George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Hi Zambianminer,
As Auson already poste the banks have some compensation schemes for loss due to fraud
https://www.financial-ombudsman.org.uk/consumers/expect/compensation
zambianminer,
Banks will most likely recompensate you if your account is hacked. There is also the FSCS guarantee and FCA regulation and the banking ombudsmen if your not fairly dealt with.
What guarantees will the Crypto exchanges offer you ? All power to you that your making money on Crypto but lets just keep it real.
Zambianminer, banks may not be 100% safe, but they are regulated and do perform checks. A friend was convinced to put money in an investment that ended up being a scam. His bank stopped the transfer before it happened, stopping him from losing a big portion of his savings. Things would have ended very differently if he was transfering from a crypto wallet
That may be the case but isn't our banking system open to criminal gangs?
Even so it doesn't inspire confidence and is bad advertising for the crypto ponzi scheme..
Good morning mrtibbles,
Whilst it's plausible for someone to gain control of someone's Bitcoin account, I think gaining control of a wallet is a different proposition altogether. These are stored offline and I also believe that 75% of Bitcoin is currently held offline.
Shares on the major stock market indexes in Europe traded higher in the premarket on Wednesday after the major benchmarks on Wall Street ended the previous day's session with record highs.
On the COVID front, the number of deaths attributed to COVID-19 reached a four-and-a-half-month high, while Bavarian Prime Minister Markus Soeder dismissed the idea of introducing another lockdown in the country.
The CAC 40 gained 0.1% at 7:27 am CET. A minute later, the FTSE 100 advanced by 0.18%. At 7:29 am CET, the DAX was up by 0.07%.
The euro was flat versus the dollar, selling for 1.17205 at 7:33 am CET, while the pound slid 0.07% compared to the greenback, to go for 1.38324 at the same time.
Breaking the News / BU
https://www.bbc.co.uk/news/business-58163917
Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever!
Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.
In a letter posted on Twitter, it urged the thieves to "establish communication and return the hacked assets".
In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox.
In its letter Poly Network said: "The amount of money you have hacked is one of the biggest in defi [decentralised finance] history.
"Law enforcement in any country will regard this as a major economic crime and you will be pursued.
"The money you stole are [sic] from tens of thousands of crypto community members, hence the people."
'We lost our life savings in a cryptocurrency scam'
EU plans to make Bitcoin transfers more traceable
Poly Network said a preliminary investigation found a hacker exploited a "vulnerability between contract calls".
It urged various exchanges to block deposits of the coins, after millions of dollars in tokens were transferred to separate cryptocurrency wallets.
About $267m of Ether currency has been taken, $252m of Binance coins and roughly $85 million in USDC tokens.
We were discussing the above at the local and one of the chaps said he had cashed in all his Bitcoin because he had heard a rumour that a well organised international cyber gang have found some way to get control of peoples Bitcoin wallets/accounts and then make them pay a fee to get their wallets released.
I really don't know where he heard the rumour or even if its feasible for a criminal organisation to steal a persons crypto wallet of Bitcoin's?
Intrigued somehwat at the endess debates on why people invest in gold. INflation hedge, uncertainty, ...Billy Brown says so...etc
BUt you cannot talk of gold and ignore critical components of human psychology, and ideas that are entrenched in human psyche.
IN 2019, two large tombs were discovered and excavated at the site of the ancient city of Pylos in southern Greece. Inside the 3,500-year-old tombs, archaeologists found remains of gold jewellery and thousands of pieces of gold foil, remnants of the sheets of gold that once lined the tomb floors. Imagine getting buried with a pile of US$ or GBP?
The ancient Egyptians considered it a symbol of eternity and referred to it as “flesh of the gods”. Consider the tomb of the boy-king Tutankhamun. He was enshrined in three gold coffins and his finery included a gold funerary mask. Again, would a stash of US$ do the trick?
Psychiatrist Dale Archer, wrote in A Psychology Lesson: Chinese citizens have always bought and held onto as much physical gold as they could afford, because it’s ingrained after generations of instability. Forced to flee their villages and homes by famine, war and constant government repression, gold was the only thing they could take with them.
In The Great Partition: The Making of India and ****stan, a Sikh woman Taran relates how her mother took all the gold and tied it in handkerchiefs and distributed it among different family members for safekeeping. We did not know where each of us would end up – this gold was our security.
Warren Buffet once said, “Gold is a way of going long on fear”
It seems a lot of Instos and people are going long on gold, July 2021 ETF buying
https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows?
and the central banks, more going in than comining out
https://www.gold.org/goldhub/data/monthly-central-bank-statistics?
Fear, uncertainty, instability are here to stay. Loss of faith in governments, corrupt institutions, laws that apply to some etc etc...
Now we have the pandemic, and we have the awkward collusion of elected poiliticians who know not what, being led by academic health officers whio should know and epxlain things a lot better
good luck, CEY is a good buy for those with along game bias. The short game is all over the place,
best
the gnome.
Anecdotal evidence to my point that too few in the PM investing world are enthusiastic about Centamin.
A shareholder asks a gold mining guru about Centamin on Twitter :
'Checked ngt on Centamin?'
'I read a bit about them [Centamin] when they were courted by Endeavor. Think the company is undervalued. Egypt seems to be moving in a much more mine-friendly direction.'
'Yes, agree. Is quite skewed in it but collects dividends for so long. Everything else being equal, new offers should come if it does not turn around soon. Debt-free and have well solved the problems they got.'
Bottom Line: If even a guru can't be bothered to invest in what they perceive to be an undervalued company it's time to 'fast track' West Africa. And by fast track I mean finish what was started a decade ago.
correct methinks apart from perhaps the conclusion. Gold price increases with inflation in long run so actually stay stable in real terms. If you hold the metal in theory you stay in the same place and do slightly worse than inflation linked bonds. If in miners their costs rise along with gold. However psychologically they become more attractive than some other shares, and hopefully gold rises faster than costs. Centamin has certainly been hit in the last year far more by rising costs than falling output or gold price imho. So the question becomes will the solar plant insulate us to some extent from oil inflation, will wages machinery etc rise less fast than inflation and gold. Or will gold take off? Looking back over 50 years can be a bit random but lets hope so
The bad guys always seem to come out on top Rebess!
Just like our George Eustice environment minister (arrogant ****e)and DEFRA wanting to put down Geronimo the Alpaca based on a test TB used for a different species just because they have the power to do so!
Hi Bubbyoakbrook,
I think you have hit a few nails squarely on the head!
Certainly lots's going on and ahead of schedule at Centamin.!
Ladies and Gentleman please read my thoughts below and correct any mistakes and make constructive remarks. Please be objective and nice!.
The $M2 money supply is going through the roof. This must cause inflation around two years after it first started to expand. So far the inflation is not extreme so far because of the time lag and the exceptionally low “V” [velocity of money].
Low “V” is caused by low inflation expectations. Bottlenecks in the supply chains are causing inflation. This will naturally push up the “V” figure?.
Am I right so far?.
The whole world is absolutely sloshed in broad money because of QE.
Gold prices closely correlate with inflation.
Am I still on track?.
Mr Biden is starting a “Barber” boom in the states. So very soon the USA will overheat and inflation will sharply ignite. At least in the $ area.
Is this correct?.
Central bank independence will slightly mitigate the inflationary disaster more than was the case in the 1970s?.
Central banks simply can not afford to rise interest rates because of high levels of national debt everywhere?, [not just in the states]?.
Still correct?.
Crypto currencies have slightly stolen gold’s role as an inflation hedge. However they are very unstable and are perhaps facing taxes and other obstructions from legislators because many governments are not keen on them?. They do not want privatised control of the money supply?.
Still correct?.
Cryptos are potentially vulnerable to hackers?, might even be wiped out completely by hostile cyber actions?. They are very unstable anyway?.
Thus gold will shine in an inflationary world after the cryptos crash?.
CEY has production cost and output issues?, however rising gold prices would still make the company very profitable?.
CEY is cash rich and the dividend is thus safe and secure.
CEY is still a good bet and might even be a BUY at the moment?.
Constructive remarks please!, is any of the above correct?, missing anything important?.
Hi Rocket V1
Agree, if Governments and Banks have the arbitrary-power to set prices, what is the point of having a market to establish price-discovery? - However, if there is a market it should be illegal to interfere with it. - This is where the 'Regulator' comes in or rather doesn't. - It's only the fact that the Regulator', the Referee if you like, is part of the scam, that allows it all to happen. - So, what can be done? - The answer is nothing. - The bad guys have won.
Impacting metals remain under pressure since this data, CPI out tomorrow, plus Jackson Hole coming up soon- tapering... when, how much, timing rumours all over the place.
Tornado: That is correct regarding debt reduction but dont agree that the value of gold should be set by Governments and Banks. How can you explain the value of a crypto coin which is basically an electronic holding and are worth nothing realistically. I`m sure Government would love to control cryptos through taxation but at present, they are not able to. Physical gold should be free from manipulation price setting and it could be worth $10,000 p/oz or $100 p/oz. Supply and demand would set the true prices at what level people will buy. Gold will always be sought after.
Prior to the pandemic gold had a fair value price of $1300 as of early 2016. This figure is arrived at from the multiples increase in USA debt plus inflation rate over time. Since that time UK and USA inflation is around 14% taking value for gold to $1480 per ounce. However, the addition increase in USA debt is well above $22.5 trillion which allows for the inflation impacts. When these costs are added the fair value price is corrected to $1745 per ounce. At the present time more debt is being added and the infrastructure spend increases it further. The tapering reduction is not reducing the debt and inflation may well continue to add into the depreciation of fiat currencies. The recent pullback has simply pulled gold to its true value and any further pullbacks on gold make it cheap to buy as the value of everything else in gold ounces is far higher than it was previously. It is only when governments can actually reduce debt with tax receipts exceeding what they spend in a given year that could truly depreciate the gold price. I would say the chances of it happening are the equivalent of a very hot place freezing over.
At last, the roofers are building my house extension roof ,while the sun shines in the UK! It will be nice not to have to mop the water out after it rains ! Unfortunately ,building work can cost twice as much and take twice as long as originally expected. I hope I do not have to sell my Centamin shares before the eventual rise in the price of gold and the price of Centamin shares.. I think that fiat currencies may keep gold down this year, but eventually , probably next year, gold price will rise. But then ,I could be wrong.
If Sawiris is confident about his business strategy and as we know already a “Billionaire “ then $300 million is chicken feed for him to chuck in the pot, is'nt it?
Totally agree ...
Hi Tornadotony,
Unfortnately I feel the pandemic is going to take some years to subside, which means goverments will need to keep stimulus going, then after that there will be so much debt they will have to stimulate to inflate the debt away.
A renowned epidemiologist says the coronavirus pandemic is far from over due to not enough vaccines being available for every country.
Dr Larry Brilliant, who was a medical officer in the World Health Organization's (WHO) smallpox eradication program, says not enough people around the globe have been vaccinated against COVID-19.
He told CNBC's Street Signs that only 15 percent of people in the world have been immunized with some countries not even inoculating five percent of residents.
Brilliant also addressed the spread of the Indian 'Delta' variant and sad it was the most infectious he had ever seen in his career.
'I think we're closer to the beginning than we are to the end [of the pandemic], and that's not because the [Delta] variant that we're looking at right now is going to last that long,' Brilliant told CNBC.
PM's trading erratically on low summer volume so little bits of daily data making large price movements only to be expected.
The company is building a solar plant to reduce diesel consumption and its redeveloping its underground resources to be more sustainable and it has undertook a lot of waste stripping that stabilises the entire operation. The company has made good use of the higher gold price in 2020 and 2021 thus far. The CEO is doing and making the correct decisions. Why I like the investment in the portfolio. As for Gold it will form a bottom and those gaps in the chart all the way to $1790 need to be back filled.
I’m sure Horgan is already doing his very best to hit his 2023 target with lower costs and higher output but this is dependent on everything going to plan that doesn’t always happen in mining let alone Centamin, rather than my asking him. Cowichan is right of course that a huge discovery would of course help the prince, as long as this ultimately turned to profit. My point was simply that it is not a lack of promotion and interest that is holding Centamin shares down but rather the opposite, they are higher than profit would warrant on high expectation Horgan will fulfil the plan, hence a lot on trust. I am holding because I see 2023 as a good recovery but I consider it brave if not foolhardy of me, especially as gold likely to go lower before rises again, hopefully by 2023