Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Yeah, I am going to have to add my voice to those who strongly disagree regarding your comment on Fred. IMO him and his ilk are the greatest threat to capitalism. That so few bankers across the world did not see the inside of a jail cell, or even at least suffer personal bankruptcy after the GFC (and no doubt the same lack of outcomes when the next one strikes) disgusts me. But it is what it is and let's be honest...apart from some big words from a few politicians and media people now and again, it is not going to change. Hey ho.
....and you can't have contagion unless there is disease in the first place.
@Badjob. Thanks for the considered reply Badjob. I recall, I think it was Alistair Darling at the time, saying that on the eve of the UK banks being bailed out back in 2008, that all the top UK bankers arriving in their private jets, sat around a table with him in complete denial, saying the only issue was one of liquidity. But for the bail out, every one of those banks would have gone the same way as SVB went last week, because bankers were not doing their job. As I understand it, Becker had lobbied the US administration to effectively de-regulate his bank by having the cap raised from $50bn to $250bn. I fail to see how Becker's behaviour is any different to the way bankers were behaving back in 2008. And I agree with Flashy500 - with the devastation that some businesses and individuals experienced as a consequence of the financial crash - through no fault of their own, suicides included, I think it obscene to suggest Fred the Shred was held accountable. Losing a Knighthood you shouldn't have got in the first place, is not being held accountable.
" Fred the Shred was certainly held accountable " - that's the best joke I've heard this year. He was NOT held accountable in any meaningful way.
Reducer - not convinced this is about greed or bankers not learning lessons. I think Fred the Shred was certainly held accountable - no banker wants that. Clearly in 2008, capital levels were grossly inadequate and the banks had made reckless lending decisions plus suffering contagion from the holdings of AAA rated (the rating agencies never get the stick they deserve)- but in reality poor quality - packaged up US mortgages. Banks are always under the cosh when there are fears of contagion. It's all about confidence and I don't think banks can easily fight that. Even HSBC is significantly down and no-one thinks it is in any danger. Smaller banks are vulnerable to runs if there is a panic and until there is clarity about whom is exposed to who or what, the shorters will pile in to make a profit. Not sure there is any evidence that the big UK banks have not hedged their exposure to treasuries and at its last accounts, Barclays had over £200bn of cash and cash equivalents which is a massive amount of liquidity. If central banks are happy with a banks balance sheet, they should provide the liquidity needed to get through these kinds of panics. That is their job after all as lender of last resort to avoid unwarranted meltdowns. I always thought it was notable that Lehman UK, even after hundreds of millions of administrator costs from its liquidation, had a surplus at the end of the liquidation process.
The banking world is mad! As I understood banking originally, the business model was simple. You paid interest out to deposit holders and savers at 'x' amount and you lent out to borrowers at a higher 'y' amount and you pocketed the difference. And when interest rates started increasing last year, all the analysts were saying this is great for banks and the SP's in the financial sector reflected this. Then when inflation wasn't coming down as fast as the authorities wanted, they continued to increase the interest rates. Still great for banks you would have thought. Not so. There was a dramatic shift in the analysts thinking that profits from increased rates would be be consumed by customer defaults as a consequence of economy's being driven towards recession and the financials SP' s plummeted at the thought of further rate rises. Now we are in the incredibly bizarre situation where it is being suggested the FED will halt further intended rate rises, because it is the banks themselves that are in danger of collapse, not the wider economy! Absolutely mad! I understand that matters are more complex than my simple brain can comprehend and understand the issues over liquidity. But all it says to me is that because the bankers were not held accountable back in 2008 as they should have been, they haven't learnt their lesson. They remain pathologically greedy and self-centred and their financial creativity, becomes ever more reckless. Joe Biden has said he will hold those responsible to account. I wonder just exactly what will be the consequences for Greg Becker. Yes, his SVB shares are now worthless, but otherwise, I bet his $40m net wealth remains intact.
believe, very good entry time due to the depressed share price, and banking scare seems to have been resolved. wont recover overnight but solid investment.
divi is also reasonable, and the continuing company buy backs are encouraging.
Fascinating day for first republic. Rollercoaster ride.
Syndicate of banks help first republic bank by depositing $30bn in unsecured deposits. This show of support coupled with SNB actions re CS should help bring down market temperatures.
Hopefully the big American banks agreeing to shore up First Republic today, will bring some confidence back to the FTSE and the UK financial sector tomorrow morning. Fingers crossed.
Interest rates - some polar views.
Putting the ECB to one side, should have gone 0.25% IMO
If the Fed raises by 0.25% I see this as a positive. Sends the message that there is no need to panic and the financial markets are ok and any issues are bank specific, non systemic. This is a storm that will pass and inflation is the biggest danger
What is probably more of a gauge of how the financial system is holding up is credit spreads. These have widened a bit but nothing untoward
Added a small tranche yesterday on the big drop. The price is out of 3-sigma Bollinger band, not conventional 2-sigma. It should have a nice bounce. Current dividend yield is above 5%. It is still higher than treasury bond where I got around 4%.
In recent days we had a big drop then a big dead cat bounce only to be followed by another big drop off the back of more 'bad' news, its understandable the market will be skittish for a few days, confidence easily goes and slowly returns.
Today we opened with a gap up and duly went on to fill that gap, trending in a range atm, no more bad news in next day or two and this should slowly move up from this level.
Take your pick which big gap down you want to target, theres some big ones above us and knowing the market it will likely get them filled with in a few months, realistically give it 6 months and barc will be back pushing new highs.
Not sure if we're be up by the end of the day. Seems to be a lot of shorting going on.
Central banks need to start showing their backing for the system a bit more heavily as investors are clearly not believing things are stable.
Not helped by the ECB raising rates by another 0.5% - just makes the pressure increase again. Ridiculous.
It’s not over yet !!!
Shares of First Republic
and several other regional banks were under pressure again on Thursday, as the Swiss National Bank’s move to shore up Credit Suisse did little to calm fears about more mid-sized bank failures in the U.S.
First Republic fell more than 25% in premarket trading. PacWest
dropped more 15%, and Western Alliance
fell about 9%.
Don't expect an immediate bounce, shares never recover in a day, trend change take months and longer, the fact is they offer a good return is key, noise will occur in the short term , don't let politics influence, politics could be argued both ways, Republican have an infinity with austrian economics which would let the banks collapse , in reality both parties are financed by banking in the way of political contributions and the Democrats take a larger share
Worst case is they cover all bank deposits worldwide but let creditors and stakeholders burn. It would help Biden with his dislike for billionaires etc. who knows what the hell will happen, but today hasn’t been the bounce we’d all expected if we’re honest!
I was scathing about how long they left interest rates at zero, or thereabouts, for over a decade. Felt even further distain for their continuation of this brainless approach following the madness of lockdown. However, the past cannot be undone and IMO now is the time for a pause in rate hikes, both here and in Europe and the US. I would like to see rates kept at current levels for at least another three months, to allow some more of the lagging effects of all those sudden hikes to be in view. Such a decision IMO would not see a sustained rally in the stock markets, nor a sudden surge in inflation. It would not ensure a soft landing, or any kind of magic solution to the many problems that we now cannot avoid. But I think it would be the least worst option available.
Brave, I’m hovering but undecided.
Keep it calm and steady for the foreseeable. Just for once Lagarde, Powell, Bailey et al can help the markets with steady action and soft words. First up, Lagarde today. Expect carnage if a 0.5% rise and hawkish tones are seen and heard. But she might get away with a 0.25% rise if she brings in soft language on inflation and strong reassurance on the banking sector. What we don't want to see and hear is any more creaking from any particular bank. If the US and central banks do their bit and there are no more unwelcome noises from any bank, then I would settle for a penny a day rise in my Barcs shares for the next two months and take it from there! Anything less and I suspect my poor wife will be inheriting this junk in the very near future.
142.17p I’m in!
I think the answer is probably no, but its still early!
I know its very early in the day however we often hear Barcs has gone down more than others etc.., today it has gone up more than most! 5th highest riser on FTSE at time of typing. Only HSBC is higher in Banking.
bought some on the bell. Waiting to see direction of play before next buy.
To me this sounds like a 'pre-emptive bailout.' CS were likley going to go under if it wasn't done. This now begs the question of the health of hte banking ecosystem - there have been concerns around Deutsch and UBS so the CS agreement here does nothing for them - so will the fires spread?