Gold closed the week at $1925 – almost bang on last week’s close of $1924 after a week during which the Fed and the useless Andrew Bailey’s Bank of England finally blinked away from the rear-view mirror for a moment and held interest rates. Are we now finally at the top of the rate-hiking cycle? I wouldn’t like to bet on it, but at least we have a pause.
Gold closed the week at $1924 – up a shade from last week’s $1919 but the rather more important thing for me was that it held the $1900 line (just) on Thursday. I sense that this is the battle line and if it holds it should provide a springboard for a push back towards the all-time high.
Precious metals equities-focused investment company Golden Prospect (GPM) has announced results for the first half of the 2023 calendar year, emphasising opportunity for investors as “the discount between the Net Asset Value and the share price expanded to 23%; the worst since the height of the market sell-off in 2020”.
Last week we noted on Kefi Gold & Copper (KEFI) that it was seeking Tulu Kapi project further progress in the week including the finalising of capital controls details with the Ethiopian central bank and addressing the few remaining loose-ends of Ethiopian Ministry of Mines-facing agreements. It now is pleased to report a number of important outcomes from its meetings.
Everyone is so bearish about the yellow metal. Even so, it remains within touching distance of its all-time high and held comfortably above the $1900 line closing the week at $1919 – down from last week’s $1940, but still fine by me. If everyone is bearish and it is still at this level, I’d suggest that is good news.
Gold finished the week at $1940, following through on last week’s bounce back over $1900 to $1915. Good news? Our favourite technical analyst Jordan Roy-Byrne of TheDailyGold.com reckons nothing has changed with the price of the yellow stuff caught rangebound. I’m a little more optimistic but it is still a matter of waiting patiently. Happily, Gold stocks have also been bouncing, as can be seen from my chart of Gold vs the GDX (majors), GDXJ (juniors) and GOEX (explorers) mining ETFs.
Jordan Roy-Byrne of TheDailyGold.com, our favourite technical analyst, has been saying for a few days that Gold was due a bounce. It duly did – on pretty awful US PMI data on Wednesday – and closed the week back over $1900 at $1915, compared to the prior week’s $1890. The miners followed suit – has a low been put in yet?
Bluebird Merchant Ventures (BMV) has announced that Catalyse Capital Ltd has reached an agreement to acquire the 122.5 million shares in Bluebird held by Southern Gold (ASX - SAU), emphasising that this should “remove a significant perceived 'overhang' in the trading of Bluebird's shares and allow investors to focus on the inherent value of the three-project portfolio”. What of a current share price response up to a 0.80p offer price?
Give or take a few mistakes, this is the 70,000th article on ShareProphets. Where else do you get as much information and drama for only £6.99 per month? Anyway, the most read non-Quiz, non-Tom article last week is by Nigel Somerville, The View From The Montana Log-Cabin As Gold Tests $1900, at No 4 or No 12 including Bearcasts.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU) announced half year production results from its 23.5% owned Kiziltepe mine yesterday. Happily, it was all good and we are reminded that Ariana’s second mine at Tavsan is on course for production in the first half of next year.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU) has announced exploration and development news at its 23.5% owned Kiziltepe mine as it plans to extend mine production through to 2025 and, I hope, well beyond.
Gold closed the week at $1913 – down from last week’s $1943 as it seems to be heading to test support again. And I am asked if I still see fully-listed Golden Prospect (GPM) as a buy, following a pretty awful period.
I read in a CNBC article published yesterday about gold that “some expect bullion to hit $2,500” (per ounce). For any investors with gold exposure (directly or indirectly), I guess that would be fantastic. Do I think it is going to happen? And if so, when?
Gold finished the week at $1943 – down from last week’s $1960 but it continues to hold up quite well as interest rates continue to rise. The question remains how much further there is to go until rates peak and start to decline.
Gold bug, author and investor Alasdair Macleod believes that the US dollar is heading towards a major financial crisis due to its unsustainable debt trap, contraction of bank credit and rising interest rates. What a cheery fellow.
Gold ended the week at $1960 – down by just $1 on last week’s $1961 after a week in which it peaked at just over $1980 before a sharp drop to $1940 and then recovering. Gold stocks had a similar week, although the subsequent recovery was more muted as can be seen on my chart of Gold vs the minnig ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).
Gold bug and Vietnam vet Bob Moriarty talks an awful lot of sense. That is he says the sort of things which would have my Mrs and Euroloon Jonathan Price, both great folks, spitting out their cornflakes.
Fully-listed Egyptian Gold producer Centamin (CEY) unveiled its half-year results to June this morning and there is much to be pleased about. Given its history, the first thing I looked for was any sign of weakened guidance, and once again I was pleased to find the rather boring in-line comments. So all is on track.
AIM-listed Ariana Resources (AAU) continued its recent spate of good news this morning with an update over the Kizilcukur project, a satellite Gold and Silver deposit in its 23.5% held Kiziltepe sector. A resource infill and extension drilling programme has commenced following receipt of forestry permits and an airborne survey as the company aims for a revised 3D model.
Gold closed the week at $1961 – up $7 on last week’s $1954, but after having peaked at over $1980 before slipping back a little. Will it have another go at getting back over $2,000 imminently? Who knows?! But from where I sit, the pressure seems to be building.
Writer Francis Hunt, the founder of The Market Sniper talks about why inflation has not been “cured” yet; it looks better only because it is being compared to previous numbers and basing effects. He says that year-on-year effects have decreased, but the consumer is still taking a hit. He argues that the declining dollar and prices is an indication that US inflation will likely surge soon.
AIM-listed Ariana Resources (AAU) announced this morning that following Court action in Turkey, it has received the all-clear to resume construction at its second Gold mine in Turkey – Tavsan – and its team has remobilised already. This is great news for loyal shareholders such as myself.
Good news arrived yesterday from AIM-listed Gold producer in Turkey, Ariana Resources (AAU) as it continues to diversify its portfolio of projects. The latest missive concerns the Slivova project in Kosovo, held via its 75% holding in Western Tethyan Resources in Kosovo which in turn is earning in to up to 85% of Slivova by spending EUR 1.8 million.
After a good few weeks plumbing the depths of the $1900’s, Gold pushed higher this week to $1954 – well up on last week’s $1924. Gold stocks surged and all this in the face of higher interest rate expectations (the market was suddenly pricing in another two or even three hikes) and a still rising stock market. Except that US treasury yields weakened! This is, of course, not how it is supposed to play out – in the shorter term, the Gold price has had a habit of not doing what one might expect.
Nick Giambruno, founder of The Financial Underground and Editor-in-Chief of the Contra Speculator is the sort of conspiracy theorist I like my wife to listen to in order that she realises how moderate and mainstream I really am.
Analyst Michael Singleton explains his approach to the financial markets and business cycles, which are broken down into growth cycle, inflation cycle, and policy cycle. He believes the current inflationary picture is near its end but wage growth is still high. Mike says that the stock market has the highest correlation to the ISM manufacturing PMI, and that it’s important to pay attention to market history and study cycles for guidance.
Firstly thank you on many messages re Olaf and her First. Then news that I am restarting the video shows and in that vein I had a long chat today with Lucian about gold and also Canadian Overseas Petroleum (COPL). I mention 4 gold stocks I own. Then it is onto MusicMagpie (MMAG) and Mosman Oil & Gas (MSMN) and a contest. Can anyone find a listed share, still listed, with a worse share price record than Mosman?
Gold finished the week at $1924 – up just $4 on last week – as downward pressure failed once again to push the yellow stuff lower. Indeed, I noted recently that despite many factors pressuring to the downside (rising bond yields, more hawkish noises from the Fed and a positive equity market) I was actually quite encouraged by Gold’s stubborn performance.
Nigel says that my boredom is a buy signal. But is it? Maybe it is right to be bored as something has changed. After that a bit on house prices and why I don't see a mega crash but would not buy housebuilders as Malcolm suggests I do. Finally, why not go for a quick death rather than a slow one and vote Labour? Oh, and I remind you why I may not be at liberty to bearcast on Tuesday. CORRECTION: Fellow Hammer J Price points out that Rice will be on £15 million a year not a week as I said in the podcast..
Gold closed the week at $1920 – bang on last week’s number. Has it bottomed out? Who knows……but nobody cares anyway (which students of Benjamin Graham will know suggests upside: if nobody is interested, there are no sellers left.)
Asset manager Lawrence Lepard of Equity Management Associates is another cheery fellow, viewing the world economy as a construct where the rivets holding it together are continuing to snap. He says that we have had a number of bank failures in a matter of weeks, part of a larger pattern going back years and we are seeing large commercial mortgage failures and companies walking away. Lawrence believes more pain is yet to come in the banking sector, with one to two trillion in write downs. He says that the Fed is likely to intervene once again, and something is likely to break soon
I start with a meeting at Joshua's school next Monday PM. If I am not here on Tuesday that is why. Then to the new share I have bought as I reshape my SIPP to be more grown up. Then I look at shameful David Lenigas and Pennpetro (PPP), Simec (SAE), Canadian Overseas Petroleum (COPL), Centamin (CEY), Ariana (AAU), gold generally, and Predator Oil & Gas (PRD).
Fully-listed Egyptian Gold miner Centamin (CEY) has released news this morning of a pre-feasibility study regarding its Doropo Gold Project in Cote d’Ivoire. The study, whilst not a definitive feasibility study, offers much hope for an economically robust development and is a strong step along the road to getting a profitable mine up and running.
Gold finished the week at $1920 – down from last week’s $1958 and, for squiggle readers, below $1950 support but in the wake of hawkish central bank noises and the useless Andrew Bailey over here it was, for me, quite encouraging.
AIM-listed gold producer in Turkey Ariana (AAU) delivered drilling news from the Salinbas project in eastern Turkey yesterday, where a big drilling campaign has been underway courtesy of an $8 million investment by joint-venture partner Ozaltin and where Ariana owns 23.5%.
I start with yesterday. I have rewritten all of the Woodlarks articles and hope that you will re-read as they now have a bit more colour and a few jokes and, in a couple of cases, now actually make sense. Thanks so much to all who have donated. You ALL have an open invite to the camp. If you have forgotten to sponsor my last walk you can do so HERE. Then I talk about Avacta (AVCT) its placing I exposed yesterday HERE (might it, in fact, be lower than 90p?) and the denial and stupidity of some of its shareholders. Then I point out that Nigel would have made more money selling all his gold and switching into pasta and cat food ( or even tins of baked beans) so ask can he really still view the yellow metal as a store of value?
Gold closed the week at $1958 – down just $3 on the prior week even in the wake of an apparently hawkish Fed announcing it was not raising interest rates but giving every indication there are more hikes ahead.
The situation at Odey Asset Management and the potential breaking up of the hedge fund business, alongside the closure of some of its funds, is going to create some buying opportunities, and indeed already has been judging by the share price drops in some of the companies where it held large stakes.
Gold closed the week at $1961 – up from last week’s $1948, but in a more general context pretty much unmoved: it remains around 5% off its all time high, below the psychologically important $2000 mark but well above any level of support, which if lost, might signal weakness to come. In other words, it is in no-mans-land.
Shanta Gold (SHG) has announced commercial production for its Singida mine in Tanzania with it having achieved 30 consecutive days of mill throughput exceeding 95% of nominal nameplate capacity of 1,000 tonnes per day, overall plant utilisation and gold recovery exceeding 95% and plant availability above 90%, and it now looks forward to this month providing production guidance including a 5 year forecast. With the shares currently up to 11.5p to buy in response, good news.
AIM-listed Gold (and other metals) explorer and producer Ariana Resources (AAU) released its final results for 2022 this morning. There were no real surprises, but a few hints of what is to come gives me renewed confidence - as a loyal shareholder - that the shares are mightily undervalued at the current 2.25p, putting the market capitalisation at just £24.7 million for a profitable company with bags of cash and no debt.
Gold finished the week at $1948 – something of a disappointment after it had put in a steady rise from last week’s $1948 only to drop back again on apparently encouraging US jobs data, to which the US stock market reacted very favourable. Indeed, the Dow Jones put on 2.1% in response.
Gold finished the week at $1946, down again from last week’s $1978. Our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, sees more short term pain ahead as the yellow stuff continues to correct after a 25% rise since last September and is waiting to see where support will be found. But he remains uber-bullish over the longer term.
Asset manager Egon von Greyerz, of Matterhorn Asset Management AG kicks off with the debt ceiling in the US and explains how it is a farce, and a regular show every time it’s reached. It’s been raised over a hundred times and every time, it’s nothing but a political posturing. This is only going to lead to the debt being increased exponentially. In fact, since Reagan, the U.S. debt has doubled every eight years, and by 2025, it is projected to reach around $40 trillion.
Writer Jesse Felder says that Federal Reserve policy aimed to create a wealth effect through printing money, has only generated bubbles and the illusion of growth. He goes on to explain that the more money a country prints, the less attractive that currency becomes to other countries. Please take note, the entire UK political class.
The busy days this week were supposed to be - according to my diary - Tuesday, Wednesday and Thursday, but Monday so far has been a lot more busy than I thought, with plenty of information for gold watchers and geopolitical analysts to think about. In the world of UK-listed equities, there are three names that particular capture my attention.
Gold finished the week at $2011 – down a shade from $2018 last week and a disappointing end to a week which saw the price rise over $2040 before dropping back again. But it is still above the psychologically (but otherwise un-) important $2000 mark.
I told you all to sell but have kept my shares in Red Rock Resources (RRR) as a reminder of what a prick I can be but perhaps also so that I can attend the AGM and give boss Andrew Bell the roasting he deserves. Gold is at a near all time high. The last time gold was at today's levels, Red Rock shares were at a consolidation adjusted c400p. Today Bell has placed, yet again, at just 0.1425p. Bell makes excuses but there can be no excuses for such an abject performance..
AIM-listed Gold-producer in Turkey, Ariana Resources (AAU) has announced that the previously announced deal for Western Tethyan Resources (WTR - 75% owned by Ariana) to buy in to the Slivova Project has now progressed to an executed earn-in agreement under which WTR will cough up EUR 1.8 million and get 75% ownership.
It has been a difficult time for Gold companies. It hasn’t been great for the biggest producers, but as we move down through the juniors, then explorers and come to the junior-est of junior explorers it has been grim. It is in that category that we find sub-Standard Listed Panther Metals (PALM) which I tipped way back in August 2020 (at the height of the Covid boom for the yellow metal) but warned it certainly was not for widows and orphans.
Economist and Wealth Advisor Jonathan Davis believes that we could be repeating the 2008 banking crisis. He says that central bankers make incorrect statements about the future and have their own agendas often connected to politics and that the Fed is surrounded by incapable academics and often behind the curve.
Gold finished the week at $2018 – back over the psychologically important $2000 mark and up from last week’s toiling $1991. But the bigger news for me this week was the brief spike to a peak of $2090 – a new all-time high – in the wake of the Fed interest rate meeting this week. It didn’t last, but I sense that it is a sign of things to come.
Bluebird Merchant Ventures (BMV) has announced results for the 2022 calendar year, including emphasising that “the value of the two projects was highlighted in the publication of a Scoping Study which included a post-tax NPV of USD 181 million… conducted on a USD 1,750 per oz gold price”. So what of a current 1.4p share price, £9.7 million market cap?
Gold finished the week at $1991 – marginally up from last week’s $1984, but still below $2000. It did get over that mark, but couldn’t sustain it. I sense it is just a matter of time before we see the all-time high challenged…..but it hasn’t happened yet.
The Pub Quiz was number one last week, and that's very satisfying even if it only happened becuase I had to reload as I screwed up on 2 of the 10 questions. But the most read non-Quiz, non-Tom article last week was Short gold, I am by Lucian Miers at No 2 or No 8 including Bearcasts.
When we get there sell all your gold shares but we are nowhere near that now, says Jeff Clark, author of anew book "PayDirt". He started outlining the book during Covid, with the goal of making it entertaining and engaging, yet simple and straightforward. Sixteen other experts from the industry also contributed to the book.
Shanta Gold (SHG) has issued an update on the first quarter of 2023, emphasising a now more diversified business as well as announcing the proposed appointment of a new non-executive director (Matthieu Bos, a trained metallurgist and former mining investment banker), but also that CEO Eric Zurrin “has informed the board of his decision to step down from his role after six years with the company”.
This is a very pleasant surprise. Kefi Gold & Copper (KEFI) has announced the signing of the Final Umbrella Agreement for the project financing of the Tulu Kapi gold project in Ethiopia and that it is preparing for full construction start to coincide with the next dry season at Tulu Kapi, which is expected to start in October. What very good news!
Gold producer in Egypt Centamin (CEY) has announced “a good start” to 2023 and that it “look forwards to reporting later in the year on several additional projects which will deliver growth and underpin returns”. Good news from a current 105.3p share price?
In these somewhat turbulent times in the market there is a great deal of noise and disagreement about where we are. Is inflation an ongoing problem or is a deflationary recession on the way? Should we buy or sell bonds? What about equities? Is the US dollar toast or a good place to hide?
Gold closed the week at $2004 – down just $4 on last week, but a bit of a disappointment, given that it shot all the way up to peak at just under $2050 on Thursday, only to drop all the way back yesterday. However, it is still north of the psychologically important $2000 mark and whilst the Gold price hasn’t yet steamed to new all-time highs, my chart of Gold and the ETFs of GDX (majors), GDXJ (juniors) and GOEX (explorers) shows that the miners have continued their run higher.
Amaroq Minerals (AMRQ) has announced that all resolutions have been met meaning its Strategic Minerals joint venture transaction with GCAM has now closed, with approval from the Greenland government. An “exciting milestone”?
Author Adrian Day starts by discussing the lag in economic consequences as a result of rate hikes and changes in monetary policy. Adrian notes that the impacts vary depending on market sector, and that the overall economic effect has yet to be felt.
Gold has surged to more than $2000 oz yet shares in Red Rock Resources (RRR) languish at 0.18p. I am down by almost 70% over three years, those who bought the shares the last time gold was at this level are more than 99% down. So gold “unch” over 14 years, Red Rock shares almost 100% down. The reason is, simple:
Of course as a bullion dealer, James Anderson of SD Bullion to the show is talking his own book. But maybe he is right? James discusses the recent surge in gold demand due to problems in the banking system, with some depositors buying up gold out of concern. He says his firm has seen record volume which has prompted it to place temporary minimum order limits, as it is difficult to increase staffing levels to meet this sudden demand.
Whether you believe or not I wish you a Happy Easter tomorrow. It is because of the death and resurrection of Jesus we all get a four day break. FACT. So Happy Easter. Then I explain why I would not touch Parkmead (PMG) with a bargebole - I speak as as a vindicated critic - then discuss gold and gold juniors and why, on this matter, I question the faith of Nigel Somerville.
Gold closed for the Easter break at $2,008 – nicely up on last week’s $1,970 but more importantly, through the psychologically important mark of $2,000. It seems to be just a matter of time before it challenges its all-time high at $2,070 and I’m rubbing my hands at what may happen after that: our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, has just called the yellow stuff to $4,000 by 2025 and possibly even $5,000 in 2026.
Kefi Gold & Copper (KEFI) has announced a maiden Mineral Resource Estimate for the Al Godeyer project of its planned to be up to 30% owned Saudi Arabia joint venture ahead of further drilling planned to commence this quarter.
Gold has held its recent strength and closed the week at $1970 – down a shade on last week’s $1978 but only just. In New York it closed at $1986 before slipping back as the global market hung up its trading boots for the weekend. That was a highest monthly close ever on the other side of the pond, but as our favourite technical analyst Jordan Roy-Byrne of TheDailyGold.com points out, only just.
Life is always a bit easier when an investment quarter ends on a Friday (or over a weekend). Despite the inevitable ups and downs, geopolitical questions, hopes, fears, and dreams its all good fun to look back at leisure.
Gold production, development and exploration company in East Africa, Shanta Gold (SHG) has announced its results for the 2022 calendar year and that it is nearing transformation to a 100,000 ounces per annum multi-project gold producer.
Gold and strategic metals development and exploration company in Greenland, Amaroq Minerals (AMRQ) has announced that it has agreed heads of terms for $49.5 million of financing to enable trial mining, processing and production of gold doré at its flagship Nalunaq project and we’ve subsequently spoken to CEO Eldur Olafsson.
Gold finished the week at $1978 – down a shade on last week’s explosive move to $1989, but there was volatility over the week: the low point was in the mid $1930s and the high was $2010. Our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, was warning of volatility and he was right. But I fancy the general direction remains upwards and continue to expect a new high in fairly short order.
Kefi Gold & Copper (KEFI) has issued a quarterly operational update, including on the Tulu Kapi gold project in Ethiopia that regarding the government it “expects to resolve all outstanding issues in the coming weeks” and on its projects in Saudi Arabia that it continues to progress activity.
Gold bugs will enjoy this podcast. Writer Robert Moriarty explains where the money is really coming from to bail out the recent failures in the banking system, noting that the $200 billion figure has ballooned to $2 trillion. Bob says that the Federal Reserve has effectively committed to printing $2 trillion in a week, which is unprecedented.
Chris Irons is a podcaster whose language is worse than mine. His Quoth the Raven podcasts are spikey but he is usually correct. Irons says he is surprised by the lack of fear in the markets, which, he says, is questionable considering the current circumstances.
Gold finished the week at $1989 – well up on last week’s $1868 and the highest point since around this time last year. It looks like a breakout, it feels like a breakout and the next few sessions will be very interesting.
Centamin (CEY) has announced its results for the 2022 calendar year and that it maintains a current year gold production guidance range of 450,000-480,000 ounces and remains on track to consistently return its Sukari mine in Egypt to production levels towards 500,000 ounces per annum from 2024.
AIM-listed Gold producer in Turkey Ariana Resources (AAU) has been splashing out on the news front of late. The latest tit-bits came yesterday, Gold production targets for this year and, yesterday, news of the award of exploration licenses at Ariana’s Project Leopard in Turkey.
In today's podcast I look at Credit Suisse and the banking crisis, bitcoin, gold, Argo Blockchain (ARB), Online Blockchain (OBC), Mode Global (MODE), Okyo Pharma (OKYO), Virgin Wines (WINO) and Versarien (VRS) in light of the bombshell here earlier today.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU), had a torrid time in the market yesterday, following bad news on its Tavsan mine last Friday. This morning we got an update on Venus Minerals, which has been awaiting a stock market flotation. Was that news any better?
Bluebird Merchant Ventures (BMV) has announced that it has raised £1.215 million at 2p per share “to fully fund proof-of-concept production at its Kochang gold and silver mine in South Korea, expand the in-country team to accelerate developments at both of its mines, and for general working capital”. With the equity raise shares also with 3 year warrants at 3.5p and the shares at 2.15p before this latest, is it good news?
Today I look at Conroy Gold & Natural Resources (CGNR), Ariana (AAU) and Bluebird Merchant Ventures (BMV). Then at Pantheon Resources (PANR) and at ADVFN (AFN). Finally Evil Banksta has sent me this Bulletin Board post below on Technology Minerals (TMI). I have always been bearish on this stock as any company in any way linked to Chris Cleverly is always a dog with fleas. The post below looks to be kosher, thought it may not be, so, I suspect, does not alter the bear case and my target remains 0p.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU) made an announcement intra-day on Friday – highly unusual for it. Intra-day announcements are not usually good news, and Ariana conformed to this: the RNS was to tell us that construction of Ariana’s second Gold mine at Tavsan has been suspended.
Shanta Gold (SHG) has now announced West Kenya project and group resource updates, emphasising that now over the past 5 years its resources have increased threefold to now 3.7 million ounces of gold despite its existing mining.
Bluebird Merchant Ventures (BMV) states that it “is delighted to announce a Scoping Study for its Kochang and Gubong gold projects in South Korea” and the shares have currently responded up to just above 2p. But there looks clear potential for much more to come.
Gold closed the week at $1811 – down again on last week’s $1842 and now testing the $1800 line described as being fairly critical in the short term by our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com. It is going to be an interesting week or two ahead….
Gold closed the week at $1842 – down from last week’s $1866 but in my view still a good effort given last week’s inflation figures over the pond. Our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com reckons there’s support around $1830 and it bounced from just below.
Money manager Bob Elliot analyses the current economic situation, the role of debt cycles, and the trade-offs between a fiat monetary system and a commodity-based system. He note that productivity is the main driver of growth over the long term, and that debt cycles have been used to make up for declining productivity. He explained the risks associated with governments borrowing to make up for productivity declines and noted that wage growth is maintaining nominal spending at a higher level.
Shanta Gold (SHG) has announced continued construction progress at the Singida project in Tanzania, with the mine, which is set to see the company become a 100,000 ounces per annum gold producer, on schedule for first production next month.
Gold finished the week at $1866. Having suggested last week that it could go either way from $1864 at the time, I was wrong – it went nowhere. In the short term, it could head further south from here as corrective forces assert but so far it has held up rather well. Long term, I remain extremely bullish.
Amaroq Minerals (AMRQ) has announced exploration programme results from its Vagar licence in Greenland and that “current drill intersections suggest that a large tonnage Intrusion Related Gold system is in play”.
Money manager Peter Grandich has a message that our own Nigel Somerville will be delighted to hear. Peter discusses the potential for this gold bull market and why it’s likely extraordinary. He says that Central Banks are buying at record levels, and many of those buying are doing it for safety reasons. He says that you should not bet against the Fed and don’t bet against central banks when it comes to gold and hence mining shares have yet to reflect what is happening, and are, arguably, as cheap as they can get regarding the price of gold.
Gold has gone into reverse. So much for my “ouzo on ice” piece mid-week, in the wake of the Fed’s quarter-point rise in interest rates, distracted as I was by the Chinese spying on the Montana Log-Cabin. Mark Watson-Mitchell was indeed right: nothing moves in straight lines – Gold ended the week at $1864, sharply down on the $1928 of a week ago. So is the Gold bull all off, then? Certainly not!
Kefi Gold & Copper (KEFI) has issued a fourth quarter 2022 operational update, including re-emphasising on Tulu Kapi gold project financing that it “expects all outstanding issues to be addressed imminently”.
I read in the Sunday press that allegedly the “FCA offers to bend the rules to land Arm float”. That is certainly something to keep an eye on this year, especially as the FTSE 100 - unlike many of its global peers - is somewhat light in the excitable world of technology stocks. An area the FTSE 100 is heavily exposed to however is the commodity sector. Last week may have seen “London’s FTSE 100 Index ended the week on a high having reached its highest ever score, beating the previous record of 7,903.5 set in May 2018”, but you may have seen that natural gas, oil and silver prices have fallen even further this year and even my beloved gold is only up a couple of percent in dollar terms over the first five or so weeks of 2023…
Gold producer in the Philippines, Metals Exploration (MTL) has issued its report for the fourth quarter of 2022, emphasising “record quarterly positive free cash flow” and “a very solid platform from which to build on in the coming year”. Good news.
The correction in the Gold price I was expecting seemed to be slowly but surely getting underway until last night, when the Fed made its latest rate announcement. It had been expected to turn the screw further by hiking rates yet again, after a year of large hikes. But the Fed opted to go for just a quarter point rise.
Author and analyst David Murrin discusses the role of commodities in the conflicts of the world and how governments should move towards a hybrid market command system in order to secure essential resources and protect their economies.
It has been a one-way ticket northwards for Gold since bottoming out in late September and October around $1625 an ounce, as can be seen on the Gold chart (courtesy of www.kitco.com) below. Last week it had reached $1926 and pushed on up this week to peak a smidgeon below $1950 before pausing for breath, sliding to below $1920 (very briefly) before closing at $1928 – up another two dollars on the week.
Ariana Resources (AAU) has announced drilling results and an update on the drilling programme at the Salinbas project of its 23.5%-owned joint venture in Turkey. This includes continuity of gold and silver mineralisation and presence of significant molybdenum mineralisation.
AIM-listed gold producer Ariana Resources (AAU) has announced drilling news from its Salinbas project in north-eastern Turkey, where approximately 22,000 metres of drilling is planned and 8,000 metres have been drilled.
Kefi Gold & Copper (KEFI) has issued a Tulu Kapi gold project financing update including that it is “pleased to report that all lead contracting and equity investment parties have agreed their draft agreements… The company expects all outstanding issues to be addressed imminently, the exact timing of which will largely be driven by the Government process”. Is this "funding secured"?
I start with a meeting at the Ha Ha earlier. As each day passes more details are inked in for ShareStock 2023 on September 23rd. More details and ticket booking is HERE. Then onto Kefi Gold & Copper (KEFI), Caracal Gold (GCAT), Vast Resources (VAST), Argo Blockchain (ARB) and then poor Gary Newman and the effect of those poisonous spiders he kissed from Suriname and Audioboom (BOOM)
AIM-listed Turkish Gold producer Ariana Resources (AAU) released its production results on Friday along with a general update. The news was excellent and the shares surged (as much as Ariana shares ever surge!) higher but there is more to go.
Centamin (CEY) has issued an update on the fourth quarter and full-year of 2022, including emphasising that it is now looking forward to further increasing gold production while continuing to manage cost pressures and progressing the multiple identified opportunities across its portfolio.
Centamin (CEY) has emphasised a “most welcomed” Egyptian Supreme Constitutional Court judgment and that “operations at Sukari Gold Mine remain unaffected and continue as normal”. So what’s the “most welcomed” news?
Author and investor Don Durrett might be termed as a bit more of a conspiracy theorist than even our own Nigel Somerville He reckons that the financial media and government tend to release bullish information which is inaccurate and misleading.
Fully-listed Egyptian Gold miner Centamin (CEY) this morning announced that the Constitutional Court in Egypt had ruled that under Law 32, third parties cannot challenge contractual agreements between the Egyptian Government and investors such as Centamin. This may seem somewhat highbrow, but an individual had been challenging Centamin’s right to exploit the Sukari concession, seeking the nullification of the concession agreement between the company and the government.
If the name Caracal Gold (GCAT) does not ring a bell, count yourself lucky not to have this dig in your portfolio because it is a zero and one where the FCA should be crawling all over everything. Until 16 months ago, Caracal went by another name.
The Ethiopian Minister of Mines, Takele Uma, was apparently sacked yesterday at a cabinet meeting. Rumours in Addis suggest that he stands accused of industrial scale corruption. Well knock me down with a feather.
Gold closed the week at $1921, comfortably up on last week’s mark of $1866 and almost a whopping $300, or around 18%, up on the low point last September. It has been a straight line upwards since then, as shown on the chart, courtesy of Kitco.com.
Another day, another announcement from Kefi Gold & Copper (KEFI) – with this time boss Harry Adams “delighted” with the award of five further exploration licences in Saudi Arabia to the company’s 30%-owned joint venture. Is he sugaring the pill ahead of bad news in Ethiopia?
I start off with why the Times' demands for a Sheriff of Tipsters smacks of glass houses and throwing stones. Has its own tipster declared all conflict of interests. Then onto gold, looking at my portfolio and why I have not sold Red Rock (RRR) and Wishbone Gold (WSBN) yet despite my grave governance reservations and their failure to monetise assets whose quality I start to doubt. So why not sell and reinvest in a higher quality play I own like Centamin (CEY), Ariana (AAU) or even Kefi Gold & Copper (KEFI). One reason was the illness that laid me so low I just forgot. But there are others which I explain in the podcast, my second of the day after this photo/podcast from Lake Vyrnwy which has given me great pleasure.
Wishbone Gold (WSBN) has stated states that it “is pleased to announce positive first assay results from the maiden drilling program at the company's Red Setter gold-copper project in the Patersons Range area in Western Australia” and ramper-in-chief David Lenigas doesn’t see why the market has reacted as it has – the shares currently down to 4.7p to sell, though adding that someone’s sell is another person’s buy.
Gold finished the first week of 2023 at $1866 – up nicely from the $1824 at which it closed last year. Having sold off, briefly, to around $1830 on Thursday, Friday’s US economic data saw a resurgence at high at $1870. A cracking start to 2023 for Gold-bugs, and the Gold miners have rallied too, as can be seen on my chart of Gold vs the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers). Is it time to reach for the Ouzo yet?
I start with a bit about weather, snow rain and drought. Then gold vs bitcoin, Enwell (ENW), Ferrexpro (FXPO), Harland & Wolff (HAWL), Argo Blockchain (ARB), Powerhouse Energy (PHE) and Pantheon Resources (PANR) before ending with Vast Resources (VAST) where a placing at 0.1p is surely being attempted after today's incomplete news.
Gold closed 2022 at $1824 – a step up from its Christmas level of $1799, but still stuck near $1800. Over the year it has gone precisely nowhere: it started 2022 at $1811. But there are good reasons to think that 2023 will see the yellow stuff move sharply higher.
I start with a health update, finally some joy from the NHS and, even before that, I am starting to feel better. Then it is onto Pantheon Resources (PANR), Inspirit (INSP), and Atlantic Lithium (ALL) and share options, incentivising the dead. Then macro calls on interest rates, inflation, the real economy, shares, bitcoin, gold and oil. Details of ShareStock 2023 on September 23 are HERE
Gold closed for Christmas at $1799, up slightly from $1793 the previous week, but essentially going nowhere. It seems to be stuck around the $1800 mark and despite all the noises of further hiking of interest rates by the Fed, is holding firm and, I suspect, about to head higher.
It is that time of year again when every tipster tells you what to buy for the coming year. Of course, here at ShareProphets we are different as we quite often tell you not what to buy, but what to sell. Before offering my current thoughts for the current year, I thought I should take a look back at what I suggested for 2022: to buy fully-listed Centamin (CEY) at 87.66p and AIM-listed Ariana (AAU) at 4.1p.
Merry Christmas Share Folks. Being a believer in God is a bit like buying shares. You know in your heart your choice will shine, but you can't be sure. But if you don't buy the shares then you can’t benefit if your company hits the big time. This old punter admires the confidence and courage of atheists. Because if they’ve got it wrong, they’ll have missed out on the jackpot of eternal bliss. Quite some loss to suffer, don't you think?
Gold finished the week at $1793 – slightly down on last week’s $1798 but rather more resilient than the market in general, as the Fed again hiked rates and warned of more to come. So stocks declined, and the bond market was having none of it as yields fell over the week.
Maybe I have fallen out with these folks already: Colin Bird, Richard Poulden and Andrew Bell. But after this podcast I sure will have done so. I own shares in two companies mentioned. It is my intent to cut my losses when back at my desk in Wales next week and to reinvest the little cash that comes in, in a boring gold play with a dividend which will not be passing the begging bowl around numerous times next year. I think probably I shall buy a few more Ariana (AAU). The three companies that I slate today are Red Rock Resources (RRR), Tiger Royalties (TIR) and Wishbone Gold (WSBN)
Bluebird Merchant Ventures (BMV) has announced it has raised £0.23 million at 2p per share and opened discussions with a streaming fund for the entire capital needed for the development of the high grade Kochang gold and silver mine.
Gold finished the week at $1798 – exactly where it was last week. However, story in between times was that it dropped to around $1770 before pushing back up towards the $1800 mark. Jordan Roy-Byrne, of TheDailyGold.com seems now convinced the bottom is in on Gold’s correction since the heady days 16 months ago at the height of Covid. Now all we wait for is for precious metals to decouple from the general stock market as recession and debt worries bite.
Gold finished the week at $1798, having been as high at $1803 – nicely up on last week’s $1756. Gold mining stocks too headed further up as the recovery since the September low continued, as can be seen on my chart of Gold versus the Gold mining ETFs GDX (major), GDXJ (juniors) and GOEX (explorers):
Ariana Resources(AAU) has announced “a tremendous enhancement for Tavsan, as construction continues on site” as this project is further progressed as a second 23.5% interest gold mining operation here.
Gold finished the week at $1756, up a tiny smidgeon on last week’s $1751 but essentially unchanged in a week of little US economic data. Gold equities fared a little better and put in another new recent high to continue the run since late September.
Asset manager Michael Gayed discusses how insane this year has been and how this is the only year in history where treasuries have lost more money than stocks. The only period it can be compared with is 1931. We’re in very abnormal territory. 1931 was a pretty terrible time too, yet too many folks think this is business as usual.
In September 2015 with its shares at 53p Condor Gold (CNR), backed by my old pal Jim Mellon, announced that to maximise shareholder value it was putting itself up for sale. But with no takers by January 2016 and with its shares back at 20p it called the process off. Today: guess what? It is up for sale again! The shares are now 24p! So much progress in almost seven years!
The great lie pushed by those supporters of bitcoin and other crypto currencies was that supply of bitcoin was limited by the halving formula. So, we were assured that while promoters of shares or funds or any other asset would always match demand with new supply, bitcoin was different. Of course, that was just misleading.
Gold finished the week at $1751, down a notch from last week’s $1771 but still well up on recent lows, having put in a high point of $1785 on Wednesday. US economic data offered little to cheer about, and the US treasury market continues to ring all manner of alarm bells. Despite that, US equity markets finished the week on a bit of a high – but for how long?
We’ve recently noted we’re looking for depressed precious and related metals sector sentiment to turn as the production returns still being generated at current prices become clearer and US dollar strength and interest rate hikes expectations prospectively ease. Meanwhile, Anglo Asian Mining (AAZ) recently announced “production figures remain robust, with total production of 14,309 gold equivalent ounces in the quarter” and that it “is making excellent progress on the development of its future new mines”. We see significant further recovery potential, more than 33%, from a current 88p offer price.
Ariana Resources (AAU) has issued an update on the work programmes in Turkey it has interests in, emphasising that it is “highly encouraged by the simultaneous and substantial progress being made” on the projects by its 23.5%-owned joint venture.
Gold closed the week at $1771 – strongly up on last week’s $1683 and way better that the recent low around $1620 notched up at the beginning of the month. The US$ has slipped off its perch too: is it (at last) all change?
Kefi Gold & Copper(KEFI) has announced that it “is extremely pleased to note the announcement of a permanent end to hostilities in Northern Ethiopia and expresses its determination to do whatever is possible within its business mandate to contribute to the economic recovery plans set by the Ethiopian Government”. We suggest the news bodes very well for near-term progress of the Tulu Kapi gold project for the company.
Gold closed the week at $1683, up nicely from last week’s $1646 and back above the apparently all-important $1675 mark. But perhaps the real surprise is that it rose at all, given that the Fed again hiked interest rates by another 0.75% to 3.75-4% and warned of more pain to come. Normally, that would see the yellow stuff weaken, given that the yield on Gold is zero. But instead, someone lit the blue touch-paper.
Francis Hunt, Founder of “The Market Sniper” Francis, discusses how demand for physical metal appears to be increasing significantly in the United Kingdom. He says that a lot of interest is coming from those in the financial industry and some of those customers have expressed concerns about their employer’s stability. He says that self-directed pensions in the U.K. are also seeing a move away from equities and into custodial backed physical metals.
Author and political risk analyst Larry McDonald says that he is concerned about the impacts of rate hikes in Japan and around the world. Central banks are very nervous because they can’t assess the damage inflicted by their policies for many months.
Hello Share Seekers. Some financial analysts seem to have given up tipping shares altogether, unless they’re recommending shorting them. This old punter rarely suggests you sell shares, so I find it rather hard to find companies to bring before you in these dangerous days. But let’s try a gold miner I rather like the look of.
I prepare for Halloween with pumpkin carving and soup today. Photos tomorrow. Sohail says he has given up on gold "experts". I discuss this and then onto another area where there are a lot of "experts" who all talk their own book and it is the same one. I discuss house prices, volumes and stocks who I reckon will have a bad time includfing Purplebricks (PURP) which I expect to go bust in 2024, or possibly sooner