Gold closed the week at $4,377 – up from last week’s $4,348
despite the Fed hiking interest rates by 0.25%. Gold stocks also rose – rather more
firmly than the yellow metal – as can be seen on the chart below (courtesy, as
ever, of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX. So what to
make of that?
Gold closed the week at $4,348 – down from last week’s
$4,429 and back below $4,400. Gold stocks also suffered as can be seen on the
chart below (courtesy of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX,
although so far the apparent re-rating since the start of August seems still
intact…..for now!
Shares in AIM-listed Kefi (KEFI) are sharply lower today at
just over 0.7p (last seen) after the company announced that there had been a
security incident last Friday which resulted in multiple fatalities amongst
security personnel, community members and a company employee. Project
development has been suspended and drawdowns of project finance have been
deferred for the time being.
AIM-listed jam-tomorrow, maybe, never investment company
Tern plc (TERN) announced yet another discounted placing this morning – its fifth
this year! Priced at 0.9p per share and structured as an underwritten Open
Offer (with CMC Markets footing the bill – so we all know any shares not subscribed
for will just hit the market, further depressing the share price) the
announcement let slip a few worrying matters….
Gold closed the week at $4,429 – a little off from last week’s
$4,454 but, I would suggest, a good effort in the face of (apparently) good
jobs data on Friday. Gold stocks also had a good week, as can be seen on the
chart (courtesy of ADVFN) below of Gold against its mining ETFs GDX, GDXJ and
GOEX where we can see clear outperformance of its miners since late July….long
may that continue!
AIM-listed Kefi Gold and Copper (KEFI) announced some very good news this morning. Tom Winnifrith has long speculated that Exec Chair ‘Arry Adams would move “upstairs” to a non-exec chairman role with a new CEO appointed, and that his sidekick FD, 176 year old Jon Leach, would be quietly pensioned off. This morning we got confirmation of both. Hooray, hooray – its ticker-tape and party-poppers time! Oh, hang on……
Tom Winnifrith and I have been a little excited over the prospects for newly main-market-listed Amaroq (AMRQ) to make it into the FTSE 250. My view is that if and when it does make the cut a stack of FTSE250 trackers will be queuing up to buy the stock simply because they have to. It is still relatively thinly traded so the impact of that could give the stock quite a boost. As Tom points out, Amaroq sits in 342nd place – so well within the FTSE250 boundary – but there is a complication….and a potential big bonus on top of our good friends at the Daily Mail.
Gold finished the week at $4,454 – well down on last week’s
$4,602 – after a big drop following new Fed Chair Kevin Warsh’s speech at
Jackson Hole. He portrayed himself as a hawk, telling all that inflation is the
main concern and the Fed’s got more work to do with that. But was he crying “wolf”?
I think he was.
Reading through the Interim Accounts to June 2026 for Golden Prospect Precious Metals (GPM), I am left wondering about its costs. In particular, the cost of a) the share buy-back, b) the cost of selling assets to fund the share buy-back and c) the cost of bringing in a dividend policy funded by selling the company’s investments.
It is a satisfying feeling at the Montana Log-Cabin: Gold
has shot higher and Gold stocks have outperformed strongly. Moreover, as I suggested yesterday, the prognosis for Gold stocks looks fantastic. Tom Winnifrith suggests UK Gold stocks have not, in general, kept up with those from Canada and Australia. Happily, that is not the case in every Gold stock
exposure available here in Blighty. Here is a chart (courtesy of ADVFN) showing
the VanEck Junior Gold Miners ETF (the UK version, ticker GJGB) against a bunch
of Gold mining stocks I’ve been keeping an eye on over the last three weeks,
since I asked when will the dam burst?
