AND WHY, WHO BENEFITS AND WHY INTRODUCE CARVE OUTS AND COMPLEXITY
The PRA said it would not classify gold as a high-quality liquid asset (ONE PONDERS THE DEFINITION OF HIGH QUAITY LIQUID ASSET?), which would have freed other trades such as precious metals loans and leases from the high capital requirement.
The LBMA says gold is liquid enough not to need an additional liquidity buffer for clearing and settlement and short-term transactions. (ALL MANNER OF DERIVATIVES CAN BE VERY LIQUID AS WELL, UNTIL TRUST LEAVES THE ROOM?)
A spokesperson for UBS said: "UBS welcomes the PRA's decision, which supports stability in bullion cleaning and avoids disruption to the London market." SUPPORTS THE STATUS QUO AND COMPROMISES AN EFFICIENT MARKET WHICH CAN FUNCTION WITH A MINUIMUM OF ADMINISTRATION AND MAXIMUM OF TRANSPARENCY?
BUT the exemption to "Basel 3" regulations offered last week to London bullion banks by the Bank of England's Prudential Regulatory Authority will not cover the "unallocated" gold the banks hold. The exemption is "short-term window dressing" that will give the London bullion banks a few more months to reduce their gold derivatives business. Macguire says, will push the gold price up.
Maguire adds that more transparency is being demanded of the banks by the PRA.
Russia and China are using gold to attack U.S. dollar hegemony and encouraging smaller countries to join them, Maguire says, and the Bank for International Settlements recognizes that gold is the only weapon that can displace the dollar. He expects the United States eventually to cooperate with a revaluation of gold that diminishes the dollar'
Not a bad day!
@ 18:38 - I go along with those sentiments.
And my dismay at another 5% SP fall merely lasted a day.
Should be a decent week ahead.
LBMA have a lot of leverage.
You will be amazed who they can influence ,same in the States, a different ball game.
Anyway how do they expect to enforce Basil faulty 111, with some pitifully small fine ,as of now.
Be interesting to see how this plays out.
Don't expect miracles. Like fair trading.
The way i read it is they apply for an exemption from January,i cant find anything on
how long it lasts
@Autonomy1
Yes you are right - but the exemption the UK has is time limited - it ends in early 2022 - as I said in my response to MrBond46's - the dispensation the UK has ends in early 2022.
Uk has Basel exemption
The dumping of paper futures and the shorting of gold will reduce over time as the BASEL III regulations come into effect - to the best of my knowledge - the regulations are already taking force in Europe - the UK has dispensation into early 2022 - but the regulations will also be applied in the UK - the shorting of gold and its price voliatility should tail off as we go towards the end of the year - we will clearly see some high volatility between now and then.
Now probably is the best time to but Centamin shares - as the price of gold increases so will the price of this share - keeping one's nerve is the best advice that can be offered at this moment.
Helps the precious metals markets are we are responding. Fres, Hoc, Centamin all responding to the biggest rise in spot precious metals for months! Long may it continue!
Thanks Tony, it is really good to see the basis of calculataion and logic.
Now if only analysts did the same ............
Citi reiterated its 'buy' rating on Polymetal on Friday as it said the investment case is getting back on track
The day is not over.
Next someone will dump a skip full of paper futures on the market.
Whilst that pushes prices down it is only temporary it will not change sentiment of the many.
Will it ?
$2000 gold by Xmas now just need cey to step up to the plate!
Yep- good for gold, let's hope all the post news analysis doesn't dampen
Comes in at 235k vs 750k consensus oops!
Yep, gold running!
August Payrolls 235K, Exp. 725K
There has been a lot of nervousness expressed on this BB.
What people here need to understand is that when a stock goes XD - "the value of a share of stock goes down by about the dividend amount" - for more information see - https://www.investopedia.com/articles/stocks/07/ex_dividend.asp - what is happening here is near normal behaviour.
Centamin is a good stock with good reserves - one of the few stocks that pays a good regular yearly dividend - you will be hard pushed to find a similar rate of return in a bank or building society.
Sit tight and see what happens to this share price over the next few weeks as the price of gold goes up and people wake up and see the value in this stock - as already pointed out by a contributor (my apologies for forgetting your alias) read this article by Alisdair MacLeod of Goldmoney - https://www.goldmoney.com/research/goldmoney-insights/inflation-is-a-monetary-curse
Good luck in all your investments - please do your own research and make your own investment decisions - do not risk more than you cal afford to lose.
I'm looking at the same thing. Not enough investor confidence right now following the dividend payment. I for one am in that boat, already over-invested from averaging down and currently about breakeven including the paid dividend. But I'm still bullish on the next week's value after this US jobs report is out of the way and I believe basically all materials are in short supply currently.
HOC up 6.5% and here we are languishing at 0.6% up. Pathetic
2021 DIVIDEND INTENTION
Reflecting the Company's confidence in the outlook for the year, and progress delivering on the reset plans, the Board reiterates its intention to recommend a total dividend of US$105 million (interim and final). Therefore, this implies a final dividend of approximately 5.0 US cents per share (US$58.7 million). The final dividend will be announced with the 2021 Full Year Results in Q1 2022 and remains subject to Board approval and shareholder approval.
DIVIDEND TIMETABLE
Below is the final dividend timetable for the London Stock Exchange and Toronto Stock Exchange
Ex-Dividend Date: 2 September 2021
Record Date: 3 September 2021
Last Date for Currency Elections: 8 September 2021
Payment Date: 30 September 2021
CURRENCY ELECTIONS
The dividend will be paid on 30 September 2021, in US Dollars ("USD") with an option for shareholders to elect to receive the dividend in Pounds Sterling ("GBP"). Currency elections should be made no later than 8 September 2021 as per the instructions detailed on the Company website (www.centamin.com). Payments in GBP will be based on the USD/GBP exchange rate on 10 September 2021 and the rate applied will be published on the website thereafter.
https://www.tietto.com/projects/abujar-cote-divoire/
Diagram intended for those who know Côte d'Ivoire.
[None too pleased with today's SP. Tenacity required.]
wow - a lot of effort to keep this supressed.