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puffin

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I took a large five figure sum off the markets last year. I hovered over a Hargreaves Lansdown brokerage account just after the arse fell out of the markets some weeks back.

I was looking at a solid defensive stock that the analysts were valuing at £33.00 as a ceiling, the shares were at £22.00 when I was tempted, so there was value there alright.

But I don't think this market is right for me. It is too volatile, we're looking at possible inversion of interest rates, governments all over the planet are abandoning austerity and being forced to do so, so all that austerity policy stuff in recent years is now a redundant issue. They are borrowing like a drunk kid with Mom's credit card.

I can't justify being anywhere near this particular roulette wheel.
[/QUOTE What’s your opinion of Gold.
 

Sync

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Depends on how you define a sucker's rally. They dropped for no particular reason. The ECB was always going to print money. So really the smart money got in when it hit its lows, and some will have gotten out now, some will maybe wait until the money prints and there's a possible spike and sell.

But there's no institutional investors left looking at an Irish bank as a medium prospect.
 

puffin

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As far as I can see a lot of retail speculation is goosing the market, I am heavily into Gold after a lot lean years, too many to be proud of. However I believe we now have a secular Gold Bull Market, I will try not to be too greedy this time around.
 

Lumpy Talbot

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No
Yes. We should leave that to the people in finance in Dublin who have been able to evade training for years by being passed to work in asset management on the basis of a promise that they'll get the necessary certificate at some unspecified date in the future.

Reminds me of one of our former captains of industry Mr Drumm. The man was CEO of our investiest investment bank and he had soared to the educational heights of the Inter Cert.

And as subsequent court proceedings in Massachusetts determined in was felt on reviewing said fellow's financial arrangements that he needed to go on a personal budgeting and financial management course. This is long after he and his mates had kamikaze-run the Irish national finances.

FFS. Ireland and financial advice. Never forget the taxi-driver/financial guru I had to endure for 20 minutes or so, delivering the spectacular insight back in 2007 out of the side of his mouth that you could buy flats in India for 30k. Dashed out and bought half a dozen over the phone on the advice of this Wheeled Warren Buffett... not really.

If there is one thing we can conclude about Irish financial regulation from Pat Neary right through to the Central Bank, Department of Finance etc it is that no one at that level can criticise anyone else for financial analysis.
 

Ardillaun

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Maybe the high-rise thing is a debate for another thread, e.g. what is a high-rise building and how much of Ballymun’s problems were due the height of some of the buildings (others being mid-rise at most) versus other architectural factors and sociological factors.
 

Lumpy Talbot

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No
I have to say I would find it very difficult and challenging to allow myself to be patronised by Irish regulators on the subject of financial analysis and advice. But then I might be one of those fussy people who tends not to like advice from institutions who have failed to a level in this area I could hardly achieve over a lifetime if I really, really dedicated myself to it.
 

Lumpy Talbot

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No
The Irish Times had its leg out on a dark street corner every night for its pump-priming pimp for years basically subliminally advertising and advising people to 'hurry and get on the ladder'.

Sounds suspiciously like financial advice to me. Have the Irish financial regulators ever stopped to ask themselves whether the paper they are munching their cornflakes over in the morning is qualified as a financial advisor to give advice on the single largest debt people will incur over their lifetime.
 

Lumpy Talbot

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Apologies Biff, I hear what you are saying but this is a real red flag item for me. Lots of rules for the little guy and none at all applicable to the big guys. Ce sera.
 

ffc

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The Wirecard scandal is creating bigger ripples. Irish holders of prepaid Mastercard foreign currency cards are locked out of their funds today.
It does look a little like the beginnings of the last banking crisis. A small financial service player goes bust, then people start to panic. Next thing you know there are emergency summits, the army on standby, queues down the street and billionaires legging it with the loot.
 

paddycomeback

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I had a few quid in an An Post Currency Card. The document I received said it was issued by R Raphael & Sons plc - a UK bank.
I don't see anything online about them selling the business to Wirecard.
Client's money put onto the card is supposed to be in a secure account that can't be accessed by the provider.
With An Post being a semi-state it will be an interesting start for the new FinMin - reneging on it could start a run on the banks - even though bank deposits are guaranteed by the State (unlike e-money, as I find now to my cost).
 
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puffin

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I am 100% in Gold, doubled my money over the last year, the bull market in precious metals has another two years minimum. I won’t list the reasons for holding precious metals. If I have to do that , you can sit at the back of the class, with David McWiiliams.
 

Lumpy Talbot

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No
The Wirecard scandal is creating bigger ripples. Irish holders of prepaid Mastercard foreign currency cards are locked out of their funds today.
It does look a little like the beginnings of the last banking crisis. A small financial service player goes bust, then people start to panic. Next thing you know there are emergency summits, the army on standby, queues down the street and billionaires legging it with the loot.
I have one of those with a small balance on it. Use the pre-paid where I wasn't terribly happy about the shifty looking characters asking for a credit card in some odd parts of the world.

Went to log on to check the balance on it this morning and apparently Moneycorp, which is an agent for Mastercard pre-paid cards, the website says it is experiencing technical difficulties.

Hmm. Don't think I have much on it and I have my standard credit card otherwise it will be interesting to see what happens.
 

toughbutfair

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I am 100% in Gold, doubled my money over the last year, the bull market in precious metals has another two years minimum. I won’t list the reasons for holding precious metals. If I have to do that , you can sit at the back of the class, with David McWiiliams.
B.S

The value of gold may move up or down, you have no idea. It is factually impossible that it has a guaranteed two year price rise ahead. Note that I am not saying it won’t go up, it might.
 

Lumpy Talbot

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No
I always thought it was a bad idea to be 100% in anything.
 

Lumpy Talbot

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The repeal of the Glass Steagall Act was the culmination of 25 years of deregulation from the late 1970s by banking lobbyists. None of the major casualties of the subsequent crash (AIG, Bear Sterns etc) had changed their business model or behaviours in any way because of the repeal of Glass-Steagall.

' Separately, starting in the 1980s, Congress debated bills to repeal Glass–Steagall's affiliation provisions (Sections 20 and 32). Some believe that major U.S. financial sector firms established a favorable view of deregulation in American political circles, and in using its political influence in Congress to overturn key provisions of Glass-Steagall and to dismantle other major provisions of statutes and regulations that govern financial firms and the risks they may take.[24] In 1999 Congress passed the Gramm–Leach–Bliley Act, also known as the Financial Services Modernization Act of 1999,[25] to repeal them. Eight days later, President Bill Clinton signed it into law.' Glass–Steagall legislation - Wikipedia
 

Lumpy Talbot

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No
The process of dismantling the division between commercial and retail banks began in the 1980s with Reagan. 'In 1982, under the chairmanship of William Isaac, the FDIC issued a "policy statement" that state chartered non-Federal Reserve member banks could establish subsidiaries to underwrite and deal in securities. Also in 1982 the OCC, under Comptroller C. Todd Conover, approved the mutual fund company Dreyfus Corporation and the retailer Sears establishing "nonbank bank" subsidiaries that were not covered by the Bank Holding Company Act.' Decline of the Glass–Steagall Act - Wikipedia
 

Watcher2

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I am 100% in Gold, doubled my money over the last year, the bull market in precious metals has another two years minimum. I won’t list the reasons for holding precious metals. If I have to do that , you can sit at the back of the class, with David McWiiliams.
good man. 100% in on one class, neh, one investment. But McWilliams is at the back of your class?

snigger

do you at least have an investment in tin goods and bullets, ya know, for the zombie apocalypse?
 

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