Cable shield grounding

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I've been doing this for some time now with my guitar cords, and work's fine. I use two conducter mic cable, one conducter is hot / signal, the other is ground, both end's. and the shield is only at
signal end. from what I recall, it prevents signal loss for one. plus a cleaner signal path / loop. maybe as in signal phase?
anyway the trick is too get the shield in the plug, ect... housing
but not touching ground.
most likely you know all this and it's probably e-realavent to your ?
 
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