Credit deflation and the reflation cycle to come (part 8)

[wherebee]

2 minutes ago, Lightscribe said:

Yes I’m firmly in the Hunter camp on the direction from here. $50 silver, $3000 gold in the initial run up. I don’t see many pullbacks left anymore as the train is leaving the station and silver elastic has been manipulated for so long.

Golds left it’s correlation with a falling $, DXY, S&P500 and gold is all ripping at the same time. The factor on what’s changed is because of heading into a stagflationary environment in 2024 like I said last year.

No one believes inflation is going below 2% and nor does gold. But the asset market is acting like it is as if rates are already dropping. When/if the Fed does it will send into overdrive. But those cuts will not be because of the wider financial environment, it will be political. As I said the other day Powell is almost formed a cartel with the other central banks to cut regardless and use 4% as a new metric.

It’s a US led meltup, G7 countries languish aimlessly watching dwindling into recession whilst Asia is buying PMs to protect their own currencies. Asia is preparing for something big. 

When the US meltup implodes, you’ll want to have cash reserves aside. That will be the long anticipated BK. Gold and silver crash too (like 2020) but will first out the blocks. Then in the commodity super cycle until 2030 from there pick your target. $10000 gold beyond etc.

I've spoken to a number of financial sector people in NZ and Aus in the past 1-3 months.  All of them believe rates are coming down, with no upturn afterwards.  The majority of people here in Aus also believe it - I was drinking with a mate a few weeks back who is taking out a mortgage on variable rates for over 500k as his mortgage broker said he'll be able to get a better deal next year.

It's really shocking; it normally only takes 60 second of me throwing a few numbers about (80% of all US dollars in existence were made in the last 10 years, and they are still printing billions for Ukraine) for example and you can see the lightbulb go on.  Then you either get panic or anger.  Quite funny, really.

Me, my focus now is on timing of liquidating things like bitcoin profits, small miner profits, paying the right CGT on those, and then getting ready for reinvesting after the BK.  Problem is I don't trust brokers to make it through the BK any more - my experiences with POLYMETAL showed me nothing is yours unless you hold the certificate in your hands.

[Lightscribe]

1 hour ago, wherebee said:

I've spoken to a number of financial sector people in NZ and Aus in the past 1-3 months.  All of them believe rates are coming down, with no upturn afterwards.  The majority of people here in Aus also believe it - I was drinking with a mate a few weeks back who is taking out a mortgage on variable rates for over 500k as his mortgage broker said he'll be able to get a better deal next year.

It's really shocking; it normally only takes 60 second of me throwing a few numbers about (80% of all US dollars in existence were made in the last 10 years, and they are still printing billions for Ukraine) for example and you can see the lightbulb go on.  Then you either get panic or anger.  Quite funny, really.

Me, my focus now is on timing of liquidating things like bitcoin profits, small miner profits, paying the right CGT on those, and then getting ready for reinvesting after the BK.  Problem is I don't trust brokers to make it through the BK any more - my experiences with POLYMETAL showed me nothing is yours unless you hold the certificate in your hands.

By no one, I meant the central banks not believing their own kool aid.

Which is exactly why asset managers are going to feel pain for some time yet.

Why would you need active investment managers when you can just throw money at Nvidia, Reddit and Truth Social and all underlying fundamentals have gone out the window?

The market has turned into an NFT meme economy. But as long as they can ride this sucker out until the election they don’t care. Question is will it last until then.

https://www.msn.com/en-us/money/markets/warren-buffett-says-stock-market-is-becoming-casino-like-how-to-invest-and-not-gamble/ar-BB1knxT9

[Harley]

6 hours ago, sancho panza said:

I think it's reasonably well documented that silver arrives alte to the PMs party and runs hard.

from nalaysing the gold silver ratio over time,the only thing it does with regularity is call the top of the gold market as it clsoes.

we jsut got some mroe fre and paas today.

thats what I love with theis thread,i saw that chart and thought there was likely something worng with it(tavi does have form for using artistic licence in his charts) and you and harley call it out beautfiully.

not that i discagree witht he thesis but the msot compelling chart of the last 50 pages(at least ) was this from @Cattle Prod on page 136.if there was a reason for buying gold here it si

I think what people like this guy miss is that you dont trade the underlying and the people who can dig it out effectively,you're looking for who the suckers are going to bid up.

siunds harsh,but barriska dn newmont will be amongst the first recipients of insto moeny.when the instos bid up those two and agnico etc,then I plan to tkae our cash and bid up the tier twos before they arrive.

If I wanted effeicent diggers of the yeloow stuff barrick andNEM wouldnt be it.

decl :long NEM 6% at $44 and Barrick 5% at circa $15

Tbf. I had a look at the NEM chart and have opinions.  But need I do the individual miners versus GDGB and GDJB?

[Harley]

3 hours ago, wherebee said:

GDXJ running up to 38 today.  remember it was 31 at end feb.  That's 20% up in just over a month.  Like someone else said, this is a widowmaker but I have fun trading in and out in the range 30-45 and back again.  This time I think I'll take half at 40+; we might be on the cusp of a sharp gold breakout in which case GDXj might go much higher and I'd hate to lose it.

Ideally I'd like one more dip down to low 30's, and then the election in the USA looms - imagine what will happen with a black swan event causing a rocket in gold demand for safety; has been as high as 120 before.

 

Yep, its track record meant we went in light on the signal.  Now gone up a bit too much so now chasing.  Hopefully a pullback on yesterday's pop.

[Errol]

6 hours ago, sancho panza said:

I think it's reasonably well documented that silver arrives alte to the PMs party and runs hard.

from nalaysing the gold silver ratio over time,the only thing it does with regularity is call the top of the gold market as it clsoes.

we jsut got some mroe fre and paas today.

thats what I love with theis thread,i saw that chart and thought there was likely something worng with it(tavi does have form for using artistic licence in his charts) and you and harley call it out beautfiully.

not that i discagree witht he thesis but the msot compelling chart of the last 50 pages(at least ) was this from @Cattle Prod on page 136.if there was a reason for buying gold here it si

I think what people like this guy miss is that you dont trade the underlying and the people who can dig it out effectively,you're looking for who the suckers are going to bid up.

siunds harsh,but barriska dn newmont will be amongst the first recipients of insto moeny.when the instos bid up those two and agnico etc,then I plan to tkae our cash and bid up the tier twos before they arrive.

If I wanted effeicent diggers of the yeloow stuff barrick andNEM wouldnt be it.

decl :long NEM 6% at $44 and Barrick 5% at circa $15

I'm long Barrick and NEM. But nearly all my Barrick was acquired when prices were sub 10 dollars. All the NEM I purchased recently for around 37-38 dollars.  For both I'm also very interested in the growing copper play angle.

[Errol]

Shanghai gold prices quoted at $2315 an ounce.

[belfastchild]

4 hours ago, Bien Pensant said:

Probably did the right thing.

I would have thought that IP follows the general rule of 'income = fruit, capital = tree' and that, therefore, royalties would usually be income but the rights themselves capital.

However, it seems that courts have traditionally taken the view that basically anything you get for a copyright is income, on the basis that creating copyrights is an artist's 'profession or vocation' and, as such, all receipts therefrom should be treated as income under the old Schedule D (now Part 2 of ITTOIA 2005).

See BIM35725 and CG68250.

That was my understanding as well. However (and again this is just off the top of my head), if you sold or reassigned copyright/ip then it could either be income or capital gains.
Before I took my first pension I looked at selling the lot as one batch for somewhere between 5-10x the annual income, at the time it would have fallen under 'entrepreneurs' allowance and IIRC I would have paid something like 9% tax overall on the entire sale. Crunched the numbers but thought Id just let it ride and do my current thing of seeing how I could keep it as close to the tax allowance as possible.
Another thing about IP/Copyright, in the past any infringment can been treated as 'damages' so tax free. I went through a phase of having a US IP lawyer sue a lot of corporations as most if not all of my work is registered in the US. AFAIK This only works if the suit is for damage to reputation etc as opposed to loss of income, so Id only go after the people who misrepresented my work. Again IANAL so treat that as you would some randomer on the internet talking shite!

[Pip321]

2 hours ago, Lightscribe said:

Yes I’m firmly in the Hunter camp on the direction from here. $50 silver, $3000 gold in the initial run up. I don’t see many pullbacks left anymore as the train is leaving the station and silver elastic has been manipulated for so long.

Golds left it’s correlation with a falling $, DXY, S&P500 and gold is all ripping at the same time. The factor on what’s changed is because of heading into a stagflationary environment in 2024 like I said last year.

No one believes inflation is going below 2% and nor does gold. But the asset market is acting like it is as if rates are already dropping. When/if the Fed does it will send into overdrive. But those cuts will not be because of the wider financial environment, it will be political. As I said the other day Powell is almost formed a cartel with the other central banks to cut regardless and use 4% as a new metric.

It’s a US led meltup, G7 countries languish aimlessly watching dwindling into recession whilst Asia is buying PMs to protect their own currencies. Asia is preparing for something big. 

When the US meltup implodes, you’ll want to have cash reserves aside. That will be the long anticipated BK. Gold and silver crash too (like 2020) but will first out the blocks. Then in the commodity super cycle until 2030 from there pick your target. $10000 gold beyond etc.

A few mentions here of the BK and that’s what I am waiting for before I become fully positioned. However with hindsight and a crystal ball it means I am not being aggressive enough. My equity allocation of my assets is still sitting heavily in cash ie 65%. However 10% is in gold miners already…but that needs to increase.

My concern you cover in your last paragraph I want the cash reserves ready…..I believe in gold but I hope I get a last bite of the cherry. I’ve been laddering lows but maybe should have just bought and forgotten about them because fishing for the bottom might be costly. I still believe opportunities for everything else will be there….but gold may fly high before it dips and we may not see the likes of $1800/$1900 etc again. 

It not greed for me but rather my fear of losing real money I worked for is much greater than my fear of missing out.

After BK I will decide allocation at that point following opportunities at the time but a much stronger allocation to gold, commods and themes in the thread. 

. @wherebee post this morning re-emphasises that BK potential. Like he said about mortgage advisers etc….I know dozens of well educated financial types and they all just know rates are falling but beyond that…not a clue. That has been my ‘macro awaking’ ie to ignore the noise and watch the big stuff.

If you tell anyone rates may rise again with inflation they literally just don’t compute….they will see rates drop this year and say you were wrong. Then when they rise in a year/two years they attribute that to some ‘unforeseen event’ and you are still wrong. It’s like asking a tortoise what it thinks about the moon.

My worry now is as rates drop my cash becomes less appealing….equities rise and I jump in to get a return. And at that point it all turns to shit. 🥸

[Castlevania]

2 hours ago, Lightscribe said:

By no one, I meant the central banks not believing their own kool aid.

Which is exactly why asset managers are going to feel pain for some time yet.

Why would you need active investment managers when you can just throw money at Nvidia, Reddit and Truth Social and all underlying fundamentals have gone out the window?

The market has turned into an NFT meme economy. But as long as they can ride this sucker out until the election they don’t care. Question is will it last until then.

https://www.msn.com/en-us/money/markets/warren-buffett-says-stock-market-is-becoming-casino-like-how-to-invest-and-not-gamble/ar-BB1knxT9

Yeah. I sold Abrdn to buy RobinHood for pretty much the above. 

[kibuc]

21 hours ago, kibuc said:

All I know is that if your silver miner starts pumping silver's "supply deficit", "China's solar panel use" and "green revolution", it's time to sell. The same goes for those who change their name to Generative AI Resources.

Those that'd rather talk about their exploration plans, cost effectiveness and operational improvements might be worth keeping.

Haha, right on cue, from yesterday evening:

"Cordero is an important project for several reasons. First, with expected annual production averaging 37 million silver-equivalent (“AgEq”)¹ ounces in the first 12 years, it can play a key role in closing market deficits and supplying silver for high-growth sectors such as electric vehicles and solar energy."

Supply deficit - check

Solar - check

EVs - check

And in just one sentence, too!

I'm old enough to remember Cordero being marketed primarily (if not exlusively) on the merits of its size (1B AgEq should not be ignored), low production cost and metallurgic variety, but here we are.

[Cattle Prod]

5 hours ago, Lightscribe said:

Powell is almost formed a cartel with the other central banks to cut regardless and use 4% as a new metric.

Read “Lords of Finance” by Liaquat Ahamed. Very readable, it’s influenced my thinking greatly. They most certainly are a cartel, they are on the blower to each other all the time, and have been for a hundred years. Fiat money is a global cartel, which some major economies are beginning to opt out of. The general gist of it is the Fed leads and the others follow, as you cant have rates say in the UK lower than in the US as capital would flow here and we can’t be having that when the US has to issue debt to create dollars to export. Mental, but that’s the system. 

So all this will he won’t he about Bailey cutting rates as if he is analysing the British economy is nonsense. He’s just waiting for Jerome to give him a bell. Just like when Truss and Kwasi rolled in unexpectedly. In a future edition on Lords of Finance:

“Just kneecap them Bailey, their growth agenda will suck capital from the US when we need to roll over $7 trillion in short term debt. And they’ve threatened to cut off the taxpayer money flowing to the BOE via QT. We need that energy and liquidity sucked out of the economy, if this Brexit thing works they’ll all be at it and if capital doesn’t flow to the US the house of cards falls down. Gold is already sniffing it out. So kneecap them, both knees, trousers on so the wound gets infected.”

Edited March 29 by Cattle Prod

[DurhamBorn]

7 hours ago, Lightscribe said:

Yes I’m firmly in the Hunter camp on the direction from here. $50 silver, $3000 gold in the initial run up. I don’t see many pullbacks left anymore as the train is leaving the station and silver elastic has been manipulated for so long.

Golds left it’s correlation with a falling $, DXY, S&P500 and gold is all ripping at the same time. The factor on what’s changed is because of heading into a stagflationary environment in 2024 like I said last year.

No one believes inflation is going below 2% and nor does gold. But the asset market is acting like it is as if rates are already dropping. When/if the Fed does it will send into overdrive. But those cuts will not be because of the wider financial environment, it will be political. As I said the other day Powell is almost formed a cartel with the other central banks to cut regardless and use 4% as a new metric.

It’s a US led meltup, G7 countries languish aimlessly watching dwindling into recession whilst Asia is buying PMs to protect their own currencies. Asia is preparing for something big. 

When the US meltup implodes, you’ll want to have cash reserves aside. That will be the long anticipated BK. Gold and silver crash too (like 2020) but will first out the blocks. Then in the commodity super cycle until 2030 from there pick your target. $10000 gold beyond etc.

Stage 2 of the inflation cycle is kicking it IMO.My portfolio hit a record Friday after treading water for around 18 months after an explosive 2 years (though im taking out as well now).I still have many areas down a bit,but those reds are shrinking,most are now green with divis added on and many others moving nicely green.I still think most of what i own is dirt cheap given the cycle.The market is positioning mostly for lower rates etc,and we will likely see them,but the inflation drop will be short lived until structural issues are worked out,and they take one or two cycles,not one or two years.This 2nd stage of the distribution will see the polos panic and push the investment button after seeing re-distribution of bennies etc is not working because its a cost push cycle,i didnt expect them to get policy so wrong .Im convinced we will see more sharing etc of assets,and many investment areas will be a disaster,but anyone who can increase prices close to inflation with fixed depreciation will do very very well.Looks to me the first stage destroyed value in gilts etc,wiping 30% from retirement portfolios (50% loss compared to bennies and retired public sector),the next stage will smack the big tracker funds and ETFs.They might run up a bit first but then go lower and stay lower as stage 2 inflation eats them away.Likely 20%ish off those trackers plus inflation over the rest of the cycle,so private sector pensions likely losing 70% to 80% against retired public sector by end of cycle.

My job is to keep my families saved labour whole.Iv outpaced official inflation (so retired public sector and bennies) by 37% since March 20 ,my aim here is to match it or more from here.

In very simple terms its obvious massive amounts of capital sat in "growth" and bubble areas will need to go to work in commods and energy.The macro demands it,and the macro is always paid in the end.

If the miners could run really hard first we might get a chance to switch some from them into other areas.

Im very worried about the amount of cash producing companies we are losing though from the UK equity market.All comes back to welfare spending of course.Government forcing pensions to buy gilts instead of UK equity.Distribution in its pure form.

Edited March 29 by DurhamBorn

[DurhamBorn]

5 hours ago, Lightscribe said:

By no one, I meant the central banks not believing their own kool aid.

Which is exactly why asset managers are going to feel pain for some time yet.

Why would you need active investment managers when you can just throw money at Nvidia, Reddit and Truth Social and all underlying fundamentals have gone out the window?

The market has turned into an NFT meme economy. But as long as they can ride this sucker out until the election they don’t care. Question is will it last until then.

https://www.msn.com/en-us/money/markets/warren-buffett-says-stock-market-is-becoming-casino-like-how-to-invest-and-not-gamble/ar-BB1knxT9

Its why i have been buying the active managers of course.I love when pain is this extreme.I dont know when the pain will end,but i do know it will and the destruction of capital (transfer really) of those holding the bag ie most none active retail will be epic.Tracking the market was a fantastic idea,and proved itself,but of course it now means the market can hurt the most people it ever has.The values of those bubble stocks means there is almost zero chance they will be higher in 5 years.

Active managers will be the winners once the dust settles,but it could be a while yet.They should merge the industry down while they can now to cut costs and them capture the turn.M+G should really go for ABRDN.

[Jesus Wept]

1 hour ago, DurhamBorn said:

Stage 2 of the inflation cycle is kicking it IMO.My portfolio hit a record Friday after treading water for around 18 months after an explosive 2 years (though im taking out as well now).I still have many areas down a bit,but those reds are shrinking,most are now green with divis added on and many others moving nicely green.I still think most of what i own is dirt cheap given the cycle.The market is positioning mostly for lower rates etc,and we will likely see them,but the inflation drop will be short lived until structural issues are worked out,and they take one or two cycles,not one or two years.This 2nd stage of the distribution will see the polos panic and push the investment button after seeing re-distribution of bennies etc is not working because its a cost push cycle,i didnt expect them to get policy so wrong .Im convinced we will see more sharing etc of assets,and many investment areas will be a disaster,but anyone who can increase prices close to inflation with fixed depreciation will do very very well.Looks to me the first stage destroyed value in gilts etc,wiping 30% from retirement portfolios (50% loss compared to bennies and retired public sector),the next stage will smack the big tracker funds and ETFs.They might run up a bit first but then go lower and stay lower as stage 2 inflation eats them away.Likely 20%ish off those trackers plus inflation over the rest of the cycle,so private sector pensions likely losing 70% to 80% against retired public sector by end of cycle.

My job is to keep my families saved labour whole.Iv outpaced official inflation (so retired public sector and bennies) by 37% since March 20 ,my aim here is to match it or more from here.

In very simple terms its obvious massive amounts of capital sat in "growth" and bubble areas will need to go to work in commods and energy.The macro demands it,and the macro is always paid in the end.

If the miners could run really hard first we might get a chance to switch some from them into other areas.

Im very worried about the amount of cash producing companies we are losing though from the UK equity market.All comes back to welfare spending of course.Government forcing pensions to buy gilts instead of UK equity.Distribution in its pure form.

Seeing exactly the same with what I am holding. ATH overall mainly due to RR.  The telcos are coming good. AT&T and Verizon slowly but surely coming back and others too. Hoping VOD and then the financials ABDN, M&G, Henderson Far east do the same. 

1 hour ago, DurhamBorn said:

Active managers will be the winners once the dust settles,but it could be a while yet.They should merge the industry down while they can now to cut costs and them capture the turn.M+G should really go for ABRDN.

Hope so. 

[reformed nice guy]

2 hours ago, DurhamBorn said:

Stage 2 of the inflation cycle is kicking it IMO.My portfolio hit a record Friday after treading water for around 18 months after an explosive 2 years (though im taking out as well now).I still have many areas down a bit,but those reds are shrinking,most are now green with divis added on and many others moving nicely green.I still think most of what i own is dirt cheap given the cycle.The market is positioning mostly for lower rates etc,and we will likely see them,but the inflation drop will be short lived until structural issues are worked out,and they take one or two cycles,not one or two years.This 2nd stage of the distribution will see the polos panic and push the investment button after seeing re-distribution of bennies etc is not working because its a cost push cycle,i didnt expect them to get policy so wrong .Im convinced we will see more sharing etc of assets,and many investment areas will be a disaster,but anyone who can increase prices close to inflation with fixed depreciation will do very very well.Looks to me the first stage destroyed value in gilts etc,wiping 30% from retirement portfolios (50% loss compared to bennies and retired public sector),the next stage will smack the big tracker funds and ETFs.They might run up a bit first but then go lower and stay lower as stage 2 inflation eats them away.Likely 20%ish off those trackers plus inflation over the rest of the cycle,so private sector pensions likely losing 70% to 80% against retired public sector by end of cycle.

My job is to keep my families saved labour whole.Iv outpaced official inflation (so retired public sector and bennies) by 37% since March 20 ,my aim here is to match it or more from here.

In very simple terms its obvious massive amounts of capital sat in "growth" and bubble areas will need to go to work in commods and energy.The macro demands it,and the macro is always paid in the end.

If the miners could run really hard first we might get a chance to switch some from them into other areas.

Im very worried about the amount of cash producing companies we are losing though from the UK equity market.All comes back to welfare spending of course.Government forcing pensions to buy gilts instead of UK equity.Distribution in its pure form.

If its the start of a major new credit cycle with cost push inflationary pressure then would it be worth buying up positions with some big mining companies before they pop? Glencore, Rio, Vale, Anglo-American etc

They seem best placed as they are start of the chain and also match up with the sort of fiscally driven (and green) projects that Keynsians would favour - electric lines (copper, steal), building sprees of any type, wind turbines, nuclear power etc big things that politicians want to stand in front of wearing hard hats

[Castlevania]

4 hours ago, Cattle Prod said:

Read “Lords of Finance” by Liaquat Ahamed. Very readable, it’s influenced my thinking greatly. They most certainly are a cartel, they are on the blower to each other all the time, and have been for a hundred years. Fiat money is a global cartel, which some major economies are beginning to opt out of. The general gist of it is the Fed leads and the others follow, as you cant have rates say in the UK lower than in the US as capital would flow here and we can’t be having that when the US has to issue debt to create dollars to export. Mental, but that’s the system. 

So all this will he won’t he about Bailey cutting rates as if he is analysing the British economy is nonsense. He’s just waiting for Jerome to give him a bell. Just like when Truss and Kwasi rolled in unexpectedly. In a future edition on Lords of Finance:

“Just kneecap them Bailey, their growth agenda will suck capital from the US when we need to roll over $7 trillion in short term debt. And they’ve threatened to cut off the taxpayer money flowing to the BOE via QT. We need that energy and liquidity sucked out of the economy, if this Brexit thing works they’ll all be at it and if capital doesn’t flow to the US the house of cards falls down. Gold is already sniffing it out. So kneecap them, both knees, trousers on so the wound gets infected.”

That’s a great book

[Errol]

9 minutes ago, reformed nice guy said:

If its the start of a major new credit cycle with cost push inflationary pressure then would it be worth buying up positions with some big mining companies before they pop? Glencore, Rio, Vale, Anglo-American etc

They seem best placed as they are start of the chain and also match up with the sort of fiscally driven (and green) projects that Keynsians would favour - electric lines (copper, steal), building sprees of any type, wind turbines, nuclear power etc big things that politicians want to stand in front of wearing hard hats

BRWM is also a good one for targeting the mining companies. Very convenient.

[M S E Refugee]

25 minutes ago, Errol said:

BRWM is also a good one for targeting the mining companies. Very convenient.

I'm currently 22% down on that fund so it could be a good entry point.

[leonardratso]

4 minutes ago, M S E Refugee said:

I'm currently 22% down on that fund so it could be a good entry point.

IMI if you missed RR.

[Noallegiance]

Everything's fine....

 

[Mandalorian]

15 minutes ago, M S E Refugee said:

I'm currently 22% down on that fund so it could be a good entry point.

jUsT tHinK oF tHe DivIdEnDs

[Democorruptcy]

5 minutes ago, Mandalorian said:

jUsT tHinK oF tHe DivIdEnDs

I was due a dividend that didn't arrive on the day this week so the next morning I asked HL why it hadn't arrived. They replied "it is typical to see overseas dividends credited to your account a few working days after the official payment date." I replied that if dividend payments were delayed to clients, it would make them a lot of money via not paying as much interest on account deposits. Then expecting to have to wait days for it, I asked for the date when my money arrived with them and that I thought it was one for the Financial Ombudsman. They haven't replied again but the dividend appeared in my account within 20 minutes.

[leonardratso]

4 minutes ago, Democorruptcy said:

I was due a dividend that didn't arrive on the day this week so the next morning I asked HL why it hadn't arrived. They replied "it is typical to see overseas dividends credited to your account a few working days after the official payment date." I replied that if dividend payments were delayed to clients, it would make them a lot of money via not paying as much interest on account deposits. Then expecting to have to wait days for it, I asked for the date when my money arrived with them and that I thought it was one for the Financial Ombudsman. They haven't replied again but the dividend appeared in my account within 20 minutes.

plus no doubt them getting interest on it while 'withheld'.

My 74pence from peabody looks like it might be on the same track.

[leonardratso]

oh no, there it is;



Must have missed it, now to spend it as a deposit on a packet of chewing gum.

[Bobthebuilder]

19 minutes ago, Democorruptcy said:

I was due a dividend that didn't arrive on the day this week so the next morning I asked HL why it hadn't arrived. They replied "it is typical to see overseas dividends credited to your account a few working days after the official payment date." I replied that if dividend payments were delayed to clients, it would make them a lot of money via not paying as much interest on account deposits. Then expecting to have to wait days for it, I asked for the date when my money arrived with them and that I thought it was one for the Financial Ombudsman. They haven't replied again but the dividend appeared in my account within 20 minutes.

I get annoyed by this.

The other thing is payment of interest on cash balance, calculated to the 10th of every month but paid into the account on the 15th. Do I receive interest on that money during those 5 days?