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You obviously didn't grasp the concept of consolidation - it was a cosmetic exercise.
Well from the announcement i'd wager 99.999999 percent of shareholders did not know that.
The SP is the highest for quite a while and good on those who bought and held from 2.21 odd. As i said in a downturn at that point would defo gone sub 200p. God for holders it has not. Current SP is no consolation to those i have seen on this BB who bought at 450p or 350p. As i Said I'm not comfortable with the BoD and the debt levels
"It would take years to spend £5 Billion on buybacks, which is why it was returned to shareholders in one lump sum."
If you reckon a reduction in the shares you hold at the same time as giving you a taxable dividend is returning anything to shareholders then you have a different concept of things to most people ! for those who were not in a tax free wrapper it actually cost them money and even more money when the share price fell even after a reduction in the amount of shares in the market ! Even now at current SP its been barely any benefit to long term holders and let's not even talk about those long termers with purchase prices north of 300 p and even 400p......nothing whatsoever to celebrate and now they own even less shares !!!!
Buybacks after a consolidation and phony Special Dividend cancelled out by the consolidation ? But it's a miniscule buyback programme, once again cannot see the point. At least this is simpler and won't continually swamp this board with questions about the consolidation and phony SD as per before !
Surely the ADP numbers have got to be a 100 percent sample test of the Non Farms ? How could it possibly be otherwise ?
3-4 % if that was available there would be a stampede to treasuries. Can't see that happening anytime soon. Max Keiser made a very good point last week that a negative yielding bond is not really a bond at all ! And he went further in adding if the yield is less than the inflatinary environment that is not a bond either. Very good points imo
Interesting hypothesis on 2nd part of KR with Alistaor Macleod that the CB's will throw the banks under the bus in future and cut out the middleman and deal directly with borrowers. Their major sin not lending and if they do into speculative assets such as housing.
I get the not lending to businesses and i get the dangers continually investing into speculative assets because its a self fulfilling bubble blower creating systemic risk.
But govts such as Uk have encouraged borrowing to fuel property to the moon and encouraged house hoarding by landlords but there again govts are stupid....just look at Biden and co over Afghanistan.....as a splendid example of stupidity....
Do the CB's see a future very differently to todays system ? Modern Banks are little more than brokers and middlemen
Been reading lately about the closure of the gold window by Nixon. Couple of things came to light one of which was it looked like the the Septic Tanks were going to have all their gold drained away so Nixon acted to stop this. The reason that countries were rocking up to the gold window and wanting to redeem their dollars for gold as per the agreement.
At first I had a bit of sympathy for the Septics but then I found out why !
THEY HAD PRINTED EXCESS DOLLARS BEYOND FULL BACKING OF GOLD AND THIS CAUSED AN AVALANCHE OF REDEMPTIONS WHEN GOLD WAS A MUCH BETTER ASSET THAN THE PAPER DOLLARS AD THATS WHY COUNTRIES CENTRAL BANKS WERE VERY KEEN TO TURN THOSE DOLLARS INTO GOLD
So once again profligate behaviour on the part of the Yanks got them caught with their pants down. They DID NOT adhere to the discipline imposed on them by the Bretton Woods agreement as the custodian of the reserve currency.
They are nothing but a bunch of rogues just ask sitting Bull and anyone else who did business with from that point afterwards.
Now Nixon apparently saved the last 8000 tonnes...hmmm in a nation of swindlers and spiv's what do you reckon ? that still there ? My guess leased rehpothecated ad infinitum if it's still there who knows how may claims it has on it if it's actually still there. Since then the dollar and swift has been used as a weapon so when the East(as it is doing ) is not reliant on dollars all you have left as leverage is those aircraft carriers and recent events against much less consderable adversies don;t bode well.
The US came off Gold down to its own malfeasance
Well soon September and they be running out of time, yes it was mentined by Alistair Macleod customers of the banks told paper products were as good as well gold. Not now plus for anyone holding derivatives such as banks this is classed as having higher risk so they are going to want the real mccoy. Companies like Fres with only a very few share available as free float don;t grow on trees. also being FTSE 100. Then there is Poly lowest cost producer. Either own the real thing and store it or own someone from whence it comes.
"8.42 high and now back down owing to gold getting whacked by unlimited paper shorts which USED TO BE ILLEGAL for a reason Jamie Diamond !"
So let's look at paper shorting. A whole bunch of gold contracts get written for any amount of which they do not have any gold at all not even a half sovereign. They sell thee paper gold contracts but if anybody demands delivery they will be highly pressured NO TO. On the slime chance someone does they then have to go and source some actual gold because rememeber they don;t actually have any ! And so it goes on, the participants who bought the paper gold don;t want to rock the boat so normally settle for paper profit in you know that endless stream of paper dollars of which there is also unlimited supply.
Their worse nightmare is when they get a squeeze and too many stand for delivery and the whole debacle starts to unravel. Did I miss anything ?
Paper contracts were allowed to a limit to add some liquidity then Jamie at JPM found himself on the end of a silver short squeeze and squealed for help. That help was print as many paper contracts as you like...UNLIMITED PAPER SHORTS. This is still illegal above a cetain level in other investments such as equities. It's pure FRAUD
sorry it was just something i kind of recall somewhere. I get your point but would it not make sense to unwind after taken out the stops and pushed the price down ? Would that make sense ? I mean there are many actors in this play some want the price lower some need to unwind positions and their interests align....
My takeaway from the KR gold money episode.. banks have put clients in gold derivatives in past saying as good as(NOT) now they cannot do that so they have to either find another hedge or more likely actually use actual gold as a hedge. The exchanges hold mostly allocated gold so they are about 25 billion USD short the real thing....the flash crash likely( i think i ead elsewhere) could be JPM unwinding their derivative shorts
" I am afraid we are still couple of decades away but gold really is the standard."
I don't think so too much in play whatever is happening is happening this decade...there is no way the wheels will not come off for the US and the dollar over the next 20 years. In 20 years the US could descend in civil war...secession by the southern states...i have already seen signs(i predicted this) of the rich fleeing the US and revoking citizenship...there was an article on Zerohedge in which the govt pulblished a list of those doing so...this is just a few drop before the trickle before the flood..Well inside 20 years you could get mass revolt by the military for not being paid or being paid in worthless printed currency....by then the military equipment will already have started to decay in terms of replacements, maintenance etc.....
"The gold has never been audited and repatriation claims take years which suggests the US has to surreptitiously acquire gold before "returning" it to the likes of Germany."
So they must do that really slowly and on the quiet or else they'll push the price up and the market will get wind of the fact they are buying gold with worthless printed paper. And at the same time all else they do via the theor stooges the bullion banks et al is engage in suppression tactics to keep a lid on PM's hence my belief crypto is govt created to soak up the speculative money and away from PM's. Historic under allocation to Pm's by a faactor of 2/3 rd's without crypto it would have been hard to keep the lid on....its a liquidity trap that's peaked imo