The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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The banks are going well as the sector but the Dow overall is hardly surging unless you call 0.4% a surge…
Gold down as Dow surges on Wall Street open!
https://www.cnbc.com/2023/03/26/stock-futures-are-up-slightly-as-wall-street-looks-to-build-on-winning-week.html
Bank shares surge as Silicon Valley Bank deal eases investor fears - latest updates
Bank shares surged on Wall Street as investor confidence returned after a buyer was found for the collapsed Silicon Valley Bank.
Shares in First Citizens, which has bought the assets and loans of the failed lender, rocketed by 49pc at the opening bell!
Its takeover appears to have allayed concerns about the health of the regional banking sector in the US.
Shares of midsized banks like Keycorp, Zions and First Horizon rose 8pc.
First Republic Bank, which received a $30bn rescue package from 11 of the biggest banks in the country, jumped 23pc.
https://www.reuters.com/markets/deals/first-citizens-said-be-near-deal-silicon-valley-bank-bloomberg-news-2023-03-26/
In Britain, banking stocks across the FTSE 100 and FTSE 250 have climbed 1.3pc by comparison?
Ah, but Italy Sotalo, now they how how to live life, fantastic fashion style and culture, fine wine and cuisine that is so affordable, fantastic art galleries, music venues and architecture, the smell of wild flowers in the countryside and the evening "La Passeggiata"– The Evening Stroll in Italy, not to mention the beautiful ladies walking by!
https://margieinitaly.com/2014/08/la-passeggiata-the-evening-stroll-in-italy/
https://www.tripsavvy.com/what-is-la-passeggiata-1547544
So much for things in the UK by comparison!
Back to CEY- good time to trade I think as CEY has dropped roughly twice as much today as FRES, BARRICK, Newmont and co.... bizarre...
UK NHS has been "on it's knees" for the last 30 years, every day I hear "doctors leaving in droves", "nurses leaving in droves" , this has been the same for 30 years- how are there any docs or nurses left if they've been leaving in droves for 30years lol- lot of moaners- the TV docs need to get off TV and stop whining and do some work- it's a service we pay for! I went to a BUPA annual check a few years ago, and told them of my 12hour days, 4 hour commute, occasional weekend work- the doc said it's crazy and I should complain- I said I get paid well and if I moaned I'd be sacked- to which she said- they can't do that- I said they can and I'll only about £50k if I'm successful on unfair dismissal! These docs with their massive, massive pensions need to get into the real, private world- and why is it I can't see a consultant for weeks but if I pay for him privately I can see him next week, (and he's been NHS trained)? Bonkers... RANT OVER!
UK NHS has already sunk!
A Brit was forced to travel to war-torn Ukraine for dental treatment - after he failed to get an appointment with the NHS. Richard Howe, 58, developed an abscess under his tooth last month, which was causing him severe discomfort.
He called his local NHS dentist to book an appointment, but was told he'd have to go private to be seen - at considerable cost.
In the UK if people have a tooth problem, they have zero chance of being seen by an NHS dentist. "But in Ukraine, anyone can walk in off the street and be seen straight away, whatever their nationality - and the country is literally a war zone. It's very backwards!"
https://uk.yahoo.com/news/brit-travelled-war-torn-ukraine-080039753.html
These issues will always be debated- back to CEY- poor today, very poor
Hi Mr Gnome,
Then possibly the FED being too big to fail will get a government bail out!
r1234 absolutely. We need to tolerate and respect each others’ views; in the grate scheme of things in 500 years it will be meaningless history, even in 100, and we shall be dead. So dreadful how people fight so about it. I am writing this in a sweet seafood restaurant in Bari, Italy, talking to the waiter about how left and right in Italy are so intolerant and won’t listen to the other point of view same everywhere, we seem to become so polarised and not just have decent debate.
Like all central banks, the Federal Reserve was designed to make money for the government from its monopoly on issuing currency. The Fed did generate profits, which it sent to the Treasury, every year from 1916 on—until last fall. In a development previously unheard of, the Federal Reserve has suffered operating losses of about $42 billion since September 2022.
That month, the massive interest-rate risk created by the Fed’s asset-liability maturity mismatch began generating cash-operating losses, and the losses now average $7 billion a month. This is because the Fed’s trillions of dollars of long-term investments yield 2% but cost 4.6% to finance. The Fed will soon have negative equity capital, and as operating losses continue to mount, its equity-capital deficit will grow.
In a July 15, 2022, note, the Fed’s Board of Governors discussed the possibility that the system could incur substantial operating losses as it increased interest rates to fight inflation. The Fed tried to play down the importance of the issue, arguing that its “mandate is neither to make profits nor to avoid losses”—a deflection that is disappointingly transparent to anyone familiar with central banking.
The Fed traditionally avoided policies that would expose it to significant losses. In the early years, member banks could borrow from reserve banks only by posting specific collateral. The Federal Reserve Act required loans to be backed by qualifying short-term self-liquidating bills—what today we call commercial paper. Over time, loan collateral requirements evolved, but as they did, the Fed introduced policies to protect it from losses when lending to member banks.
Avoiding credit losses is a requirement Congress added to the Federal Reserve Act in 2010. Section 1101 of the Dodd-Frank Act requires the Federal Reserve Board to establish “policies and procedures . . . designed to ensure that any emergency lending program or facility . . . protect taxpayers from losses.” Federal reserve banks are also mandated to assign “a lendable value to all collateral for a loan executed by a Federal reserve bank . . . in determining whether the loan is secured satisfactorily.”
While the Federal Reserve Act requires the Fed to avoid taking credit related losses that could have an impact on taxpayers, it makes no mention of losses from interest-rate risk exposures. The act’s authors never imagined such losses. Monetary policy was all but assured to generate Fed profits prior to 2008. That changed once the Fed started paying banks interest on their reserve balances and making large open market purchases of long-maturity Treasurys and mortgage-backed securities.
Fed losses from its interest-rate-risk exposures—unrecognized taxpayer losses—are now being realized in ways Congress never intended and at magnitudes neither the Congress nor the Fed ever expected.
good luck punters
the gnome
https://fullfact.org/economy/eu-exports-january-2021/
https://fullfact.org/europe/our-eu-membership-fee-55-million/
On the flipside, the Office for Budget Responsibility (OBR), which provides independent forecasts to the Treasury, weren’t pessimistic enough about the effect the referendum on GDP growth.
https://fullfact.org/economy/how-accurate-have-brexit-forecasts-been-referendum/
The IMF have never, ever, made a correct prediction for the UK economy.
Europe is in a similar situation to UK. EU may even become worse if their dodgy banks (Deutsch Bank being prime candidate) collapse. Fallout will also affect us, unfortunately.
Europe and UK's woes were exacerbated by giving away far too much money during the Chinese 'flu, (UK gave away more than we could afford, unlike most of EU), then cutting off Russian gas to skyrocket the gas price, while buying gas from U.S. at 6x the US Henry Hub spot price. Some would call it shooting oneself in the foot, I just call it stupidity.
True we are where we are,, unfortunately we are likely to be further down the lavatory as time goes on!
The UK economy is well and truly buggered and that will influence POG!
cuts Centamin to 'hold' - price target 111 pence
Highlighting a 7% upside to the stock.
:)
I was a remainer, but I don't know why people keep harping on about this. We are where we are and as a country we need to stop complaining, pull together and make the best of it.
Life of Mine plan/assett review
28 dec 2021 https://www.globalminingreview.com/exploration-development/28122021/centamin-completes-life-of-asset-review/
8 Feb 2022 https://www.globalminingreview.com/mining/08022022/centamin-surkari-gold-mine-to-transition-to-owner-operator-mining/
31 Aug 2022 https://www.centamin.com/media/2868/cey_disclosures_on_tailings_management_2022_v0.pdf
16 March 2023, a few things that caught my eye ....
Capex guidance is US$225 million, weighted towards H1 (55:45), as the Company continues to identify growth and
optimisation projects at Sukari, including development of a gravity circuit; expansion of the dump leach capacity;
and commencement of the underground expansion. This also reflects inflationary pressures on the contracted
waste-stripping programme specifically from higher fuel prices
• Exploration spend is budgeted at US$30 million, including US$23 million for the pre-development study work on
the Doropo Project....sounds good to me ....
2023 KEY MILESTONES
• June 2023: Doropo Project (Côte d’Ivoire) complete pre-feasibility study
• H2 2023: Sukari Gold Mine (Egypt) update Life of Mine Plan (NI 43-101), including underground expansion, and
• Announcements on the ongoing exploration programmes
I feel reasonably informed. There are a few companies who do a lot worse. Quite a few.
regards
the Gnome
Major stock indexes in Europe traded higher in the premarket on Monday as investors continued to keep a close eye on the banking sector.
The DAX advanced 0.91% at 7:02 am CET, while the CAC 40 rose 0.74% and the FTSE 100 gained 0.69% at the same time. The Euro Stoxx 50 increased 0.89% simultaneously.
The euro was 0.07% above the dollar at 7:05 am CET, selling for 1.07650. The pound stood flat against the greenback and went for 1.22330 concurrently.
Baha Breaking News (BBN) / AY
Happy Monday y’al
The big question you raised for me is the change in mine plan & why there has been no update to the market - the mine plan is significant & material & changes to it should be disclosed.
Based on the performance of the current management to date both in operational & disclosure terms, the absence of market updates is due primarily to the absence of any real plan.
They seem to behave like spoilt children playing with big tonka toys in a sand pit, mummy & daddy have already funded their activities so they can just move stuff around without any goals or objectives - unlike kids, the current management get to reward themselves with our money for conducting their seemingly aimless meanderings which makes them all the more galling!
Hidden away ?
No .
IT was there ,clear to see. ;-),
Thanks Tibbs - the settlement payment sure was hidden away!
Why are details only coming out now, with 2022 year end results?
Just in case any other shareholders want to ask Centamin investor relations it can be found here:
https://www.centamin.com/media/2886/cey-rns_fy22-results_final_160323_website.pdf
Included within non-current other creditors and current other creditors and accruals is $7.3m (2021: $9.8m) and $4.9m (2021: $2.4m) respectively in relation to the remaining instalments of a $17.6m settlement agreement signed with EMRA in 2021
What I find particularly disturbing is the EMRA's ability to demand monetary compensation at a whim without Centamin shareholders knowing what the heck payment was in regards to.
IMO the waste contract is a big liability going forward - cuz if the EMRA feels it's unfair to capitalize - guess what - they'll want another settlement and this time it won't be a mere $17.6 million - goodbye dividend ad infinitum
Yeah but I do get a stamp in my passport when I go to Spain lol
Britain’s trade has been hit significantly by its departure from the single market. Trade in goods with the EU fell sharply after the Brexit transition period ended, with UK imports from the EU dropping by approximately 25 per cent more than UK imports from the rest of the world, a trend which persisted throughout 2021. A recent revision to the official trade data (marked as “EU adjusted” in the chart below) has shown a slight uplift in imports compared to previous data, but the EU imports are still shown to have underperformed the non-EU ones.
https://institute.global/policy/three-years-brexit-casts-long-shadow-over-uk-economy
The UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund has said.
https://www.bbc.co.uk/news/business-64452995
Much speculation has taken place in the past five years around the impact of Brexit on the EU and UK economies,
https://www.gerhardschnyder.com/brexit-impact-tracker
Sun, 26th Mar 2023 11:34
Alliance News
(Alliance News) - The UK economy is 4% is smaller than if the country had remained in the EU, the chair of the Office for Budget Responsibility said.
Richard Hughes said the effect of Brexit on the economy is on the "magnitude" of the coronavirus pandemic and rising energy prices, and the country is seeing the "biggest squeeze on living standards" on record.
He told the BBC's Sunday With Laura Kuenssberg programme: "But we do expect, as we get past this year and we go into the next three or four years, that real income starts to recover.
"But it's still the case that people's real spending power doesn't get back to the level it was before the pandemic even after five years, even by the time we get to the late 2020s."
Hughes said this is "partly" because the UK's growth has been held back by supply constraints on "key drivers" of growth.
He spoke of the country losing 500,000 workers, combined with "stagnant investment" since 2016 and slowing productivity.
Asked how much stronger the economy would be if the UK had remained in the EU, he said: "We think that, in the long run, [Brexit] reduces our overall output by around 4% compared to had we remained in the EU.
"I've struggled to put it in any kind of sensible context.
"It's a shock to the UK economy of the order of magnitude to other shocks that we've seen from the pandemic, from the energy crisis."
By Ted Hennessey, PA
Hi Cowichan,
Very fair and relevant questions!
Well done for picking up on this what appears to be an important change of mine plan that was tucked away on page 56, now why was that?
I wonder why the analyst haven't picked up on this?