SGLN or another ETC?
SGLN
Cool.
Spread has just widened out a little
But firm quotes up to 5,000 shares going through pretty easily right now via some brokers
28.41 would be an approx. sale price as @11:46
But spread is kinda wild …
and right now there is virtually no one quoting for sales… there’s another issue… no liquidity on the bid… few MMs wanting to take stock off you… naughty naughty…
Today would be a nice day to have DMA
(goes and fires up his old IG account quickly… as thinks he has DMA on that…)
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28.4 would be lovely.
There is a crazy gold (and even crazier silver) spike that I see maybe sustaining for a bit longer. But I’d rather get out and deploy assets into some highly undervalued individuals stocks.
Yeah, the bid especially is wild and thin
Voice orders / worked orders today I’d reckon
I’ve got some sympathy for FT as I watch SGLN trade… getting an entirely electronic order through (with a likely limited RSP network) is tough.
Is it gonna be like this every time a sector pumps? Deary me
Maybe. Maybe not. I’d assume FT will get a better RSP range and improve there own trade flow.
But this is not the first time. It’s happened before and it will happen again. ETFs have a few quirky traits that came come to bite under certain, infrequent, freakish events. 2008 market crash was fun for some ETFs. I written about it on this forum before. Search the threads if interested.
Enjoyed reading your insight in this thread, thanks. Love your API, too
Ah, a happy FinKi API user… cool… glad you like it… I’ve not really enhanced it for ages as I had paying consulting work… Now I’m back to blissful unemployment I’ll try and add some functionality
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Hi all
Thanks for everyone’s patience on this issue, we’ve got an update as follows. As ever, please reach out to us in-app with any concerns as that will be the most effective way for things to get to the right people.
Following recent order quoting issues with our market makers we can now confirm that existing holders of the below instruments are able to place Sell Orders.
We’re continuing to work with our market makers to ensure this issue does not arise again, we’ll then make these available to buy once we have that in place. We’ll notify you when these are available in Discover to buy again.
ETF/ETCs impacted:
- iShares Physical Gold ETC
- iShares Gold Producers UCITs ETF
- WisdomTree Physical Silver ETC
- iShares Physical Silver ETC
- HSBC MSCI Brazil UCITS ETF
- iShares Physical Platinum ETF
- Gold Bullion Securities ETC
We apologise for the issues you have experienced with selling your holdings.
If you have any concerns, please contact us in-app and we’ll be happy to help.
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I can’t say the response I got in app was very helpful, it was just a copy paste from your previous forum post. Thanks for the update here though
Thanks Alex, but I want to buy the damn thing lol.
Nevermind, cheers for update
This has been a pretty frustrating time as I was trying to load up on Silver PHSP. The last successful time I managed to put a order through was the 15/07/20 and from the 16/07/20 (5 working days ago) I had the orders rejected everyday. Seeing Sliver go up 15% without the ability to buy more of it before it’s rise has angered me, lucky I have a Trading 212 account and I could buy that way. I’m grateful the FT team have managed to get ‘selling’ working again, but the way things are going with gold and silver everyone will jump at the chance to take it off your hands and then withhold it for priority buyers. It seems pretty odd and the trust has kind of be decimated.
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@acamp
So, any estimates here? Let me explain, I consider myself locked as well, after putting on some cash and being unable neither to buy, nor withdraw within reasonable timeframe and don’t think there are few people here in this limbo state. Also I thought about opening an ISA, now in a serious doubt looking at the way this is handled. I understand the technical difficulties, but let’s talk straight - from the client perspective with no updates on a progress (if anything is made) or technicalities this all looks like a borderline scam.
How is it a scam? FT have clearly said that there are technical issues they’re having with these ETFs/ETCs. You’re still at liberty to withdraw your funds if you prefer not to wait…hardly smells of a scam!
@Mike7 Yes, sure, but to add money here takes 1 hour, and to withdraw - one week. All when the thing I’ve tried to put money in on Monday morning rose 12% in the next 24 hours!
clearly said that there are technical issues
No, I’ve stumbled upon this not working on Monday, there was nothing here. Still nothing here except “There’s some issue we won’t tell you which and when it’s done”
Watch your language, please.
Standard withdrawal takes from 3 to 5 working days.
There is also a £5 same day withdrawal service available via Live Chat.
None of which makes it a scam!
I’m sorry for the tone.
I just want to reiterate that we are lacking communication here.
I would use the same day withdrawal service had the tech support been able to provide any kind of estimate - and hour, a day, a week. Now three days on there’s still none.
The reply I’ve got on Monday morning was “we are working on it urgently”. My understanding of urgency is clearly different.
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I agree that there has been a distinct lack of communication here. People were individually raising the issue on the forum before Freetrade issued a statement. There should be active monitoring and reporting of outages with notifications going out to everyone within the app (especially holders of said ETFs/ETCs).
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