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10 minutes ago it was flat after being + 4% earlier
Right now it’s + 3% @ $1970
The US market just waking up ;-)
A lot depends later when the actual interest rise is published, .25% will push Gold higher, how much unfortunatly depends on Futures traders.
But thats the hold they have, paper traders ,good for commissions !
SP will go through 100p in the next few sessions as momentum is increasing, sp is now above 50 MA and going towards 100 MA.
Growing expectations that the Federal Reserve is close to ending its latest tightening cycle and the threat of and impending recession will continue to support gold and silver prices, according to the last comments from JPMorgan Chase.
In his latest research note, Greg Shearer, executive director of global commodities research, said that he expects the Federal Reserve to start cutting interest rates by the second quarter of 2024 and falling real U.S. yields will be a "significant driver" for gold.
According to JPMorgan's mid-year forecast, analysts are looking for gold prices to average the second half of the year around $2,012 an ounce.
Shearer said in his latest note that he sees gold prices averaging around $2,175 an ounce by the fourth quarter of 2024, with further upside risks if the U.S. economy does fall into a recession.
Shearer noted that the deeper the recession is, the more aggressive the Federal Reserve will have to be in cutting interest rates, which would be supportive of gold.
"We're in a very prime place where we think gold ownership and long allocation to gold and silver is something that acts as both a late cycle diversifier and something that will perform as we look to the next sort of 12, 18 months," Shearer said.
The comments come ahead of the Federal Reserve's monetary policy decision. Markets see a 25-basis point hike as guaranteed; however, there is a lot of uncertainty through the rest of the year. Markets see a roughly 50/50 chance that the central bank will maintain interest rates between 5.25% and 5.50% throughout the year.
Some economists and analysts have said that gold in the near term will be sensitive to a hawkish bias from the Federal Reserve as it looks to keep inflation expectations in line.
https://rb.gy/2wod3
One day of a bit of a rise and then its back to a good kick in the crotch and down again!
Centamin were once unhedged, now forced through bad past management to start hedging!
The share price is buggered until the remaining other 25% of waste is cleared! to reduce the AISC!
Try trading it instead of holding
Trading is the way on short term movements. for all the crap on gold going to new highs and US going into recession is not reality for now. If your long, offset , short until what you believe becomes real. For me if I didn't trade this year for little profits I make, I would be underwater . It's a game, maybe manipulated in some way but if you don't follow the information and trend you be playing along time to turn a profit.
Steve,
Yesterday at lunch time it was 98p. I go the cinema and see Oppenheimer get back to close and it was 94.8p. To trade a volatile stock becomes a 100% job. Also you can trade positions out and the stock fires up quickly and you reduce the yield that one is trying to hedge out on a portfolio. At the moment the Centamin share price is hugely undervalued against the valuation it was given back in April. The company has also performed better than cost expectations and built in 20,000 ounces of protection put that becomes profitable at $1875 per ounce. Centamin share price at $1950 gold should be around 104p-106p at least and that includes taking sterling increased valuation vs USD.
Just trade around data points- I keep sending a link to data points that move gold and the timings/ not always 100% right but am 75% of the time- why people don’t sell and buy around these is beyond me -
Also I keep saying it doesn’t matter what you or I or anyone else thinks what is fair value or not - stocks with primary drivers like cey never work like this - work within the system - you’ll drive yourself nuts otherwise
Data point on Michigan view on inflation. Last time it goes up a little bit and they hammered gold. This time the data all goes the other way. Lets see what happens now.
I went back in again after US data released @~94. Surprised it dropped a bit, but expect this is good entry point. I went out yesterday @~99.2 avg on data. I traded approx 100k shares. Like I said, can't win them all, but aim to win more than lose- will hold these unless loss gets past my S/L
Steve
I have done those type of trades in the past at 60,000 sells here on CEY. It is great when you can pull those kind of moves off. I presume it is Michelin star restaurant this weekend or something nice. Tony
I don't always win - the last time I posted a trade here it was a loss- eg 2% S/L kicked in, when my profit didn't hit my target so I held too long- but I tend to protect myself this way, but let profits run sometimes which can be a fault. I don't worry about the SP at all eg if I sell with a profit and it jumps and I'm out too early, I'm equally happy to go back in at a far higher price if I think the data tells me to do so. Today has caught me out a little, but not to S/L level... yet... will see Monday. I'm surprised at the closing 93.7 as the FTSE, US is flying, and gold rose and yet CEY dropped, although UK miners didn't do great overall today. However, Barrick and Newmont going well now in USA as I type so will watch to see where they, and gold closes. Of course, I cannot trade until 08:00 Monday. Will see what that day brings. Have a good weekend.
Thanks Steve
Perhpas \I will become a day trader, none of this long term BS.
The levels of uncertainty not to mention lying and loss of trust is bewildering.
Here is some of the new entertainment in USA ... which passes for politics, or political comedy or something like that
The “Facebook Files” story Jordan went on to tell revealed a worst-case scenario for modern digital censorship, in which the White House not only strong-armed Facebook to remove content, but did so over exactly the kind of speech the Constitution was designed to protect, political satire. Not only that, but the White House’s demand had clear political motivation. A law professor would have a difficult time scripting an episode more directly offensive to the First Amendment.
https://www.racket.news/p/the-new-facebook-files-show-everything?utm_source=substack&utm_medium=email
|Just hopeless ...
best
the gnome
Thanks Goldgnome- this stock is my primary day trading one- the rest of my portfolio is tied up eg pension, property etc driven by other I trust with balance- anyone with a lot of savings could simply trade this one- I work on being right 75% of the time and using stop losses to protect the big whacks- but as I’ve said before I sometimes get greedy on the the take profit and let it ride too long- with this stock so low and Horgan and evidently controlling things well now I think at some point this will jump - mail on economic data but also around RNS
Surely a trip back to 140 isn't too far off now