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Warren Buffett: Yes. The economy and Wall Street are joined at the hip. The market could not have taken another week like was developing last week.
Warren Buffett: Getting regulation around the entire derivative market is important. AIG would be doing fine now if they never heard the word derivative.
https://seekingalpha.com/article/97228-warren-buffett-on-goldman-sachs-and-the-financial-bailout-package
Gordon Brown has admitted he made a "big mistake" over the handling of financial regulation in the run-up to the banking crisis of 2008.
the former prime minister told a US conference he had not realised the "entanglements" of global institutions.
He said: "We set up the FSA [the City regulator] believing the problem would come from the failure of an individual institution. That was the big mistake.
"We didn't understand just how entangled things were."
Mr Brown said he had to "accept my responsibility" but added he was not the only one who had made mistakes.
The FSA, which Mr Brown established on his first day as chancellor in 1997, was widely criticised for its part in the banking collapse.
Mr Osborne has announced plans to break up the FSA and hand more regulatory power to the Bank of England.https://www.bbc.co.uk/news/business-13032013
Goldman Sachs, which is not understood to have been significantly short on gold itself, is rumoured to have approached the Treasury to explain the situation through its then head of commodities Gavyn Davies, later chairman of the BBC and married to Sue Nye who ran Brown’s private office.
Faced with the prospect of a global collapse in the banking system, the Chancellor took the decision to bail out the banks by dumping Britain’s gold, forcing the price down and allowing the banks to buy back gold at a profit, thus meeting their borrowing obligations!
Where's all my gold gone? The Queen wanted to know on Tuesday afternoon.
https://www.huffingtonpost.co.uk/2012/12/18/queen-asks-george-osborne-gold_n_2321666.html
When the moment of maximum danger came, Brown had the right diagnosis and did largely the right things
https://www.lse.co.uk/ShareChat.asp?ShareTicker=CEY&share=Centamin-PLC&thread=9E1A15BB-BE80-4BD1-807E-B2B43C7F93DA
1997: Brown sets Bank of England free
The Chancellor, Gordon Brown, has given the Bank of England independence from political control.
His surprise announcement - coming only four days after Labour's landslide election win - is being described as the most radical shake-up in the bank's 300-year history.
Mr Brown has also announced a loan rate rise of a quarter-point to 6.25%. The increase was decided after Mr Brown's first and last meeting with the Governor of the Bank of England, Eddie George.
The chancellor went straight from that meeting to a news conference at which he unveiled his plans to give the bank freedom to control monetary policy.
http://news.bbc.co.uk/onthisday/hi/dates/stories/may/6/newsid_3806000/3806313.stm
Setting the Bank a 2.0% target for the pace of inflation, Brown was part of a global move to let technocrats monitor and manage the financial sector. There was simply no place for what John Maynard Keynes had so famously called the "barbarous relic" of gold as far back as the 1930s.
https://www.forbes.com/sites/greatspeculations/2019/05/03/20-years-since-the-uks-massive-gold-sales-heres-the-big-lesson-for-gold-investors/?sh=3e18b0ea2ac6
Mr Brown said that the issue underlined the need for further reform of the international banking system. "I am shocked at this moral bankruptcy. This is probably one of the worst cases that we have seen," he said.
http://news.bbc.co.uk/1/hi/business/8628231.stm
On October 28, 2008, Goldman Sachs received $10 billion of the first $125 billion from the $700 billion bailout bill. Goldman Sachs is a global bank holding company that works in investment banking, securities and investment management. It was founded in 1869 and made its name for its pioneering work in the use of commercial paper for business entrepreneurs. It joined the New York Stock Exchange in 1896. Last September, Goldman Sachs went from being one of the largest and most profitable U.S. securities firm to becoming the fourth largest bank in the United States, which means they are now regulated from the Federal Reserve.
https://www.taxpayer.net/budget-appropriations-tax/bailout-bank-bio-goldman-sachs/
Goldman Sachs has people in high places, who are able to substantially influence the trading climate under which Goldman makes money.
Goldman’s role in the financialization of America was similar to that of other players, except for one thing: Goldman didn’t believe its own hype!
https://furrybrowndog.wordpress.com/2009/08/02/goldman-sachs-reconsidered/
“I think that Mr Brown found himself in a terrible position,” he said.
“He was facing a problem that was a world scale problem where a number of financial institutions had become voluntarily short of gold to the extent that it was threatening the stability of the financial system and it was obvious that something had to be done.”
While the market manipulation which occurred when the gold reserves were sold was not illegal as the abuse at Barclays may have been, the moral atmosphere in which it took place was identical.
The crash which began in 2007 and endures still was the result of an abdication of responsibility across the financial sector. This abdication ranged from the consumer whose thirst for goods pushed him beyond into grave debt to a government whose lust for popularity encouraged it to do the same.
Responsibility is evaded by all bar those on whose shoulders it ought to rest. The gold panic of 1999 was expensively paid for by the British public. The one thing politicians ought to have bought with that money was a lesson in the structural restraints which needed to be placed on banks now that the principle that they were ultimately public liabilities had been established.It was a lesson which could have acted to restrain all players in the credit market boom of the 2000s. It was a lesson which nobody learnt!
http://marketoracle.co.uk/Article35501.html
It is possible, though unlikely, that the price of gold will crash at some stage in the future. So having a high proportion of assets in gold – quite aside from the loss of interest or dividends – makes no sense either. In strategic terms Gordon Brown’s decision was easy to defend. In tactical terms – the timing, announcing in advance how much would be sold, etc – it was dreadful.
https://www.independent.co.uk/voices/gordon-brown-gold-reserves-sold-economy-analysis-financial-bullion-a8909611.html
IF you read a bit about how the gold and silver market works, how the banks manipulate it and the way in which they do, it was fairly obvious that selling gold was not something he decided to do off his own bat. Banks yet again getting in to trouble and needing help and when people ask why the UK, check out the LMBA, it's importance and then check the various vaults inventory.
Goldman Sachs, which is not understood to have been significantly short on gold itself, is rumoured to have approached the Treasury to explain the situation through its then head of commodities Gavyn Davies, later chairman of the BBC and married to Sue Nye who ran Brown’s private office. Faced with the prospect of a global collapse in the banking system, the Chancellor took the decision to bail out the banks by dumping Britain’s gold, forcing the price down and allowing the banks to buy back gold at a profit, thus meeting their borrowing obligations.
https://forums.digitalspy.com/discussion/1692242/gordon-brown-and-the-gold-sale
Where's all my gold gone? The Queen wanted to know on Tuesday afternoon.
https://
As the month draws to a close, Andrew Maguire assesses the gold and silver markets ahead of today’s Options Expiry and marks his price expectations for the precious metals by year’s end.
With January 2022 fast approaching, the precious metals expert details why the LBMA will feel the squeeze of Basel III months ahead of its official exposure to the ruling. Additionally, the long-time wholesaler reveals an email from a Swiss refiner that illustrates the evaporation of LBMA-controlled paper market liquidity.
https://www.youtube.com/watch?v=L4pH0ZeKj4Q