The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Considering this was published April 11, 2010, 4:00 a.m. ET it shows just how much of a hold the FED has on holding down PM prices!
There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.
The banks, which do the Federal Reserve’s bidding in the metals markets, have long been the government’s lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.
https://nypost.com/2010/04/11/metal-are-in-the-pits/
https://en.wikipedia.org/wiki/Andrew_Maguire_(whistleblower)
S1.2449 after results UK. The direction of pound going lower by 0.44%.
Major indexes in Europe traded flat to lower in the premarket on Wednesday in anticipation of the latest data on the United Kingdom's trade balance, GDP, and industrial production, as well as Eurozone industrial production.
At 7:48 am CET the DAX declined 0.10%. The FTSE 100 declined 0.07%. The Euro Stoxx 50 and the CAC 40 were flat at the same time.
The euro was down by 0.11% against the dollar at 7:52 am CET, selling for $1.07420. Also, the pound lost 0.05% compared to the US currency to go for $1.24825 at the same time.
Baha Breaking News (BBN) / DD
Happy hump y’al
Actually, in all probability, it is controlled by those who control the government, but you could argue that is simply splitting hairs :)
CPI print shortly. Ready to add a few here, should we see some weakness. GLA.
The FED is a Government agency , controlled by whoever the Gov is.
Should this occur Tony, it would be bad for gold and stocks.
I trade and focus on simple data points each month and sometimes in between this if data is there. This has been profitable for me, and minimises my risk exposure on this very high risk stock.
This way I avoid all long running theories, predictions and so on for my trading amounts here.
As I said earlier - for the my long term, I take a long term view and believe inequities, but not here- but balanced.
Long term predictors of doom barely win- way too difficult to hit the exact point before, and also to then predict the best re- entry point. And if the doom doesn’t occur they simply bang on about for years and years- and if it finally happens, their gain is way less than all the years they were negative and should have been positive- I’ve a mate who kept saying house prices would drop again a few years after 2008 due to his chart and then again we’d get a recession in the early teens and house would drop after brexit and so on. House could drop in over half now and he’s still be in massive profit had he bought where I live….
Someone earlier posted a massive rise in gold- a quick google would show 100s and 100s of such articles over the past years and still the rise hasn’t been explosive
The fed is not the government - fact
The FED is a group of Banks.´
Its members voted in by Government
Steve,
I am holding my Centamin and Shanta gold positions and have no short positions in play. I pulled out of HoC at 92p recently as I do not want to own gold miners with debts.
On Sqwark box a presenter on the team made a brief one sentence concern about AI this week. They said that AI could be misused by technology funders to block open source journalistic reporting. So powerful sources like the USA Government can churn out rubbish data to support a particular narrative and use AI on search engines to push the web away from accurate sources of information by individuals commenting on reporting outcomes they had researched and discovered independently. I believe it is really important to do a lot of research in what is now going on.
As for the regional banks, they are by various means getting bailed out. As the USA FED applauds themselves for $1Trillion dollars of QT we know as a fact that at least $500B has gone into known failed banks and rescue depositors. There is a chance at present that another $500B is going to get ploughed back out again soon to more failing USA regional banks as local business keeps going under. So the $1T dollars came out of one budget line, but probable non-declared money printing was done somewhere else to keep everything evens.
If the Regional banks all collapsed in USA, the six major big banks would earn a fortune being paid by the FED to take them all on. The question remains what impact does all of this have on USD. In my opinion, the argument of having the cleanest shirt does not hold water. I believe the USD retreats to a degree probably 6% or so as the bragging stops for a short time at least. The impact on Centamin and Gold could be favourable and Centamin revisits the 120p peak price again a few months later. The price of gold then reverts back to what it could buy back in 2019 on major items in the same ounces of gold.
In the meantime the market is highly pessimistic on gold miners to an extent that is is within a few weeks of a major low like 95% bearish in views from the current upper 80's%. On 4 previous occasions major rallies have occurred when miners hit such a situation with everyone sitting on one side of the boat in total despondency. Hence my contrarian views.
Yes the facts indeed- the US is not a bank- fact.
Governments are not banks - another fact.
Sept. 12, 2023
For a sense of Egypt’s inflation and currency woes, look no further than the line of customers at a Cairo kiosk jostling for a pack of smokes.
In a country of 18 million smokers, speculation about imminent price hikes has led traders to stockpile cigarette products in recent months, in turn causing shortages and resulting in an unprecedented rise of over 50% in the cost of tobacco since March.
Tobacco prices are mostly set by the government and administered through Eastern Company, until recently wholly state-controlled - the country imports raw tobacco but produces cigarettes domestically.
There’s “limited availability of foreign currency, impacting production of some cigarettes,”
Eastern Company, in which a United Arab Emirates investment firm recently bought a 30% stake for $625 million, raised production twice in recent weeks in an attempt to tame prices.
The UAE investor reached agreements with banks to make $150 million available for Eastern to fund raw-material imports.
https://www.bnnbloomberg.ca/egypt-s-soaring-cigarette-prices-cast-smokescreen-over-inflation-outlook-1.1970176
-------------------------------->>>>
Summary:
The Egyptian gov't - through co-ownership with private companies - pressures the private company - in this case Global Investment Holding Ltd. - to secure additional loans ( US dollars ) to import tobacco - cuz Egypt has maxed out its credit.
It's the same story with all imported products.
The expectation is that supply constraints will only get worse in all sectors of Egypt's economy that rely on imports.
Steve, its maybe looking at the factual evidence.
The US if it were a bank, would legally have to declare insolvency.
They spend much more than earn,and have the worlds largest deficit.
And little chance of changing.
2miin read, but worthwhile as we wait...
GLA. I want better than expected view on inflation.
https://www.reuters.com/markets/us/futures-ease-after-rally-key-inflation-data-awaited-2023-09-12/
We do not want any sort of collapse---- gold and cey will plummet along with everything else.
Are you wanting this Tony?
Are you expecting this to happen Tony as you only post negative items?
I presume from your posts that you are 100% out of CEY, else if you believe all this, then sell stocks (incl. CEY) immediately.
I prefer to follow the data points and trade around them.
Hence I trade and do not hold long term.
If this is true 20-40% make money :-), which is very high considering the amount of idiots out there (I thought it would be lower).
Everyone has their own strategy- mine is to not scattergun on trading stock(s), but be super selective and be 100% clear on stock drivers and the company themselves, amongst other things. The 60-80% “follow” and fail to predict and / or understand the drivers and scattergun and follow the next stock and so on. Many fail, for example, to re buy in higher than the price they sell, or go in when the stock feels “below” what they perceive to be too low fair value without understanding why.
For long- a global mix is best and certainly not single high risk stock or sector specific like PMs.
As always- balance across investments and mix (stocks (some you decide on, some you don’t eg pensions you leave to other experts)), property and so so on) is key for long term.
Keeping too narrow is a recipe for waking up one day at market opening to a massive issue!
The evidence seems to confirm that a very large proportion of "Traders" invariably loose far more than they care to admit so they attempt to seek some compensation for their failures by boasting on forums about their trading prowess and mocking those who take a more long term approach.
Don’t Try This at Home?
60%-80% of Retail Traders, Depending on Broker, Lost Money Trading Forex CFDs
by Wolf Richter • Jul 28, 2020 • 67 Comments
An even greater share of retail traders lost money with these highly leveraged derivative contracts during the Pandemic than before.
https://rb.gy/a75ma
The FCA has reminded firms offering contacts for difference (CFDs) that CFDs are highly leveraged derivatives and adverse price movements in relevant markets can lead to substantial losses for consumers.
https://rb.gy/3hsa3
centamin would be far better rid of a fund such as "blackrock"the brand is generally regarded as a renowned as a parasite or ****roach due to its lack of morality, integrity and commitment which does nothing to inspire confidence in cey.
in contrast vaneck is widely regarded as one of the good guys and a fund that is willing to commit to the long term which inspires market confidence and shareholder faith in cey !
Https://wallstreetonparade.com/2023/09/fdic-releases-a-new-problem-bank-list-its-an-exercise-in-fantasy/
I sense things are going badly wrong on the quality of assets held by many Regional banks. Another 0.25% rate hike could set off a chain reaction of bank failures State side. Does the value of USD go up in a banking collapse?
Example of what is happening in main street USA besides the epidemic in shop lifting off retailers.
https://www.zerohedge.com/markets/another-one-fails-subprime-auto-dealership-faces-collapse
Meddling?…you mean trading. I don’t know why some here assume that large funds need to hold forever. It’s a money game. Where there’s a seller, there’s a buyer.
It"s time that CFD's were also banned in the UK doing so would help create a more stable market and stop funds such as Blackrock from meddling !
Gold and silver prices are down a bit in subdued early U.S. trading Tuesday. A firmer U.S. dollar index so far today is a negative outside market element pressuring the metals markets. Metals traders are anxiously awaiting a U.S. inflation report on Wednesday. December gold was last down $6.90 at $1,940.30 and December silver was down $0.058 at $23.325.
https://tinyurl.com/248nmkp8
JEREMY GRANTHAM , The US economy is “beginning to unravel” and a recession is a 70 per cent probability. He would be “very careful with real estate all over the world” given “20 years of declining mortgage rates have driven real estate to really crushing high multiples of family income”.
And just to top it all off, he sees only a 50/50 chance of coming through the huge range of long-term problems the world faces with “the relatively steady civilisation that we’ve enjoyed for the last 70 years”.
Cest la vie ?
the gnome
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, issued a new appointment motion that included company presidents and the CEO of a company in the petroleum sector.
The ministry said, in a statement on Monday, that this movement aims to support petroleum sites with the necessary competencies to achieve future goals.
The movement included occupying some positions that were vacant; It came as follows:
- Mohamed Mahmoud Ahmed Mahmoud, Chairman of the Executive Board of Directors of Al-Sukari Gold Mines Company.
- Engineer Muhammad Ali al-Din Ali Deghaidi, Chairman of the Board of Directors and Managing Director of North Sinai Petroleum Company.
- Engineer Mahmoud Ahmed Ahmed Al-Sayed Tolba, Chairman of the Board of Directors and Managing Director of Al-Alamein Petroleum Company, in addition to his original work.
- Engineer Walid Muhammad Muhammad Muhammad Al-Aasar, Chairman of the Board of Directors and Managing Director of PetroSinaa Company, in addition to his original work.
- Engineer Muhammad Sadiq Hassan Alyan, Chairman of the Board of Directors and Managing Director of Al-Waha Petroleum Company, in addition to his original work.
- Engineer Walid Ahmed Al-Desouki Mahmoud, Executive General Manager of the National Petroleum Services Company (NPSCO)
Even though the gold market lacks direction ahead of the Federal Reserve's September monetary policy meeting, prices will make a move and hit $5,000 an ounce within three years, according to Michael Lee, Founder of Michael Lee Strategy.
The stagnation in the price action is partly because of the strength of the U.S. dollar and the market's interest rate expectations. But the macro data the market is basing its estimates on looks manipulated or flawed by design, according to Lee.
"For a lot of the United States, they're already in recession," he told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "You've already seen some massive deterioration in the labor market, although it's not certainly not being reported that way."
https://rb.gy/1cnkn