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As Market Corrects How Should One React?

As I write, the DOW – at 39,500 or so – is around 11% off its high this year. The Nasdaq (composite) off 20%, the FTSE100 8.6% and all are continuing south. Oil has plunged, as have Treasuries and even that traditional safe-haven of Gold is looking wobbly at $3,050, off its recent high of $3,139 (although that loss, less than 3%, is more marginal). So should we panic and sell everything? Stick our heads in the sand until the storm blows over? 

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Minoan – End Of The Road Or Can A Rabbit Be Pulled? I've been long and wrong!

AIM-listed Minoan (MIN) announced a pretty dreadful RNS this morning, detailing how its secured lender, DAGG LLP, has refused to extend the loan and is now demanding approx. £1.2 million in settlement. It has also declared a default meaning that the interest rate rises from 10% a year to 22%. Minoan hasn’t the cash and warns that it won’t be able to release audited results (presumably because it is out of cash and DAGG wants £1.2 million) so the shares will be suspended from 1st May – or before, if measures to protect stakeholders are needed (ie administration). So what now?

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Ariana – Management Incompetence At Its Worst. Can It Recover?

As noted last Wednesday, I was furious with AIM-listed Ariana Resources (AAU) and its MD Kerim Sener. I still am. This follows the surprise smash’n’grab placing, seemingly to keep the lights on at a company previously drowning in cash and producing Gold (now well north of $3,000 per ounce).

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The View From The Montana Log-Cabin As Gold Reaches Further New Highs….When Will The Correction Come?

Gold closed the week at yet another new all-time weekly high of $3,085 compared to last week’s $3,023, having put in another all-time high of $3,087. With the end-of-month and end-of-quarter tomorrow, the odds of new all-time highs there too are strong. Having started the year just over $2,600 the yellow stuff has come a long way, up some 17%.....surely a correction is due.

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Golden Prospect – Still A Strong Hold But Time To Offload A Few For Me, And What To Buy Instead

Fully listed precious metals (mainly Gold) investor Golden Prospect (GPM) has done really well since I tipped it at Christmas 2024. It has done even better since my tip the previous Christmas. And I see it going much higher from here, but I stated that I had added a few extra as a trading position and with the shares now having reached 50p (my target for the trading position) it is time for me to offload that extra amount. 

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Ariana – Kicks Shareholders In The Teeth, I am furious

I am, as you know, a loyal shareholder in AIM-listed Ariana Resources (AAU) – a company pregnant with Gold assets which should be flying in the current Gold price environment. But its second mine at Tavsan in Turkey is delayed, it has an extremely attractive asset in Zimbabwe but there remains a lack of clarity over whether the government there will help itself to 26% of the asset and a long-delayed dual listing alongside a proposed fundraise in Australia (details still unknown) have plagued the share price. Now Ariana has announced a fundraise at just 1.5p, smashing the already weak share price down from 1.75p to just 1.40p last seen. I am furious.

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My Gold Holdings – A Mixed Bag For Now

In the wake of the takeover of Centamin I split the money between fellow Goldies Pan African Resources (PAF), Kefi (KEFI), Amaroq (AMRQ) and topped up Ariana (AAU) and Golden Prospect (GPM). So how are they all doing?

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The View From The Montana Log-Cabin As Gold Reaches Another Record High, Holds $3,000

Gold closed the week at $3,023 – a record weekly high - having put in another all-time high at $3,047 and up on last week’s $2,985. The miners had an even better week, if a little spoilt by a small late-week wobble, as can be seen on the chart (courtesy of ADVFN) of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).

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The View From The Montana Log-Cabin As Gold Breaches $3,000 – Time For A Victory Lap? No it is $3,500 next

Gold closed the week at $2,985 – a good rise from last week’s $2,911 but the big story this week was that the yellow stuff traded above $3,000 for the first time on Friday, clocking up a high point of $3,005 before drifting back down below the psychologically important $3,000 mark. Gold stocks partied too, as can be seen on the chart below of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).

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The View From The Montana Log-Cabin As Gold Crosses An Important Line

Gold closed the week back above $2,900 at $2,911 – a good bounce after the drop to last week’s $2,857. Perhaps more importantly, the miners climbed quite strongly, as can be seen on the chart below of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers), suggesting that Mr Market’s appetite is finally getting more positive. But perhaps the biggest story is that according to our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, Gold has breached a line in the sand, outperforming the standard 60-40 portfolio - a development he has long held as critical to fire up the yellow metal.