George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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The death of a delivery worker inside an elevator in Mohandessin, after he was detained for several hours due to the elevator's breakdown due to the power outage
https://twitter.com/RassdNewsN/status/1686285851049783296
Prices of precious metals extended losses after economic data reports from the United States showed that the country's manufacturing sector remained in contraction territory, but also pointed to a slight decline in job openings and to an increase in construction spending.
Traders will continue to monitor data and remarks by central bankers globally to try to predict when the interest rate-hiking cycles will end.
Gold decreased by 0.92% to $1,947.14 per ounce at 10:40 am ET shortly after recording a 1.1% fall. Silver lost 1.86% to land at $24.30 per ounce at the same time. Platinum fell 2.21% to $934.26 per ounce at 10:41 am ET. Palladium declined 2.18% to $1,227.48 per ounce concurrently.
Baha Breaking News (BBN) / MS
Despite denials from the host country, some market analysts believe that a gold-backed BRICS currency announcement may still be forthcoming at the August summit in Johannesburg, South Africa.
According to a recent research report from London-based CrossBorder Capital, “The BRICS economies (and some 40 ‘friendly’ nations) look set to endorse a new gold exchange standard by using their swelling gold reserves to back (or strictly, partially back) a new international currency unit, so far unnamed.” They characterize this as the “most important development in international finance since the 1971 Nixon Shock” when the United States abandoned the gold standard.
https://www.kitco.com/news/2023-07-31/BRICS-currency-could-roil-gold-Treasury-markets-even-if-it-doesn-t-displace-the-U-S-dollar-CrossBorder-Capital.html
Hi Up,
Yet the Tories claim to be the party of low taxation!
They are now charging tax on VAT on alcohol!
12% tax on insurance for instance which so many seem to have forgotten about, now they are going to take 11p off a pint of draught and put a £1 or more on a bottle of spirits and they will get away with it because on one dare speak out as alcohol it's bad for our health!
Could t agree more r1234,
Unfortunately too much media coverage is given too the likes of Mr Farage and far too many of the 'Sheeple' are taken in by his rhetoric which is biased to say the least !
https://uk.news.yahoo.com/emily-maitlis-slams-nigel-farage-105355786.html
Of course two years ago it wasn't a dead cert the Tories would loose the next GE. I still put £50 on though, should get enough back for a night out.
I don't know why people are surprised. We are part of a global economy and Britain will find it difficult to compete until the rest of the world has caught up with where we are now. Our standard of living will go down as we lose out to countries where the cost of business is less. Barring some miracle boost in productivity we should expect things to get worse. I think some BoE official mentioned this a while back and was vilified by the media, seems to me too many people have their head in the sand.
Major European indexes were little changed in Tuesday's premarket trading as investors awaited the latest reports on the manufacturing activity in the private sector across the continent, as well as German unemployment data. On the earnings front, HSBC and Daimler Truck posted their results, while BP is also set to report before the bell.
The Euro Stoxx 50 added 0.06% at 7:28 am CET, while the DAX, the CAC 40 and the FTSE 100 all increased by 0.05%.
The euro was flat against the dollar, going for 1.09944 at 7:33 am CET and the pound lost 0.05% compared to the US currency to sell for 1.28284 at the same time..
Baha Breaking News (BBN) / NP
Hi Cowichan,
It's always been the same in the UK , the people pay to bail the banks out and then the banks carry on screwing them whilst being given almost free peoples money to play in the stock market casino!
the savers rates are always derisory and the accounts usually have all sorts of restrictions and penalties if you want to draw your own money out before then end of the term and most of these savings account limit the amount that can be put in each month and put restrictions on the amount they will pay the higher interest rate.
Whilst our UK banks were allowed to borrow our mnmoney arr half a percent they were charging customers 18% to 39% credit card rates and sone of the shark loan companies 99% interest!
UK Banks really are a bunch of stinkers and our government let's them away with it because our economy supposedly needs them!
Parliamentarians Chris Bryant, Labour MP for Rhondda and member of the Foreign Affairs Committee, and Keven Hollinrake, Conservative MP for Thirsk and Malton and a member of the Treasury Committee, discuss how the laundering of ‘dirty money’ in the UK affects individuals and how the war in Ukraine has had a clear impact on political will to action change. https://tinyurl.com/5j2hfd27
The UK is second on the list of global money laundering hotspots, new research from Credas has found.
https://tinyurl.com/26c2kchs
To UK savers!?
https://www.ft.com/content/e03abe49-a513-4777-8d90-32e252733690
Several banks have raised their savings rates in recent weeks, including HSBC, whose standard rates have increased from 1.35 per cent to 1.75 per cent, and Barclays at the end of June, whose top everyday saver rate rose from 1.00 per cent to 1.51 per cent in mid-July.
https://www.ft.com/content/e03abe49-a513-4777-8d90-32e252733690
--------------------------------->>>>
If this is an accurate account of savings interest rates in the UK - then I am in disbelief.
Easy to find 4.85% interest rate at Canadian banks with no term or withdrawal restrictions -
I too would be looking for high dividend stocks if I lived in the UK and could not find a decent return on liquid cash portion of holdings - unreal!
It was ever thus - the tories will win the next election
Hi Mr Gnome,
Its been getting really bad for over a decade but after Boris Johnson and his bunch of greedy parasites got elected and brought about Brexit the UK is really down the lavatory pan !
Cant recall a government as arrogant and corrupt as this shower -
Three quarters of people in Britain say that it is becoming a worse place to live, a poll revealed on Monday amid long NHS waiting lists, rising taxes, strikes and high inflation deepening the cost-of-living crisis.
The Ipsos survey for the Standard made grisly reading for the Tories, with Rishi Sunak getting his lowest satisfaction score as Prime Minister.
The Government has also sunk to a record low on being seen to be doing a bad job on managing the economy, taxation, public expenditure and scores dismally on improving the health service, and badly on dealing with crime, and managing immigration.
They key findings were:
76 per cent think Britain as a place to live is getting worse, compared with 49 per cent in June 2010 at the start of the austerity years, and 71 per cent in May 2008 as the financial crisis hit harder with Northern Rock having been nationalised a few months earlier.
For Westminster voting intentions, Labour is on 45 per cent, down two points, the Tories 28 per cent, up three points, and the Liberal Democrats 12 per cent, down one.
But Mr Sunak gets his lowest satisfaction rating as Prime Minister, with 63 per cent dissatisfied and just 26 per cent satisfied, a net score of minus 37, compared with minus 31 last month.
Sir Keir Starmer is seen as the “most capable PM” by 36 per cent to Mr Sunak’s 31 per cent, having been neck-and-neck in May and March.
39 per cent agree that Sir Keir is ready to be PM, with 37 per cent disagreeing, the first time he has a net positive score on this question.
Sir Keir’s satisfaction figure is unchanged on 31 per cent, but dissatisfieds are up four points to 53 per cent.
The findings for the Government are little changed, with 79 per cent dissatisfied and 14 per cent satisfied.
43 per cent agree that Labour is ready to form the next government, with 37 per cent disagreeing — similar figures since the start of this year.
https://tinyurl.com/fh8pbx6w
Precious metals traded with gains on Monday amid signs pointing to the possible end to interest rate hikes. last week, the Fed-preferred inflation indicator PCE price index fell from 3.8% in May to 3% in June, with the core index down from 4.6% to 4.1%. The Eurozone's economy is on track to avoid a contraction in the second quarter, with the preliminary report indicating a 0.3% quarter-on-quarter GDP growth. The euro area's annual inflation also dropped from 5.5% in June to 5.3% in July.
Gold rose by 0.65% to go for $1,971.95 per ounce at 9:52 am ET. Silver added 1.86%, selling at $24.79 per ounce a minute later. Platinum was up by 2.05% and went for $958.47 per ounce. Palladium increased by 2.73%, going for $1,249.84.
Baha Breaking News (BBN) / DJ
Thank you mrtibbles
Yes I was vaguely aware of the two markets and some differences, but I never saw such a sudden price difference.
Indeed have compared the 2 graph spot and future and often in the past prices had moved much closely...
Recently (some on here my be already aware) came across Hochschild H1 results, showing that they have hedged some 2024/25 production well above $2000/oz
Clearly the POG trend is up...nice.
Also right now has I type both spot and future are moving up in tandem.
Hi Tornado.
The grades in the open and the underground workings have always been worse then the management have, the underground workings have always been crucial to compensating for the poor grades in the open pit, something that was highlighted in 2018 when the one and only underground (working on limits )LHDR was allowed to almost self destruct with no contingency plan in place ,or even spare parts available!
This meant that the claimed unexpected mediocre grades in the open pit (which Pardey knew about in 2015)couldn't be enriched or compensated for with ore from the underground, albeit not being as good as previously thought!
The other problem was that the underground production had never been regarded with the appropriate importance so the production was severely restricted by poor access, egress and ventilation which to be fair is now being improved as part of the open pit waste clearance in order to offer greater overall working flexibility!
Hi Mr Gnome,
It has ever been so whichever the country you live in, as an example this is how 'Brexit" took place, etc,etc!
Cont-
What affects gold spot prices?
While gold investments are the primary driver of the gold market, people also purchase gold for various other uses, including use in the technology and medical industries and jewellery production. Many factors influence the spot price of gold, however, the following are key factors that are driving the value of gold right now.
Falling stock markets
In bearish markets, the stock market can significantly impact spot prices. If the stock market falls and investors lose confidence in their investments, there may be a trend toward increased gold sales, affecting the spot price.
Geopolitical issues
Gold is the ultimate safe-haven asset, and historically, its value goes up during uncertain times, including economic crises, so geopolitical factors play a significant role. Economic and political unrest conditions are continuously contributing to the rising spot price of gold. (After all, gold is known as a “crisis commodity” for a reason.) Whether you’ve purchased gold bars or other forms of gold, a weaker economy will add value to your investment due to the increase in gold’s spot price.
Fluctuation in fiat currencies
As previously stated, even though gold is traded internationally, the spot price is usually expressed in US dollars. As a result, as the value of the dollar rises, gold becomes more expensive for those purchasing it abroad. This has the potential to lower the spot price. However, if the US dollar falls in value, foreign investors are more likely to buy, causing the spot price to rise again.
Other significant factors that can influence the spot gold price are:
Jewelry demand ,Inflation or deflation,Oil and Gas Prices,Stock Market, Rates of interest. Equities Markets
You should now have a better understanding of the spot price of gold, which will help you if you’re considering investing in gold or gold stocks. As gold and gold investment products should make up at least 5-10 percent of your portfolio, it is helpful to know that the best time to buy is when spot prices are low. This is especially true if you’re using gold as a hedge against inflation or economic uncertainty, as the value of gold will inevitably increase during these times.
Hope this helps Lucky?
Tibbs
Cont-
The Principles of Spot Price
The term “spot price” most commonly refers to the price of commodity futures contracts, such as those for oil, wheat, or of course, gold. Hence stocks are continually trading at the spot price. You cash out after buying or selling a stock at the quoted price. The primary distinction between spot and futures prices is that spot prices are for immediate purchase and sale, whereas futures contracts postpone payment and delivery to predetermined future dates.
Contango is the term you’ll encounter when you see that the spot price is typically lower than the futures price. Contango is quite common in the case of commodities with high storage costs. On the other hand, backwardation is a situation in which the spot price exceeds the futures price.
In either case, it is expected that the futures price will eventually converge with the current market price.
Some factors that are used to determine the spot price of a commodity include expected changes that could affect supply and demand, the risk-free rate of return for the commodity holder, and transportation costs in relation to the contract’s maturity date. Futures contracts with longer maturities typically have higher storage costs than contracts with close expiration dates.
Spot prices are constantly changing. While the spot price of securities, commodities, or currency is essential for immediate buy-and-sell transactions, it has a more significant impact in large derivatives markets. Buyers and sellers of securities or commodities can use options, futures contracts, and other derivatives to lock in a specific price for a future time when they want to deliver or take possession of the underlying asset. Buyers and sellers can mitigate the risk posed by constantly fluctuating spot prices using derivatives.
Futures contracts are also an essential way for agricultural commodity producers to protect the value of their crops from price fluctuations.
Cont-
Spot Price vs Futures Price
Spot or current market price of gold
The spot gold price is simply the current market price of gold at which traders can perform over-the-counter trades with each other. It is the cost of one troy ounce of gold, and the greater the price, the higher the demand.
Gold futures prices
Gold futures are regulated public exchanges where gold (in the form of contracts) trades for its expected value at a later date or in the future. The future price represents that although the buyer is willing to buy and set now, the actual transaction will not occur today.
Futures traders most commonly use the time between the first contract and the final exchange to sell or buy back any contracts they have purchased. When the exchange (or settlement) day approaches, they will have to settle their earnings and losses.
Cont-
Right I missed that bit. Thanks
The article is self explanatory
Https://www.investing.com/news/commodities-news/gold-treads-water-copper-prices-flat-ahead-of-china-pmis-3138505
Apparently data is correct....but I don't understand this difference between spot and future...?
Contango December contract has a $40 gap higher than the August contract. The August contract ended in Asia markets. I have not seen this contango in all the time I have invested in Centamin. Someone may have since a contango like this before on a contract rollover.
Your date is wrong