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The price of gold rose over 1% on Wednesday after the United States Labor Statistics Bureau revealed that the inflation in the country slowed to 4.9% year over year, with the core inflation also cooling slightly. The latest digits could affect the Federal Reserve's thoughts on what the peak level of interest rates should be.
Gold advanced 1.25%, to go for $2,046.26 per ounce at 8:41 am ET. Silver increased 1.10%, selling at $25.88 per ounce at the same time. Platinum rose 1.49% to $1,125.02 per ounce at 8:42 am ET. Palladium traded 0.81% higher, to go for $1,583.64 per ounce concurrently.
Baha Breaking News (BBN) / AY
The peak was not in Tony, now at 112.40
If CPI move higher than expected, in theory USD move up and POG move down.
Recently though price reaction to macroeconomics have been quite unpredictable, likely due to future market tying to catch stops...
IMV with POG downside risks right now are overweighting upside...especially after recently failing to make new all time higher.
Have sold all my gold miners last week awaiting a re-entry and indeed, just bought HUM some 7% cheaper..
next trance after CPI depending on direction.
Cpi move up means gold will move up to?
So if CPI move gold going move up too I presume
Major stock indexes in Europe traded flat in the premarket on Wednesday, with the German Federal Statistic Office Destatis expected to release its final report on the country's consumer prices for April soon. Meanwhile, investors will also be keeping an eye on the inflation figures coming from the largest economy in the world, the United States.
In other news, Credit Agricole and E.ON both shared their quarterly earnings results.
The DAX, the CAC 40 and the Euro Stoxx 50 all hovered near the flatline at 7:32 am CET. At the same time, the FTSE 100 edged down 0.06%.
The euro was flat against the dollar at 7:08 am CET, selling for 1.09636. The pound traded 0.06% below the greenback and went for 1.26140 concurrently.
Baha Breaking News (BBN) / AY
Happy hump y’al
If you just hold cey for the rest of the year a 20% rise will ensue (I believe)
This article outlines the main reason negotiations have thus far failed to reach an agreement
"Some entities expressed their desire to have fixed tax rates, concerning that it would be increased later on."
Gee whiz, wonder why 'entities' would be concerned Egypt would change the terms once the companies spend billions to build a mine?
The entire piece can be read here:
https://www.egypttoday.com/Article/3/124215/Egypt-in-negotiations-with-gold-companies-to-finalize-terms-of
A very intresting look at the realility.
Love it or not , the real truth ?
Meaning the 2 concessions holding the Doropo resource are 'safe' until 06/08/2025 & 06/11/2024 respectfully.
Now the hard part - choosing whether to make an uneconomical project look like it jumps the board's ROCE hurdles.
possibilities
a) chop the capex spend into smaller bits $250 million now , $150 million add-on
b) keep drilling until more gold makes it economic
c) sell it
b & c may no longer be options as permit PR-334 must be converted into a working mine or simply relinquished back to the state next summer
https://portals.landfolio.com/CoteDIvoire/en/
Now that the permit renewal is confirmed perhaps there's no reason for Mr Horgan to wait until June to tell shareholders which option they've picked
$2034.99. + 67%
Https://twitter.com/oriental_ghost/status/1655449183552425984?t=dBxRk-5livSDJh0dTL0lkQ&s=35
Peak is in. 11.35p taken 2/3rds off the ISA. Fully loaded for Centamin buy back in the coming weeks.
Major stock indexes in Europe traded mixed in the premarket on Tuesday as investors anticipated the latest inflation data from Germany as well as the United States, which will be released tomorrow. On the agenda today is a report on the United Kingdom's house prices.
In other news, the European Union previously revealed that the draft for the eleventh package of sanctions against Russia has been completed.
The DAX was flat at 8:01 am CET. At the same time, the CAC 40 lost 0.11% and the FTSE 100 fell 0.09%. The Euro Stoxx 50 rose 0.07% simultaneously.
The euro was 0.09% below the dollar at 7:59 am CET, selling for 1.09934. The pound was flat against the greenback and went for 1.26143 concurrently.
Baha Breaking News (BBN) / AY
Thank you Rebess, very promising for POG!
This might be of interest.
https://twitter.com/oriental_ghost/status/1655449183552425984?t=dBxRk-5livSDJh0dTL0lkQ&s=35
Comex gold futures prices are modestly up in early U.S. trading Monday. Silver prices are near steady. The key outside markets are friendly for the precious metals to start the trading week, as the U.S. dollar index is weaker and crude oil prices are solidly higher. The technical charts remain solidly bullish for gold and silver. June gold was last up $7.30 at $2,032.00 and July silver was down $0.05 at $25.885.
Global stock markets were mixed but mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. There is less risk aversion in the general marketplace to start the trading week. U.S. banking stocks have recovered some of their recent losses. Banking analysts will today closely scrutinize the Federal Reserve’s first-quarter Senior Loan Officer Survey, to get a gauge on how much the banking industry has pulled back in its lending practices the past few months.
President Biden on Tuesday will meet with House Speaker Kevin McCarthy and other congressional leaders to discuss raising or suspending the U.S. debt ceiling, setting the stage for a current standoff between the President and House Republicans. Biden’s invitation came after Treasury Secretary Janet Yellen notified lawmakers last week that the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time.
https://www.kitco.com/news/2023-05-08/Gold-price-firmer-amid-friendly-outside-markets.html
Jonathon Da Silva.
Bears try to strike back-but trnd still intact.
Good article, just as I thought.
Once the rest of the massaged statistics have been published this week ,then we will know for sure.
US is in a bt of a mess ,overall.
Looks like Basel 3 has hobbled them .
" is possible that any data showing that inflation is not under control, will create greater downward pressure on POG."
Don't follow your logic there!
Rising inflation drives up the prices of just about everything, as we can all see from our shopping bills. Why should gold be an exception to this rule?
Europe mixed in premarket ahead of data
Equities in Europe traded mixed in the premarket on Monday ahead of the newest reports on investor confidence in the Eurozone and industrial production in Germany. Meanwhile, in the field of politics, it was reported the European Union is planning on introducing sanctions on certain Chinese companies for that country's alleged support for Russia in the conflict in Ukraine.
The DAX and the CAC 40 stood flat at 7:09 am CET. At the same time, the Eurostoxx 50 declined by 0.07%. Meanwhile, the FTSE 100 was closed for a day due to the bank holiday proclaimed in honor of King Charles III's coronation.
The euro rose by 0.21% against the dollar at 7:15 am CET to sell for $1.10413. At that moment, the pound sterling went up by 0.15% against the greenback to change hands for $1.26509.
Baha Breaking News (BBN) / JR
...important macros out with CPI from many economies....
They say after Fed pause all eye on data and there isn't much more important data that Wednesday CPI, for rates and POG.
I am out of my gold miners for now since last week. After looking at NFP forecast at 180k, I have decided that it was too low and bound to be beaten, hence short term bearish for gold...
Add to that POG was at record high and possible due a correction. I am still bullish on POG but I am trying to trade it to maximise profits.
Short terms will be careful to re-enter gold miners, now that the bias has changed to rate pause, is possible that any data showing that inflation is not under control, will create greater downward pressure on POG.
The support is around $2010 but imv any consolidation above this level (needed for a move much higher) has been priced in.....Some upside can come from renewed Banks troubles.
US CPI is expected at around 5% which is the previous month number, I feel that to be beneficial to POG it has to come much lower, but we all know that it has gone down already quite a lot and at these low level, any decrease would be much smaller with higher chases of disappointing....sticky inflation. certainly we will never get to the hoped Fed 2% benchmark.
Some says that Fed want to cause a recession to get to low inflation, but just imagine what would happen to banks, if they were to keep rising rates.
I am also seeing POG tech signalling a correction....with price keep rising while RSI going down.
https://tvc-invdn-com.investing.com/data/tvc_c94584843354dab76e1668ba0e09a15a.png
IMO the best short term support for POG will come from Banks failing....
The time on the posts is an hour slow too.
Unreal.
Indeed MrBond, all posted links are disabled.
A real balls up.
The problem being now you cannot log out.
Seems like a balls up.
"Everybody is positioned for the end of the world, but when you know that the Fed is out of the hiking game ... it’s a much sturdier footing for investors than anybody anticipated at this point in 2023," he said.
https://www.investing.com/news/economy/wall-street-week-ahead-us-consumer-price-data-to-test-feared-stagflation-scenario-3074913
I am puzzled and worried by the continuous rise of growth stocks.
Growth out of what...China and the rest are closing down, internal consumption is saturated is not shrinking out of inflation and lower disposable income...remember the QE was for the rich and the few..?
And yest after AMD lower forecast numbers few days ago, (-9%) it has almost got back all its losses ...
Hmmmm interesting times many forces pulling in different directions...