Gold closed the week at $1661 per oz – up from last week’s $1645, but still below the apparently all-important $1675 mark. It is all a bit depressing, but with incoming cash from the latest AIM-listed Ariana (AAU) dividend of 0.175p per share due tomorrow, the Gold price in Sterling terms within £100 of its all-time high and equity markets in another bear-run, its not so bad.
Death spirals have been a hot topic of conversation here on ShareProphets, the issue being whether they decimate share prices and are thus a major Red Flag. Tom pointed out here that there is no causal link but with Cloudbreak Discovery (CDL) of the sub-Standard List, there seems to be another issue.
It is now just three months to the end of the year and at the last count my slam-dunk sells were one up and four down. Not too bad, but will I get a clean sweep?
Pure Gold, of the TSX-V (PGM) and LSE (PUR) has served up a technical report with updated mineral resource which sounds great until you remember that Pure Gold is in the middle of a strategic review and heading for the corporate knackers’ yard without a miracle. And this technical report with updated mineral resource is just pure bullsh*t in my view, aimed at ramping the shares to get another bailout placing away.
Gold closed the week at a sickly looking $1645, down from last week’s $1676. There was to be no bounce at around $1675. But in a week when the Fed again raised interest rates by 0.75% - the third such hike in succession – you could be forgiven for wondering why Gold has not headed even lower. Inflation remains on the rampage in the US, and until that reverses the Fed is likely to continue hiking…..or until something in the economy breaks, as it continues to gaze into the rear view mirror. Over here, however, the big news was the crunching of sterling in the face of Friday’s non-budget budget. Whilst Gold has been struggling against the US dollar, it raced towards of its year high against sterling and is now just £57 off the all-time high as markets took fright at Truss-onomics.
Last week saw the extraordinary admission from Schroder UK Public Private Trust (SUPP) – formerly Woodford Patient Capital Trust (WCPT) – that it had messed up its NAV statements every day since late April. And we learnt that Link Group faces a further £50 million fine, to add to the £306 million redress plan for its handling of the Woodford funds. What a shambles.
Gold closed the week at $1676, down from last week’s $1717. I had hoped that we might have seen the end of this particular bear by now, but on the back of still uncomfortable US inflation figures, as US Government Bond yields headed higher in expectation of more rate-rises, Gold headed south. The one glimmer of hope is that Gold closed the week almost bang on the recent lows right on Jordan Roy-Byrne’s line in the sand at $1675. Will it bounce from here?
Pure Gold, of the TSX-V (PGM) and the LSE (PUR), updated the market with news that it has achieved record Gold production in August and reaffirmed Q3 guidance, driven (we are told) by record ore throughput and improved grades. The shares are up on the news by 12.6% to 7.6p (still a country mile below the 10.25p at which I said, last April, that it was certainly not one for me – and I am supposed to be a Gold bull!) but there is a massive fly in the ointment.
Gold ended the week at $1717 – hardly moved from last week’s $1713. I, on the other hand, took a trip to Wales – by 30 yards – to attend ShareStock 2022 courtesy of ShareProphets’ esteemed leader Tom Winnifrith. It was an interesting affair - especially as Tom Winnifrith threatened to hurl Optibiotix' (OPTI) head honcho into the river Dee!
From a long-standing Woodford bear, it may seem an odd question as to whether Schroder UK Public Private Trust (SUPP) might now be a buy. But with the latest published NAV standing at 36.04p as of last night, and the shares trading at a mammoth 52% discount at just 17.26p, it is a question that I have to ask myself.
