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Erratic nature of the market following reports of full scale attack within 48 hrs shown by BP now hitting a days high at 386.26 (as I write) whilst spot gold also hitting days high. Make sense of that.

Hi Mark, the Ukraine conflict puts everybody in uncharted waters within financial circles. For example oil is traded in dollars and dollar transactions might well be sanctioned by Biden against any oil production/sales from Russia. They could still trade with friendly countries in local currency of course but producers such as BP would have, at least, the complication of exchange rates since they would, in theory, also be barred from receiving payment in dollars or any other Western currency from Rosneft. To add to complications the Nordstream 2 pipeline is partially funded by Shell. Russia is already being reported (Reuters) as joking about a massive hike in European gas pricing since the new pipeline was designed to double European supply. The UK is connected to European gas/electricity pricing/supply via interconnectors in the Channel Tunnel so we will be experiencing further price hikes. No one has been competent enough to model Covid -19 correctly let alone the current shenanigans.

POLY 1057 as I write, on increase so UK response to invasion not unduly worrying Russian linked companies. Evraz is even up an incredible 5% atm. Eyes will be turned to US this afternoon for developments.

Germany have kicked off by scrapping the NordStream2 gas pipeline. Major declaration obviously by them with immediate knock-on effects to international energy availability and pricing since Russians will retaliate against Germany by shutting down pipeline via Ukraine.

One of the sanctions being considered by the West is to penalise any Country or Company dealing with Russia - wide ranging to include personnel, microchip and technology supply etc etc. If implemented BP, Polymetal and other Western interests would have to write off all and every Russian involvement. If you thought that Covid-19 was serious well......

earlier a snippet that I heard. Talk is that the UK will 'adjust' it's net-zero targets because of the high energy costs and Russian threats to stop gas supply to Europe etc. Of particular interest is the chatter surrounding opening the North Sea to more oil/gas extraction. Will obviously have to wait and see if these snippets bear fruit but equally obvious are the facts that hitting Russia with sanctions is one thing but Russia can very severely hurt the West with energy withdrawal. What about the latter impact on Russia itself? Well they have an increasingly good friend in China with one third of the World's population to absorb Russian output. Russia and China acting in consort would be shattering I think.

....will be pivotal imo since we should have more idea of the sanctions to be imposed and because the London market usually waits for the US opening to see direction of travel for any stock. Nevertheless it is interesting to compare and contrast (from schooldays) the relative price action of BP vs Polymetal. Both have Russian connections, their respective products are in high demand but the former is currently trading higher while the latter strongly down.

Agree Jakers - international conflict normally favours 2 asset classes in particular - Gold (physical) and tobacco - BATS anyone? BP hovering around crucial £4 level ready to dive or rise on an instant.

Taxpayers COMPENSATING BP ??? Interesting thought.

Clued - agree that oil atm is a good bet providing not a company heavily exposed to Russia such as BP via Rosneft. Uncertainty with increasing likelihood of actual conflict is holding BP down (and Shell) even when oil price holding high and firm. If deescalation occurs expect rapid increase oil majors. Opposite holds true as well.

Totally disagree that the price action is anything other than 'normal' particularly given the movements of safe haven assets this am.

Ukraine tilting Russia into conflict atm by restating their intention to join NATO - this is what Russia fears and will do everything to prevent. Next 24 hrs will be interesting. Even so slight uptick to 4.06 now.

4.04 at 0852 as I watch the trading. belief swinging towards Russian invasion with expectations of BP -33%, Oil >$100 and gold continuing to rise whilst US dollar rising vs Euro and Sterling. No early breakfast this am since market swings could happen suddenly and dramatically. BATS performing OK.

Currys now offering to price match anything - instore or online and any discount codes. Going all out for volume sales vs profitability. Risky manoeuvre in short term.

From 0800 most shares trading sharply down, probably hangover from hectic trading yesterday. One of few bright sparks was ULVR which upticked steadily whereas divi darling BATS muted. Appears investors unimpressed in today's world with buybacks - preferring cash returns instead.

Market underwhelmed by results so far this morning. trading pretty flat, investors would appear to have expected a 'special divi' at least. 1% increase on divi to 54.45 per qtr not raising much enthusiasm - £32.70 as I write.

Watching oil price and BP/Shell today since West now reporting imminent Russian strategic nuclear activity borders of Ukraine. Strikes me that the West's so-called intelligence services are apparently not observing the Official Secrets Act so interesting to watch effect on both Oil and Oilers. As I write Oil is up at 9136 but BP is down at 408.

Hi Grandadtom. Just some thoughts - silver purchased in UK is subject to VAT full rate whereas gold is not. Coins are in two categories - rare/collectible coins suitable if you are expert in that field and the second category worth just their bullion content alone. The next area is where to purchase. Cheapest, imo, in UK is Hatton Garden Metals. Cheapest to ordinary investors is Bullion Vault who buy and sell close to spot for all PGMs and will store your metal, allocated, in vaults around the world such as Zurich etc. If buying bars you will find say 1 oz bars of gold, from different producers at sometimes vastly different prices. Beware because all bars are simply worth their bullion content - 1oz is 1oz regardless of source.

MrG on the money. At 0800 overnight stop losses taken out down to 3666. At that point II's came in and bought everything up to 3700 which was the floor. By 0830 traders were drifting off to breakfast having made ca 3% within 30 mins at 3750. Not bad for trading a solid share with reasonable results and prospects. Will the herd ever learn? As I write its 3782 but happy with 3750.

Citibanks Ed Morse obviously has a crystal ball which tells him, presumably, that either there will be another virulent virus and lockdown or some other catastrophe that prevents us driving, generating or flying anywhere. My views on analysts have been mentioned before. 'Inflation', they've been saying for 12 months or more, 'what inflation?' Sorry but we're not all stupid.