Gold / Silver Prices and market information:
Kitco
The Bullion Desk
Base metal prices and market information
Metal Prices
London Metals Exchange
Metal Bulletin
NYMEX.com
Uranium price and market information:
Nuclear Industry (mining, reactor, conversion, enrichment)
Uranium Price
General commentary and news on the mining sector:
Mine site
Mining News
Northern Miner
On be continued….
I just finalized my performance figures for the period 1st Jan 2006 – 31st Dec 2006, and my own portfolio which is purely (a higher risk) capital growth portfolio I obtained a performance of 46.3% (in GBP), where as the 3rd party (lower risk) capital growth and income portfolio obtained a performance of 33.6% (in GBP).
Though over all I am reasonable pleased with the performance I did miss a number of opportunities and partially mishandled the markets during the sell-off during April-June. If I had got the April-June period completely right and had been a little more trigger happy (I missed at least two 75%+ opportunities this year due to being to slow to deploy capital), then I would have obtained at least 10-20% higher performance figures. Saying this, my macro positioning was just about right and at no point during the year was I in the red. The performance distribution last year was rather lumpy due to the April-June period, but as always I am happy to sacrifice smooth tranquil performance for over-all end-of-year higher performance.
In terms of my development as an investor which should always to kept central to any investment activity, since performance is mealy a consequence of an investors training, technique and ability. I feel I am moving forward in a number of ways. For example, over the last year I have been developing a more systematic, structured approach; which though does introduce the advantages of having certain structures (reducing the chance of good ideas falling through the cracks) still allows sufficient flexibility to think creatively. On a practical note moving to the Isle of Man last year has provided an environment where one can maintain aplomb, balanced state of mind, and distance oneself sufficiently from the prevailing views, news flow to endorse a dissident mind-set allowing significant out-performance.
It is good to see many of the themes with regard to the BT Group which I detailed last year becoming a reality within their business and also being more accurately reflected within BTs stock price (up 47.85% year-to-date plus (approx) 5% dividend). For those who wish to catch up on the activities of BT for which voice services now only make up about 15% of the business, I refer to interested reader to an interview of Ben Verwaayen CEO of BT Group made by FT.com:
FT.com Interview (7min 27sec in duration)
Moving forward though BT is not the screaming bargain it was a year ago it still is a good business at a reasonable price. The technology back-drop (i.e. move the VoIP and data centric services) really works in BTs favor since its business is already positioned for this technology shift within the industry. Many of BTs competitors are not as well positioned and hence I can see BT taking market share at least within its core European market. Further the increasing influence of globalization in the provision of business services puts BT in a strong position due to their existing global IP network infrastructure.
The activities of central banks form a vital role in the global economic system in that they determine the supply and price of money. Each central bank has exclusive rights on the supply of money in its currency, and (typically) acts as the lender of last resort in order to ensure the robustness of the local banking system. Central banks also serve a number of other roles in accordance with the objectives set down in there mandate, these may include: monetary policy (setting short term interest rates), foreign exchange intervention, holds and manages the foreign reserves, overviews payment and settlement systems.
Most Important Central Banks for GBP Based Investors
The following links provide a wealth of information concerning the nature, workings and decisions of the respective central bank:
Bank of England of the United Kingdom
Central Bank of the UK (Bank of England) Homepage - Aims to achieve monetary and financial stability. Since its founding more than 300 years ago it has always has to exclusive right to issue Pounds Sterling, however only since 1997 has it been able to independently set interest rates in accordance with an inflation target.
Minutes of Bank Committees, including the Monetary Policy Committee meetings which sets interest rates.
Remark: If you get the chance then I recommend visiting the Bank of England Museum which you will find in Threadneedle Street in the City of London and is open during office hours.
The Federal Reserve of the United States of America
The Federal Reserve Boards Homepage - Has a duel mandate to promoting growth and control inflation, however the Fed does not have an explicit inflation target. US Federal Reserve is the sole institution in the world which sets interest rates for US Dollars and controls of the supply of US Dollars.
Minutes and statements of the US Federal Reserve open market committee
The European Central Bank of the European Union
European Central Bank Homepage - The primary objective of the ECB is to maintain price stability in Euros which it has exclusive right to supply. The ECB where price stability is not effected “shall support the general economic policies” (Treaty article 105.1) which are high level of employment and sustainable and non-inflationary growth.
Monthly Bulletin of the ECBs Governing Council - explains monetary policy decisions and provides analysis of the prevailing economic situation.
Note: The ECB is the only central bank listed which uses details concerning the money supply within its modeling of future inflation expectations. The explicit link between inflation and money supply means that the ECB is in a strong position when defending its own objectives against political interference (namely the over-supply to money to fund government programs).
The Bank of Japan the central bank of Japan
Bank of Japan Homepage - A juridical person established under Law sets the Bank’s objectives “to issue banknotes and to carry out currency and monetary control” and “to ensure smooth settlement of funds among banks and other financial institutions, thereby contributing to the maintenance of an orderly financial system”. Where, “currency and monetary control shall be aimed at, through the pursuit of price stability, contributing to the sound development of the national economy.”
Speeches, Annual Review and Quarterly Bulletin of the Bank of Japan
Other Central Banks
Milton Friedman
Free To Choose - TV Series by Milton Friedman the Nobel Prize-winning economist on the interrelationship of personal, political and economic freedom.
An interview with Milton Friedman in 2006
Warren Buffet
Charlie Rose’s 3-part interview:
Part 1: Tha Man
Part 2: The Business
Part 3: The Gift
Central Banking
Money, Banking and the Federal Reserve by Ludwig von Mises Institute: History of central banking from the point of view of ’sound money’.
Collection at the Hoover Institute
Uncommon Knowledge - Contains 300 half hour discussions on a wide range of public policy issues by leading economists. Note that the collection can be searched by topic.
Lectures of Joseph E.Stiglitz (See homepage)
Fair Trade for All: How Trade Can Promote Development, Carnegie Council
The Roaring Nineties by Joseph Stiglitz, World Bank
Joseph Stiglitz and Kenneth Rogoff discuss: Globalization and Its Discontents, World Bank
Information and the Change in the Paradigm in Economics - Nobel lecture, Nobelprize.org
Rewriting history, Kellogg School of Management, Northwestern University
The Future of Globalization: Lessons from Cancun and Recent Financial Crises, Globalization research group, Duke
To be continued…..