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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Mr.Tibbles to call voters sheep on either side of the Brexit argument is shallow.It gives the impression you are superior and you knew better than the majority of this country, who did democratically vote leave whether you like it or not.Lies false promises were told equally on both sides.In my opinion people voted more on this country's immigration position rather than anything to do with economics..regards....
I would agree Gnome.
But the power structure in Governments left and right wing will do their utmost to resist changing the Status Quo, for selfish reasons so the system will not change ,including families and friends deep within the City.
Short of a French style revolution I unfortunately see little change .
Whilst I agree with you on the current government and how inept it is, I take issue with your Brexit comments once again. It's unfair to make disparaging comments on people who voted for Brexit. Both sides were fed nonsense during the campaign and it was up to us to work our way through that information. As for the binding issue, Both sides fought the referendum on the basis they would regard the result as binding; and it was on that basis that people voted. As things stand I would be more concerned as to how this government is running the country and in particular it's draconian approach to covid. Good day to you sir.
The City is the City. It is run by the City for the City, and everyone else can go for a (long) run. They are hanging onto power as best they can, but in the mean time looking the contrived, self serving, elitists that they have been for a century or 2.
One can see their signs everywhere: "At an anti-corruption summit in London, the former British prime minister (CAMERON) sat alongside Nigeria’s president (!!!) and other dignitaries and declared that money laundering was “the cancer at the heart of so many problems we need to tackle in our world”. ..NEWS? ... AND THEN WHAT HAPPENED ...
“Kleptopia: How Dirty Money Is Conquering the World”, by Tom Burgis is a great read ...
The year that Lehman Brothers collapsed, just half of Britain’s commercial properties were registered to a named person. The houses on a North London road known as “Billionaires’ Row” belonged to oligarchs and a front company for former Kazakhstan President Nursultan Nazarbayev (ANOTHER MAN OF IMMENSE INTEREST)
“Kleptopia” shows the at-times violent origins of the questionable cash behind the property splurges. In 2011, oil workers in Kazakhstan went on strike when they realised their employers were only paying them half what they declared to the country’s treasury. Police used live ammunition on the protesters, while others suffered torture. The international outrage raised uncomfortable (NOT SURE FOR WHO) questions for Kazakhstan’s then leader, Nazarbayev. To smooth things over before an upcoming trip to Cambridge University, former UK Prime Minister Tony Blair (NOW THERE IS A MAN OF SUBSTANCE) offered him tips on how to downplay the incident. (HOW PREDICTABLE?)
The City of London’s role in facilitating corporate crime could prove the capital’s undoing...
Solutions are easy.
Dismantle the City (send it to the Bahamas) , and put it on the same legal footings as the rest of London and the world. Make the markets unhindered, transparent with a clear set of rules that apply to all, 24/7. Make it accountable, supersize penalties and include lengthy jail terms in Kazakstan.
Must back to the football finals, before I get locked down, or up,
best
the Gnome
Absolutely agree Mr Gnome,totally corrupt City running the UK financial markets, unfortunately under the present government there is only hope for the rich and the selfish and the ordinary people can pick up the tab!
Because Tonsril , the people were lied to about the true implications and the costs unfortunately the Bexiteers don't want to admit it, either because they are on a nice little earner out of it or because hey don't like to admit they were misled.
As to a democratic vote it was originally launched by David Cameron as a referendum to gauge public feeling on the subject, but never intended to be a binding vote on leave or stay , that was supposed to come at a later stage based on the outcome of the initial referendum.
By the way you may not be aware but we don't have a democratic voting system in the UK
https://www.electoral-reform.org.uk/
https://www.makevotesmatter.org.uk/?link_id=1&can_id=7912b55e72d6174409e36b7a8226a78d&source=email-ever-wanted-to-make-a-film&email_referrer=email_1279280&email_subject=a-film-for-equal-votes
Tonsril If you take the time to do some research you will find that the present government has used Brexit as a way to deny you democratic freedom and is intending on taking away more of peoples democratic rights.
Just because some people were so inward thinking,selfish or even stupid to go along with Breict is all the more reason to speak up!
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'
@ 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.
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!