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Steve
I am not pretending to impose my will on anyone, and I understand you rationale regarding following tech or not.
Many information on technical analyses can be found for free online....
Dropped due to unexpected ,New York FED Empire State figures Hit eight month high .
To be expected, after all they do need to keep the dollar high and bond market busy. ;-)
Next months figures will be again ,to suit themselves.
Whatever it takes.
Although I do, I still like to understand the rationale behind it- for example "sell signal" didn't state due to technical analysis- it just said "sell signal".
If your technical analysis says "sell signal" I would like to understand on what basis- else anyone reading it just has to take your view without understanding the basis for your view.
I understand some may disregard technical analyses outright, but POG future day chart is making a sell signal.
astro999
it seem you was right.
But more importantly what made you think that?
Based on what?
I prefer to to see people's rationale- not just sell signal, 96.5p etc :-), also why would you buy @96.5 if the SP dropped to it?
EG gold will retrace to "n" due to "y" by "h", the UK indices will drop to "X" due to "z" by "h", CEY will drop to "F" due to "g" by "h" etc etc... At the moment, no data released has made me alter by position since I posted early Friday pm.
GLA
Let's see if I get another chance at 96.5p Steve ;-P
Where were the sell signals at 10:00 on Friday when the SP was ~1.149?
There are no sell signals, just economic data (in the absence of company specific data) that drives gold and the SP.
I'm out Fridays action was a sell signal.
Hi Astro,
Nothing is certain, but as you may know nothing goes up in a straight line and the POG is certainly no different , it also fluctuates just before markets open and close and can be especially erratic on NFP days!
Just wondering if you think the gold price retracts a bit before moving higher?
Spot on goldgnome
Equities in Europe traded mostly higher in the premarket on Monday ahead of Germany's Bundesbank's newest monthly report on the current economic situation. Meanwhile, British Chancellor of the Exchequer Jeremy Hunt predicted the United Kingdom's economy will perform better than projected in 2023.
The DAX and the Eurostoxx 50 stood flat at 6:53 am CET. At the same time, the FTSE 100 rose by 0.23%, and the CAC 40 increased by 0.09%.
The euro lost by 0.07% at 7:12 am CET to sell for $1.09864. A minute later, the pound sterling stood flat against the United States currency, changing hands for $1.24103.
Baha Breaking News (BBN) / JR
Happy Monday y’al
Drum roll until Thursday…
Thanks Lucky
I am not sure the Chinese what world dominance, it has never been their desire over the last few thousand years.
I do think, they , like others want ar more stable and equitable system, in which they can access the resources they need to look after their own.
The USD is unstable, and untenable, as is their "financial system". An exorbitant privilege as others have said. It serves the purpose of the US first second and third, and then the rest of the world fits in sometime after this.
Abolishing interest rates, and swapping for shares, is what the Islamic finance system does in part...and of course this means we do cut out some of the "money men" who would be upset, and have been in the past when this was suggested. I often wonder whether this is not te root of the difference between the muslims and the jews, but I won't go there today
Interesting thoughts,
best
the gnome
Interesting goldgnome
In reality, to understand why have we come to this mess, one has to ask the right questions.
Do we really think that China and the CCP will straight things up and make this a better and fairer world?
Each and on its own we are all victims of our ignorance. The Chinese indeed can much quickly, implement any policies they like and they know...but what will they be doing once their game is over, and all the world will be looking at them for directions?
If we want to reinvent the concept of money we should be go back to "barter" or if we like to keep using cash/currencies, we should abolish the concept of interest rate and change it, into share ownership.
But with the latest option, then we also should abolish the USD as world currency.
The UK is expected be the only country to shrink this year across all the advanced and emerging economies. Even sanctions-hit Russia is now forecast to grow this year.
Paul Johnson, director of the Institute for Fiscal Studies, said that the IMF's forecasts were not always right, and he noted the fund was "actually being more optimistic than it was a few months ago".
Forecasts from the Bank of England due later this week are likely to be more positive than they were two or three months ago, he added.
"My best guess is that the economy will be broadly stagnant this year. That we're not going to get much in the way of growth but we're not going to have a deep recession either," he told the BBC's Today programme.
"Now that's not great, particularly as we should be bouncing back more strongly from Covid and particularly as we've not been growing terribly well for the last decade and more."
https://www.bbc.co.uk/news/business-64452995
https://actionnetwork.org/petitions/break-free-from-fossil-fuels-to-bring-down-food-and-energy-prices/#01
Hi mrtibbles
Just to connect your thought on US job payroll, with something posted on the other tread about USD been a Fiat currency.....
Indeed the $ may be a Fiat currency, but the purchase power of USA citizens is still much greater than many other Countries. So is not only the unemployment rate that create inflation, but also how much more USA citizens get paid.
Incidentally with the U$D been the world currency, the Fed and Co. are able to control more directly and efficiently the US finances. Risky business going against the free market, when you have 150% of GDP in private debit.
Hi Spoonington,
Be very interested to see your evidence in support of your claims?
Have a nice day !
Your old mate Tibbs!
Hi LuckyLuciano, possibly not confusing , but far more intentionally complicated ,complex, corrupt and politically influenced than the privileged shadows that pull the levers behind closed doors would like us ordinary mortals to realise , or even worse question!
But how ridiculous that the fate and livelihoods of so many of the world's communities should have become so dependant and influenced to the good or bad by the announcement of some manipulated figures on the first Friday of each month supposedly providing the total monthly increase or decrease in paid U.S. workers across most businesses!
Increasing numbers may show economic expansion but may also give investors reason to be concerned about inflation and decreasing numbers suggest a broader economic concern.
How could the privileged position of the USA and it's dollar backed up by nothing more than a paper promise to repay ever more debt with yet more unbacked paper carried on for so long?
Trump's misguided notion of imposing tariffs to trade with the US because the rest of the would was taking advantage of the US has exposed the truth that exactly the opposite is true and this will accelerate the demise of the dollar as the world's reserve trading currency and should help bring about a fair price for gold.
The UK is is much the same position as a result of a bungled and disastrous Brexit led by those inward thinkers who put heir own greed and self interest first , but now the reality is apparent the UK has lost trade, jobs, workers, civil liberties, freedom of travel and most of its influence on the word stage being now regarded a non entity by many other nations!
The sham of the London Metal Exchange is out and its now desperately trying to save it's self from going down the pan as it is forced to comply with Basel 3 by playing fairly!
But once again thank you for your thought provoking posts to this debate!
I did not mention “political” parties in anyway so maybe read things more carefully before entering into your rants - I have looked at where they receive their funding from & surprise, surprise the ideological leanings that are evident in their “unbiased” presentations match those of the major funding parties.
Credible evidence is right in front of you in the form of facts and actual occurrences. Just because you choose to ignore these as they do not fit with your preferred narrative does not mean I will feel motivated nor obligated to educate you - seeking truth & thus a proper education is primarily a personal responsibility.
Lucky
The US$ has been fiat currency for decades, or have I missed something? and has long lost its social license to operate as the saviour (self appointed) of the (western) world. Endlessly conflicted with self interest.
What China has done and is doing is of far more importance, and I suspect far more sustainable.
People’s Bank of China Governor Yi Gang said that Beijing has largely ended regular foreign-exchange intervention, and pursues a policy aimed at enhancing the ease of use of the yuan for Chinese households!?...he said his own perspective is that history shows that “sooner or later” the market defeats the central bank. A slide in Yi’s presentation at the PIIE showed that “in recent years, PBOC has by and large exited from regular intervention”.
https://www.piie.com/
In its semiannual foreign-exchange reports, the US Treasury Department has consistently criticised China for a lack of transparency in how the country manages its exchange rate...lack of transparency, kettle and the pot joke?
China has in effect reinvented the concept of money, transforming a backward, antiquated cash-based finance system into one centered on super-apps created by technology giants Alibaba and Tencent. In the book ["The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology" Martin Chorzempa] is a portrait of a system grappling with unprecedented challenges, an investigation into the financial and ethical questions in their wake, and an exploration of the impact on the lives and habits of people across the globe.
Go gold
Enjoy the weekend ! Let your hair down !
the Gold Gnome
On banks Friday financials and in particular JPMorgan..
Seem majority of recent profit is coming from higher rate returns from US bond, how are they going to square up next quarters number, when Bond yields is coming down?
Will they be selling bonds to balance the cash flow, considering that bank deposits are down 7/8%.
Will the Fed keep big US banks happy, by carry on rising rates even if the inflation is coming down.
Given the connection between big banks and the Fed, and to make sure big US banks keep making profit, is likely that the Fed will make sure that every rate policies going forward, is very much in the knows for these institutions, well in advance of the main market, so that big banks can profit out of these policies decisions.
In long terms this is not going to work for the USD, but should be working for big banks and friend....
Well US should have know better, before exporting manufacturing to China.
Copyright and patent issues may have some legal ground, if anything this is the area where WTO should operate, by making sure a minimum time of exclusivity is respected. This can only happens if countries talk to each other and if is done at international level and not bilaterally.
But then again what goes round comes round, hence nobody is stopping the West, to copy or make better Chinese technologies and product.
As Italian where I would set a veto, is if they started to sell Parmesan Cheese made in Beijing.
Since China was allowed to be part of WTO, the US has been complaining about the CCP deliberately devaluing the Chinese currency, and yet the Chinese till recently, have been the biggest net buyers of US debit.
If wasn't for real, this could be one of the best financial jokes to say at a party.
Now the music has stopped, who is going top fix the printing money addiction of the US?
This is why the Fed as no more shame and follow no more rules in favouring its closest friend, its financial mafia now.
Imo only way out is for the USD to become Fiat currency, alternately the FED could peg the USD back to gold or indirectly back to whatever new currency the BRICS would come up with.
Yes it seems some Western countries ,see others currencies now backed by Gold.
A threat to their precious ,current world trading currency.
And yes ,Bretton Woods agreement is becoming more and more un-popular, problem is you need a substancial amount of physical to back a currency.
How good it was to see , pomise to pay the bearer ,on a banknote.