Minding the London Stock Exchange’s Business
Independent and Fearless Financial Journalism Funded by Readers
Even a few of our detractors have now come around
AIM-listed Ariana Resources (AAU) has released its FY21 numbers this morning – and not a day too late! The highlight for me is the cashpile of £16.4 million at year-end: no funding worries here, then, and the final tranche of the special dividend arising from the part sale of Ariana’s Turkish assets is due on 3 October. But there is much more than that!
Gold finished the week at $1827 – down a little from $1840 a week ago as the divergence from the general stock market continues. Of course, I view stock market strength as…..ahem……transitory, to coin a phrase, so if Gold is diverging that is good news for Gold Bulls. If only this final roll-over would hurry up!
Ariana Resources (AAU) has announced significant progress across its projects, “most notably" the construction of Tavsan, with associated development activities being ramped up.
Bluebird Merchant Ventures (BMV) has announced that work has suggested ore inventory and future production may be larger than previously expected at its Kochang project.
Gold finished this week at $1840 – down from last week’s $1872, but a good recovery from the drop to test $1810 in the wake of the Fed’s rush of blood in raising interest rates this week by 0.75%, accompanied by the suggestion that we could be in for the same again at the next meeting. The Fed wants us all to know that it is taking inflation very seriously. Very seriously indeed.
Analyst, Charles Nenner, believes it is too late to make your portfolio defensive, as things will worsen across the board.
It continues to be interesting times for all financial market investors. You may have seen that the UK’s April GDP numbers were down, driven by reductions in the services, manufacturing and construction areas i.e. a bit of almost everything. All good fun then! Still, I read that general economic progress was apparently “partially offset by growth in car sales, which recovered from a significantly weaker than usual March”. How exciting (and how might that continue over the rest of this year?). And I bet you cannot guess what the Bank of England might do - for the fifth time in about six months - on Thursday.
AEX Gold (AEXG) has announced a new joint venture - in which it will have a 51% holding - for its 'strategic minerals' assets, which will see an £18 million (circa Canadian $28.5 million) cash injection. This leaves AEX's gold 100%-owned, and just refers to non-gold assets that most folks - ourselves included - had valued at SFA. Suddenly, they are worth £18-28 million. Game changer?
It has all gone quiet at AIM-listed Ariana Resources (AAU) but I fancy that things are about to hot up, which may make the shares a short-term buy in advance. Of course, I seem always to find a justification for buying Ariana shares and my target price is not far off double the current mark at 3.75p. But the company is pregnant with news, much of which is due by the end of this month.
Gold finished the week at $1872, nicely up from last week’s $1851, following a day of yet more bad US inflation numbers and a corresponding sell-off in both equities and bonds. Gold initially followed the market down, but then rallied. Is this a sign of a decoupling which would see the yellow metal head sharply north as equities head the other way?
From one foul-mouthed host to another. Chris Irons is Quoth the Raven, and never holds back; in fact, his language is far worse than mine.
Kefi Gold & Copper (KEFI) has announced calendar year 2021 results and emphasises now a “focus on a sequential development path to build a mid-tier mining company with aggregate annual production of 365,000 ounces of gold and gold equivalent, in which KEFI will have a beneficial interest of 187,000 ounces of gold and gold equivalent”.
Asset manager David Brady believes another massive rally is coming for gold and that the Fed will reverse course. Countries never chose to default they always inflate their debts away. Markets today are centrally managed. What we have is not free-market capitalism.
Legendary mining investor, Rick Rule, pulls no punches. He critiques governments for being so corrupt, and why they prefer fiat systems. Then, he explains the difference between backing a currency, and pegging it to a commodity.
Gold ended the weeks at $1851 – almost unchanged on the previous $1854, but in between times headed down to $1830 and then up to $1870 before heading back to where it started the week. Pleasingly, Gold stocks did a little better by more-or-less continuing the recovery from a low ebb in May, but the underperformance against the yellow metal remains stark.
AEX Gold (AEXG) has announced first-quarter results, emphasising that its strategy remains to bring the Nalunaq gold project back into production, and use it as a platform for strategic mineral assets in Greenland.
Gold closed the week at $1854 – a small improvement on last week’s $1847, but not yet enough to cure the sell-off in Gold stocks (although they did improve this week). So when are we going to see the great explosion I have been looking for since the start of the Covid crisis? I don’t think it will be long.
Asiamet Resources (ARS) is a great example of what happens to a share that the market has totally lost confidence in and how a major, company-making piece of news is likely to be needed in order to bring about any sort of change in sentiment.
Miner in Azerbaijan, Anglo Asian Mining (AAZ) states that it “is pleased to announce its final audited results for the year ended 31 December 2021”. However, the shares are down to 85p to buy in response.
Gold has had a pretty terrible few weeks: back in late February it spiked to $2050 and then hung around in the mid-$1900s until the end of April. Now it has been challenging $1800 from above and closed the week at $1847. Of course, in the context of being just $1200 for years ago the yellow metal has done well, but given all that money-printing and rampant inflation one might have expected more of late.
Analyst, Chris Puplava, argues that Fed rate hikes don’t always result in recessions. He believes there is no spare capacity to compensate for a slowdown and, therefore, the Fed is limited in its ability to control inflation. The November elections are always a factor, and he doesn't expect the Fed will tighten aggressively into the fall. Mortgage rate hikes, he argues, are already impacting the housing markets, as the interest rate pain threshold has been more pronounced with every debt cycle.
Gold miner in Kazakhstan, AltynGold (ALTN) states that it “is pleased to announce its 1Q22 production update” and the shares have moved up to 130p, so what’s the latest?...
Kefi Gold & Copper (KEFI) has announced recent advancement toward multi-party financing, as well as further development of the Tulu Kapi gold project in Ethiopia.
AEX Gold (AEXG) is pleased to announce its addition of mineral exploration licences No. 2020-41 and 2021-11, covering areas in South Greenland.
I can’t say I’ve followed the affairs of ASX-listed (and formerly of the AIM parish) Medusa Mining (ASX:MML) since it departed our shores. But on Monday – for anyone still holding – the company is changing its name to “Ten Sixty Four”, ticker X64. So apart from the silly new name, what’s going on?
I read in the Sunday press that West End landlords Capco (CAPC) and Shaftesbury (SHB) are in talks about a £3.5 billion merger. Of course many will highlight some combination of their discounts to book value and how exciting it would be to bring together the owners of “landmarks including Covent Garden and Carnaby Street”. My personal view is that if I never see Covent Garden or Carnaby Street ever again that will be no great loss, but maybe lots of other people have a different view.
That was a rip-roaring week! One might be tempted to suggest that equity markets do not know what they want: they were sliding ahead of the Fed’s rate decision in fear of a rate hike. When they got it (a half point rise) they went up. And when the dust settled they went down again. Gold and Bonds did much the same.
Biy do I like economist Steve Hanke. He concludes this interview with a claim that 95% of what appears in the Mainstream Media is wrong or irrelevant. As I work on my next Ukraine podcast, how right the good Professor is.
Red Rock Resources (RRR) has announced results for its half-year ended 31st December 2021, with Chairman Andrew Bell emphasising “there will be a strong focus on cash generation and creating opportunities for value crystallization”. Time for action, not words though Andrew!
Standard-listed Panther Metals plc (PALM) released its full-year numbers to December 2021 last week, and this bank holiday morning we had drilling news from its 37%-owned sister company in Australia, Panther Metals Ltd (ASX:PNT).
Everything is going down: shares, precious metals, bonds – it is all one way traffic south. The Nasdaq is now officially in a bear market, and has seen all of last year’s gains wiped out. The Dow is down from almost 37,000 at the turn of the year to 32,977 and all the US indexes slumped into yeserday’s close. But Bonds are also falling, and Gold had a poor week too – perhaps no surprise, given the general sell-off.
Gold miner in the Philippines, Metals Exploration (MTL) has announced an update on the first quarter of the year and that it is “well set to continue to deliver our planned strategy for the coming year”.
At one time I quite liked the look of Hummingbird Resources (HUM) and its gold mining operations, but unfortunately, like so many AIM listed resource stocks, its potential looked better than what it hasactually turned out to be!
That was quite a week – having started in risk-on mode, all the major indices were slapped down on Friday, US treasuries fell away yet again and gold and silver slumped as the week drew to a close. Gold ended the week at $1,932, down from $1,974 a week ago, having bounced off resistance at $2,000. Meanwhile the Dow closed down 2.8% on Friday, alongside a 2.6% drop on the Nasdaq and a 1.4% fall from the FTSE100. The 10-year US Treasuries closed the week on a yield of 2.9% whilst 2-year hit 2.67%. The reason for the end-of-week squall was the Fed.
Having posted my thoughts on sub-Standard-listed Pure Gold (PUR) - dual listed in Toronto (TSXV: PGM) - over the bank holiday weekend, today we had an update from the company. And it was not good - my conclusion at the weekend was that it was more a case of Fool’s Gold than Pure Gold and this morning I was totally vindicated. Is it time for an Ouzo already?
Centamin (CEY) has announced a quarterly update including “as planned, Q1 2022 production reflected the successful transition to owner mining in the underground… reiterates its 2022 full-year guidance”, so what of a share price response currently down closer to 90p?
Fully-listed Gold miner in Egypt, Centamin (CEY), offered up its Q1 report this morning and whilst there were a few corners to celebrate, there was bad news – at least temporarily – for shareholders as the company reported cashflow of MINUS $21.4 million on reduced sales as the business model changed to owner-mining and much-increased costs. As I write, the shares are down 7% on the news at 90p, capitalising the company at £1.05 billion. But are things as bad as they seem?
For Petropavlovsk (POG) – as I warned you all on March 4th, here – things go from bad to worse. Its banker and sole purchaser of gold, GazpromBank, is sanctioned by the UK, so the AIM-listed miner cannot generate any revenues, or even pay interest on its debts. Today, the banksters have thus stated that the company is in default and called in the loans.
Anglo Asian Mining (AAZ) has announced it “is pleased to provide a production, sales and operations review for its Gedabek contract area in western Azerbaijan, for the three months to 31 March 2022”. So, what of the shares responding slightly higher to 95p?
Apart from on bitcoin, analyst, Gerald Celente, is bang on the money. He kicks off this podcast with the scamdemic, and the resulting actions of governments around the world. He states that one country after another is acting in lockstep, attempting to ‘flatten the curve’ by locking you down and putting you out of business. Then the vaccines came but, contrary to general belief, did worse than nothing. We in the West adopted the Chinese way of suspending our freedoms.
The bond markets have reacted strongly to the smoke signals from the Fed that interest rates are going up (far and fast, so they would have us believe) and that we are about to suck some of that excess liquidity out of the market via QT – quantitative tightening. The result has been far higher bond yields – which should be bad for Gold – and if QT actually happens, since it is the opposite of printing money then in theory that is also bad news for gold-bugs.
Gold analyst, Jeffrey Christian, believes it is clear the world is shifting towards higher gold prices.
On March 4 of this year, I warned you - in the most explicit tones - that Petropavlovsk’s (POG) relationship with Russia’s Gazprombank meant it could be wiped out. The company pooh-poohed this idea via RNS; clearly, the bulletin board savants knew better. But here we are, and now, even the company has admitted it!
Ariana Resources (AAU) has announced an update to the mine development programme, underway at its 23.5% owned Tavsan project, which has helped the shares up to above 4p.
AEX Gold (AEXG) has announced exploration drilling results from its Nalunaq project, which, it emphasises, verify that the Valley Block, unrecognised by previous operators, is a new high-grade zone and supports its 'Dolerite Dyke Model'. This, it says, has been used to predict the location and extent of five new high-grade zones.
AIM-listed Gold (and Silver) producer in Turkey, Ariana Resources (AAU) has at last updated the market over its second Gold mine at Tavsan. It seems that things are indeed progressing and we are now given to expect mine construction to commence this quarter.
Bullion analyst, Nick Barisheff, gives a call that will cause even our in-house gold loon, Nigel Somerville, to spit out his cornflakes. He is, of course, talking his book.
Analyst Gareth Soloway believes that Bitcoin will survive and thrive but it’s likely to correct further as there is still much irrational exuberance in the crypto space. He argues that the current pattern is more likely to break down.
It has been a while since a took a look at my Gold stocks so here is an update, including AIM-listed Ariana (AAU), Panther Metals (PALM) of the Standard List and Centamin (CEY) and Golden Prospect (GPM) on the full list.
I suggested two weeks ago that the yield curve was going to invert by the end of April. I was wrong – it has already happened. This, I suggest, has implications for the yellow metal, which closed this week back down at $1926 – down from last week’s $1959, but still nicely above $1900 and indeed the last quarter saw a record high finish.
Investor, Lawrence Lepard, states that Russia’s actions will likely drive the price of gold, as we’ve reached a tipping point not unlike in the 1970s. Putin is hitting back economically: the theft of reserves was a clear warning to many countries. Thus, the Ukraine/Russia conflict is not only military but economic.
It is now two years since His Highness, Sheikh Ahmed Dalmook Al Maktoum, clambered aboard the jam-tomorrow joke that is Oracle Power (ORCP). News of the Sheikh’s involvement saw its shares surge to 1.25p. Last December, he exercised 200 million warrants, meaning he now owns 500 million shares, for which he paid 0.25p each. But Oracle’s share price has flagged a bit of late, as investors have grown mightily tired of its jam-tomorrow coal and gold projects.
Asset Manager, Michael Piepenburg, is quite clear: we are at a turning point when it comes to the death of an Empire, that is to say, America.
Jordan Roy-Byre of TheDailyGold.com is getting very excited about the prospects for Gold and Gold stocks, saying this week that now could be the last chance to buy cheap and that he thinks that we are in a bullish consolidation ahead of a major break higher in the next 2-5 months. Given that he is perhaps the most bearish Gold-bull around, it is a big call.
These are the most-read articles and most listened-to Bearcasts of the week. The most read non-Tom story is Centamin – 2021 FY Numbers And Dividend: Is It Now A Sell? by Nigel Somerville at Number two or Number four if you include Bearcasts.
On March 4 I asked if Petropavlovsk (POG) shares could be a zero citing its banking relationship with Gazprombank as one of two reasons why it might be. On March 9, the company pooh poohed the suggestion with an RNS which, with hindsight, in light of news today, was manifestly dishonest.
Gold ended the week at $1922 – down from last week’s $1991 as the assault on the record high petered out. The Fed raised interest rates, the Bank of England hiked rates again, the Ukraine war continued with more horrific attacks and inflation was still there rearing its ugly head.
Ariana Resources (AAU) has announced production guidance for 2022 for the joint venture (Ariana 23.5%) Kiziltepe mine in Turkey, looking to add to performance which has consistently been above plan.
Analyst Don Durrett says that it is fear that will get gold racing away. And he can see plenty of fear on its way.
AIM-listed Gold producer in Turkey has updated the market this morning with regard to the amount of shiny yellow metal we can expect it, along with its JV colleagues, to produce at the Kiziltepe plant this year. The figure, 25,000 oz, is bang in line with what I was expecting given that the company had already indicated at much a few weeks ago, but it is nice to have the confirmation all the same.
Well, I look a right Charlie. Having spent the last 18 months trying to restore the investment case for fully-listed Egyptian Gold miner Centamin (CEY), the board now intends to chop the payout and the shares have tanked. What to do?
Okay, Kevin Wadsworth and Patrick Karim are chartists but let’s not hold that against them. Their calls are dramatic and bearish.
This week we have annual results from fully-listed Centamin (CEY) on Wednesday and I’m hoping for production guidance from AIM-listed Ariana (AAU). But with the Gold price all over the shop it will also be interesting to see how the coming week plays out for fully-listed investment trust Golden Prospect (GPM).
What a week! A week ago Gold was at $1973 and threatening to take out the all-time high from August 2020 at $2063. It squeaked over $2070 intra-day on Tuesday then in a volatile week dropped back down to $1960 on Friday, before recovering to close the week at $1991. Silver had a similar whip-saw week, as did markets in general – and I fancy that we are in for more of the same next week as Ukraine continues to play out, the Fed announces its first interest rate hike (or not….) and inflation continues to run amok.
Fresnillo (FRES) has announced 2021 results and on-going challenges but also confidence in its prospects. Really?
Wishbone Gold (WSBN) has announced proposed steps to drilling at its Red Setter project and then at its Cottesloe project, whilst the shares are currently 6.6p to buy.
Precious metals dealer Patrick Yip is clearly talking is own book but is, I think, correct in suggesting that everything is becoming more expensive and we see that in the one year performance of most commodities. The US Consumer Price Inflation (CPI) report of 7.5% seems to be very understated but this rate of inflation alone would remove 35% of your purchasing power in five years.
Nigel Somerville’s hero Jordan Roy Byrne has come out with a big call: gold to $4,000, silver to $100 by 2024 with a stagflationary recession on its way. The great man says that…
Currently the conflict in Ukraine is a huge risk for any companies operating there or in Russia, and even more so with further sanctions being put in place and proposed.
I see this morning that Gold hit around $2025 per oz as the Ukrainian crisis and the associated sanctions continued to hit the market. The price has since eased a little to $2009 but this is the highest the yellow metal has been since the record high at $2063 in August 2020 and I don’t see anything to hold it back beyond a short bout of profit-taking.
Hello Share Thrashers. The only sectors looking to be rising in the shadow of the war are mining and oil. Trident Royalties (TRR) has fingers in many mining pies, including gold. It’s share price has been tickling all-time highs but seems stable at the moment. That could change if gold continues to glow. Especially as the company has recently released some good news from the gold fields of California.
I am shortly off to Tesco then will be in action as the family cook. Ahead of that I look at Deepverge (DVRG) run by the arse Gerry Brandon, wondering which will come first, the next trading warning or the next bailout placing, at Mirriad (MIRI) where I disagree with comrade Stacey, Amigo (AMGO), Chill Brands (CHLL), Jubilee Metals (JLP), Supply@ME Capital (SYME), Cellular Goods (CBX), oil, gold and Ukraine and finally at Argo Blockchain’s (ARB) latest news.
All credit to Palisade Radio for this podcast with Peter, a chap on the ground in Russia in St Petersburg. You will not hear or see this sort of thing in the mainstream media as we now hear only side of the conflict and anyone suggesting there may be another point of view faces a firestorm of hate. Peter has a background in economics and finance while also being a private investor in both stocks and cryptocurrency and was just old enough to remember the collapse of the Soviet Union and recollects the emotions of family during that time.
Kefi Gold & Copper (KEFI) has announced that with, over the past two months its Ethiopia security situation having remained stable following abatement of civil war at the end of 2021 and State of Emergency being lifted, it is pleased to announce that development activities at the Tulu Kapi gold project have recommenced. Good news.
Gold finished this week at $1973 – up $74 from last week and now only $90 from its all-time high and seemingly set to challenge that mark very soon as the perfect storm gathers force. Even our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, has turned uber-bullish.
This has certainly been an interesting first four days of March for global investment markets. And – in a way – being a bit too busy with meetings and travel over Thursday and Friday to do anything much with investment market choices is no bad thing.
Analyst Luke Gromen of Forest for the Trees makes this clear. The media may tell you that sanctions will hit Russia but they are also going to whack the West.
Bullion manager Stephen Flood says his company is seeing a lot of demand due to inflation concerns. The broader consumer base is not interested in buying gold but he expects this will change. He claims that we’re seeing seven percent inflation and it’s likely much higher. It’s not going to take long for money to halve in buying power.
These are the most-read articles and most listened-to Bearcasts of the week. The most-read article non-Tom article is Postcard From Montana As Gold Blasts Higher and Putin Blasts Ukraine by Nigel Somerville at number six or number 11 including Bearcasts.
Standard-listed Panther Metals (PALM) had a wild ride last week. Given that it is a Gold explorer and the yellow metal had a wild ride too, that is not a surprise. But Panther’s share price movement was the exact opposite of what was going on in the world’s yellow backstop currency.
Forget Ukraine it is not the real driver of the bull case for gold. Analyst Keith Weiner explains what is and why the makes him a gold bull.
The big news this week was, of course, the Russian invasion of Ukraine. It is horrendous, and once again my thoughts are with those in the firing line. The market’s initial response was to mark up Gold and oil/gas, and sell everything else. But then a recovery set in – although I am not convinced it will last.
I start with events in Ukraine and possible peace and where that leaves some Russian owned stocks. Then I turn to Ncondezi (NCCL) and then a detailed explanation of why today’s Versarien (VRS) analysis matters but also why the cash crunch is coming far sooner than most morons realise and the next bailout for the loathsome Ricketts will not be pretty. And then I ask where next for gold and oil prices and stocks?
I know what many of you are thinking today: why don’t I hold 100% cash in my portfolio this morning? Or maybe 100% gold? Or have been super short the Russian markets. Hindsight Asset Management is always the best performer but – patently obviously – it does not exist and never will. And if you are smart you will realise – whether we are talking about markets or any other challenges – what matters is not what you might have (or probably have not) predicted, but how you react and see the future.
Vladimir Putin has gone for it: his troops went into Ukraine last night alongside missile attacks on Ukraine’s military and, according to broad media reporting, cyber-attacks were unleashed. As diplomatic efforts to resolve the situation were exhausted, it is now clear that Putin had decided to go in some time ago. The markets’ reaction has been to sell off, but oil is up and Gold is strongly higher.
I start with a few thoughts on flooded fields then on where next for Julie “Lingerie on Expenses” Meyer after yesterday’s six months in jail (suspended pro tem) bombshell.I fear that things are very soon going to ge much worse for her. Then onto Ukraine and panic, oil and gold. Then onto Hargreaves Lansdowne (HL) and finally as to why I am so proud of the Mrs which is, in a way, linked to Hargreaves.
Analyst Mark O’Byrne is puzzled by gold’s lack of reaction to current global risks. He says that the metals should have moved higher in response to inflation. Supposedly, they are anticipating rate hikes but a large move seems unlikely as that would crash the markets. Inflation is not transitory and we’re just seeing the start of it. He expects weakness in the short term for gold as Fed takes some sort of action. Then he says that within a short period afterward, we will see gold break to the upside.
Gold ended the week at a tantalising $1899, up from last week’s $1859 and right on the technically critical $1900 mark. In fact the weekly closing spread, according to Kitco.com, was $1899.2 – $1900.2. The general view amongst technical commentators is that if Gold crosses above $1900 we are in for some fun, but some of the current strength is down to a war premium as tensions regarding Ukraine are at boiling point. Will Putin go in or won’t he? And if he doesn’t, then the war premium will have been temporary – I would expect Gold to fall away at least a little. I’d rather not think about the scenario if he does….
There was good news this morning for shareholders in AIM-listed Ariana Resources (AAU) as it confirmed dates for the second tranche of its special dividend. As a loyal shareholder, I am looking forward to topping up my supplies of Ouzo o the proceeds.
AIM-listed Ariana Resources (AAU) has released details of Gold discovered at the Klirou sector of the Magellan project in Cyprus, owned by 50% investee Venus Minerals which is itself set to list in London.
One of the best things about not being an institutional fund manager (in my case for nearly nine years now) is being able to manage your own pension fund. One of the first shares that I purchased after switching all of my corporate pension fund away from the terribly boring investment structure that used to run it was Randgold Resources. The west and central Africa gold mining business had already been one of my top institutional holdings for about six years at that point although – if I recall – most other people thought I was a lunatic buying it, especially when there was a bit of political excitement in places such as Mali and the DRC. It was much better than buying an index fund then and that good run continued before it culminated with the company leaving the FTSE 100 index…as it had been purchased by the Canadian giant Barrick Gold (NYSE – GOLD). Very sensibly the Canadians asked the Randgold management team to run the whole business, so I took the shares rather than cash, which brings us four years later to today and full year 2021 numbers…
Hello Share Turners. As we on this spiffing website are a discerning bunch, there’s a high probability you’re familiar with ‘Scandinoir’. That’s the hard hitting crime TV we can watch from Denmark, Sweden, Finland and Iceland. I’m a huge fan, which leads me to look at AEX Gold (AEXG). This mining outfit has a big cheese from Iceland and operates in icy Greenland. And it’s been commended from time to time by Steve and Tom.
Ariana Resources (AAU) says that it is pleased to announce a 19% increase in Kiziltepe sector (Ariana – 23.5%) gold resource over the previous (2020) undepleted mineral resource estimate and that this shows the potential here. AIM companies though always say they are pleased to announce basically anything, so should Ariana really be pleased?
Gold closed the week at $1859 – well up on last week’s $1808 and the highest since November when it briefly went to $1867. Before that, the last high point was at the end of May last year at $1908, and then the all-time high at $2063 in August 2020. My view is that all of these marks could get taken out in pretty short order: inflation still rages and there is a potential catastrophe looming in Ukraine.
The all-important inflation data for January in the US has come out. Anyone still taken in by the Fed’s “transitory” description of the thief in the night will be sorely disappointed and the pie-in-the-sky wishful thinking that saw people thinking that inflation might moderate in the face merely of threats of rate rises have had a bit of a shock.
Author and journalist Larry McDonald writes about global political and systemic risk and how to make money from it. He starts his bear thesis with assessing how dangerous the extreme leverage within ALL markets has become.
AltynGold (ALTN) has made a “4th Quarter results” announcement and states that it is “positive that we will deliver even better numbers in the coming year”. So what’s the detail?…
Gold ended the week at $1808 – so still around the $1800 mark. It has been here for what seems to have been an eternity. Yet at the same time, whilst the yellow metal has held firm, gold stocks have been selling off and silver has slipped back to $22.50, having been as high as $24.50 only a couple of weeks ago.
These are the most-read articles and most listened-to Bearcasts of the week. The most-read article talks about an article from Private Eye, so make of that what you will. The most-read non-Tom article is Catching Up On My Gold Shares As Sentiment Nose-Dives: Centamin, Panther, Ariana and Golden Prospect by Nigel Somerville at Number 2 excluding bearcasts.
Without making a specific call, analyst John Roque makes gutsy bold points worthy of note and the short equities/long gold long energy stocks short tech thesis is at the core of what Roque says.
Writer Jesse Felder warns that equities have NEVER been more overvalued but that gold offers a … golden opportunity to get rich
Lucian Miers and myself have repeatedly called out Cineworld (CINE) as a compelling short and those who have followed our calls have prospered. But the FT, the home of almost every wrong call in history from backing the UK joining the Euro to selling its gold in 1997, runs a story “Cineworld debt pile set to save cinema operator from bankruptcy.” You might think this is a reason to buy. Au contaire. A resting banksta writes to me to explain.
We have had a boat-load of news from my Gold shares, so here is a round-up of my take on the latest developments from fully-listed Centamin (CEY), AIM-listed Ariana Resources, Standard-listed Panther Metals (PALM) and fully-listed investment company Golden Prospect (GPM).
So the result of last week was that the Fed didn’t hike rates (but essentially said it would next time) and Gold slipped back below $1800, having been knocking at the door of $1850 resistance until then. The yellow metal closed the week at $1792, having pushed as low as $1780 in the…er….disappointment.
Gold producer in the Philippines, Metals Exploration (MTL) has announced its fourth quarter and full-year 2021 performance and noted guidance for the current year.
Gold ended last week at $1836, up nicely from the prior week’s close at $1818 and, perhaps importantly, just above resistance at $1830-1835. Silver also did well, closing at $24.32 – close to a two month high. Meanwhile, for stockmarket bears, markets were selling off. The only ingredient now needed for Jordan Roy-Byrne’s (ahem….) golden scenario now is a Fed rate hike.
Ariana Resources (AAU) has announced 2021 production from the 23.5%-owned Kiziltepe mine in Turkey and “with value upside evident across all arms of the company, 2022 is set to be a fantastic year for Ariana”. Well maybe. A lot clearly depends on the gold price but we do think that a) 2022 will be a good year and b) that is not discounted in the curremt share price.
Another one to annoy our in-house bitcoin loon Jimbo although I sense that this particular sinner is somewhat repenting.
October share tip at a 279p offer price, UK pawnbroking group H&T (HAT) has announced that “trading performance during the second half remained consistently strong and the group expects to report profit before tax for the full year within the range of current market expectations”.
Asset manager, Egon von Greyerz does not mince his words. There is no fence sitting here. He argues that systemic risks are increasing but the general investor does not appear concerned. No one knows the size of the derivatives markets but it’s likely in the quadrillions. Egon points out that sovereign bonds make no sense for investors since the only way they can be paid back is with more money printing, hence they are extremely poor investments especially when you consider the dismal returns.
AIM-listed Gold and Silver producer in Turkey, Ariana Resources (AAU) released its full year production data for 2021 this morning – and the news is good. Alongside that came an expectation to double the original life of mine at Kiziltepe, and the company confirmed that the plant expansion there had indeed completed in early H2 increasing the capacity to 300% over the feasibility design. It is a cracking update.
I start with the suggestion that I am ramping gold and de-ramping Bitcoin. I discuss this nonsense although I am vaguely flattered that anybody thinks me so omnipotent. Then onto Unilever (ULVR). Finally a related discussion on the wretched Sunday Times coverage of the laughable Black Pound Report. I refer to the LadBible piece HERE
Gold ended the week at $1818, nicely up from last week’s drop to below $1790 and the close at $1797. The yellow metal is still not though $1830 resistance but the general direction of travel over the past month and a half has been upwards and the past four and a bit months has seen a steadily rising series of low points – even if of late there seems to be a ceiling at $1830.
I cannot help but think that unfolding events in the Ukraine are going to be positive for both gold and oil in the coming weeks. But that is not the thesis of analyst Steve St. Angelo of the SRSrocco Report. Steve seeks to show how energy can impact the price of gold and why it essentially sets a floor for the metal. He argues that the foundation of our global economy is the cost to produce goods and there has to be a profit margin: Everything has a margin but unfortunately, investors often forget this factor when evaluating charts.
Anglo Asian Mining (AAZ) has published a fourth quarter update, including noting an underway technical study to determine the commercial viability of adding to its production from an existing underground mine, Vejnaly, in the second half of this year.
I run this to annoy both our in-house crypto loon Jimbo but also gold loon Nigel Somerville. But Andrew Gilbert who makes the call is a chartist so, almost certainly, wrong.
Chris Rutherglen is a chartist so feel free to ignore everything he says but just to keep Nigel happy out there in freezing Montana at the log cabin with only the Unabomber on the next mountain to chat to …
Ex broker and commentator Bill Holter of JSMineset makes it clear: inflation is unavoidable and that must send gold higher.The process is already underway.
Our favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, reckons that Gold is in for some slippage – it could slip down to around $1670 or so in the run-up to the Fed’s first interest rate hike, probably in March. If that is not enough, the minutes of the last Fed rate-setting meeting made it clear that it will be tightening policy – and possibly performing quantitative tightening (the opposite of QE) too. Normally that might be seen as a cue for the yellow metal to nose-dive, and although it fell once again below $1800 it closed the week at a resilient $1797 – down just $33 from the close at the end of 2021.
Perhaps the world’s best known resource investor Rick Rule is, of course,talking his own book but now he has retired from Sprott he claims he can speak more freely than before. The joys of being unregulated. Don’t I know it!
Gold ended the year at $1830 – up $20 in a shortened week, but down almost $70 on the year. So much for my belief that anything to do with Gold would have a good year – and so much for my $2000 at year-end prediction. But I sense things are swinging back in favour for the yellow metal.
Some two years ago, Tom, you made Red Rock Resources Plc (RRR) one of your stocks of the year, and I felt over the ensuing months an added responsibility: that of carrying your colours, with a price target and some promise in relation to hats attached.
Yes Piers Linney is back. I fill in a few gaps for Mail readers including red flags from the latest venture of disgraced Piers, Moblox Limited. Then it is onto macro predictions on oil, gold, interest rates, inflation, house prices, tax, equity markets and bitcoin. Happy New Year.
With the ShareProphets 24 tips of the year for 2022, including two from myself, currently being published, how did my 2021 tips fare?…
AEX Gold (AEXG) has announced that it “is pleased to provide shareholders with an end of year update”, with it noting a revised mine plan will be driven by drilling results in the Valley Block where the early signs are “very encouraging”.
Gold finished for Christmas at just about $1810, up $11 on the week as Gold enjoyed a very minor Santa rally. The view from the Montana log-cabin is that this recovery of $1800 is fragile in the short term, but I expect a much stronger 2022 as the grinding correction fizzles out and the US heads into mid-term elections at the end of the year.
It is time to look back at my share tips from last year’s Christmas tipfest – is it celebration with Ouzo or a big slice of humble pie?
Analyst Bob Coleman from Idaho Armored Vaults is a precious metals bull.
Analyst Jaime Carrasco of Canaccord Genuity is still a gold bull and here’s why.
These days I’m generally not a fan of tiny natural resources companies and tend to avoid them as they rarely attract the positive sentiment and momentum that we have seen in the past, and most will never even come close to actually extracting anything from the ground.
Well that was a strange week! Having plunged as low as $1765 earlier this month from a high point of $1872 mid-November, Gold has been trying to put in a recovery but there have been some strange reactions.
Nigel worships the ground on which Jordan Roy Byrne walks. But to me he is just another chartist. Nuff said. If only to humour Nigel, I bring you Jordan’s latest shout. Gold at $3,000. That would be nice but I am not betting the ranch on it. Nor should you Nigel.
This week Gold again went nowhere, closing at $1783 against last week’s….er…..$1783. But beneath the apparent market inactivity I sense there is a change of sentiment going on. The issue for me is that in theory, with interest rate rises on the horizon (making bonds more attractive) and suggestions that inflation may be moderating, Gold should be falling in price yet it is holding up quite nicely.
It was announced this morning by both AIM-listed Gold and Silver producer in Turkey Ariana Resources (AAU) and Standard-listed Panther Metals (PALM) that Panther’s Australian assets have been floated on the Australian Stock Exchange. This is good news for Ariana, as its subsidiary Asgard has a small stake and for Panther Metals it means that the Australian portfolio is now separately funded, leaving Panther with just its Canadian assets to fund to production/sale.
I don’t think the 2020s is the 1970s mark two, but I really don’t think it will be the 2010s mark two either. And that suggests you are going to have to pick-and-choose more carefully during the 2020s. This is why, looking back to the 1970s, there are many relevant reasons why ‘gold’, ‘commodities’ and ‘value versus growth’ were the best performers across the decade then…and that should be the same against ‘bonds’ or ‘cash’ and ‘growth stocks’ by the time we get to the end of 2029. Anyhow, all of this brings me to the question of Anglo American (AAL), with its diamonds, copper, nickel, iron ore and metallurgical and thermal coal exposure.
Ariana Resources (AAU) has announced mineral resource updates for Kokkinoyia and Apliki in Cyprus, emphasising the former “contains a substantial tonnage of mineralised material across several domains beyond what was already understood from the historical work” and that it will now be looking into the potential to integrate a part of Kokkinoyia with the planned Apliki copper mine development project.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU) released two lots of news this week from Venus Minerals, the Cyprus-based explorer in which Ariana holds 50%. First up came a revised mineral resource estimate at the Apliki project, which Venus wants to buy into and which looks set to cornerstone an IPO for the company. Then an increased JORC resource estimate at the Kokkinoyia project was released.
Gold had a steady week last week, closing at $1783 per oz, down a shade from $1792 the previous week. As bond yields have moved higher as the market anticipates the Fed’s taper and rising interest rates, it seems to me that Gold is trying to climb the “wall of worry” but as yet hasn’t had the impetus to clear the hurdle. We will have to wait a little longer.
Me and my big mouth! Last week it was all positive: Gold had been moving higher, seemed to be out of the downtrend of lower highs and Gold shares were riding high. Then wallop! All of a sudden Gold is back below $1800 at $1792, having been $1845 the previous week. But is this sell-off really serious?
The top non-Tom article this week is The View From The Montana Log-Cabin as Gold Consolidates Above Former $1835 Resistance so when will we see $4080 Jordan? by Nigel Somerville at number four or number 11 if you include the Bearcasts.
AEX Gold (AEXG) has announced third quarter results and an update including that a Nalunaq project engineering study is on track to be completed by the end of the year and that it is extremely excited by the wider exploration potential of its assets and looks forward to also being able to demonstrate the potential value of its non-gold, strategic mineral assets in due course.
Commentator Adrian Day says that “The Fed’s bark is worse than it’s bite.”
Once again, if I have ever given the impression that David Lenigas is a penny share spiv happy to tell total porkies to promote worthless investments such as UK Oil & Gas (UKOG) I must apologise. And I mean that most sincerely. For this morning the great number cruncher has produced, on twitter, more in-depth and compelling research with conservative share price targets on a stock where I happen to be long, not that this influences me in any way. The great man reckons shares in this gem might gain 66% within weeks. Who am I to argue?
Political risk is always hard to gauge, and where it does start to become a potential issue for a company, it is rarely clear in advance just how much of a problem it could be. The political risk in Peru increased significantly earlier this year when left wing president Pedro Castilla came to power, especially for mining and oil companies as he had promised to heavily tax foreign companies operating there.
I start on gold and why, though a bull, I can’t be as bullish as I think I should be. We are all prisoners of our pasts. Then back to Nightcap (NGHT) the corporate goverance disgrace founded by Sarah Willingham of Dragon’s Den fame. This all started with the greed and reward for failure I exposed HERE, the misuse of company funds exposed HERE and then the shocking undisclosed relationship of La Willingham with the chap who runs the Remuneration Committee HERE. Now I turn to chairman Gareth Edwards and another NED Thi Hanh Jelf and the Pinsent Masons connection. Can we really view Gareth as independent? I call for three resignations and the return of company funds first thing tomorrow. That is the least Nomad Allenby should accept as the price for it not resigning.
Gold may have sold off at the end of last week, but seems to me to be sitting pretty at $1845 – down $21 on the previous week but still nicely above former resistance at around $1835. But there is perhaps a rather more troubling line to cross at around $1900 or thereabouts, which might take a few goes to crack.
We currently find ourselves at a very interesting fork in the road because the overstimulation of economies by Central Banks since March 2020 is now starting to feed through into higher reported inflation and, more importantly, inflationary expectations. I see no return to a low inflationary world any time soon.
AIM-listed Gold and Silver producer in Turkey, Ariana Resources (AAU) has announced that exploration at the Salinbas project and at the forthcoming second Gold mine at Tavsan has kicked off in a mid-winter programme which will inevitably present some challenges for the three-way joint venture in which Ariana holds 23.5% alongside Ozaltin and Proccea.
I don’t think it is quite time for an Ouzo yet, but I’m feeling pretty happy watching Gold rise to its current level of $1866 – up $40-odd on a week ago and, importantly for chartists, through resistance at around $1830-35 which ShareProphets’ favourite technical analyst, Jordan Roy-Byrne of TheDailyGold.com, had been looking for whilst warning of a drop.
Analyst Michael Oliver believes the movement in gold last week was just the start of another bull run. Silver is in a similar pattern to gold but needs to reach $25.37 on a weekly close to trigger a move higher, he claims.
AIM-listed gold producer in Turkey Ariana Resources (AAU) has updated the market on the proposed 50-50 joint venture between investee Venus Minerals, in which Ariana now holds 50%, and Hellenic Copper Mines involving the Apliki Project in Cyprus. If all works out successfully the plan is for Venus to pursue its own IPO, giving Ariana some additional liquidity in the form of listed shares.
Standard-listed Panther Metals (PALM) has confirmed this morning that the IPO of its Australian assets is set for 10 December. This is great news, firstly because the IPO offers finance for the Australian half of the portfolio and leaves Panther to concentrate on the Canadian assets. But it also means that its Australian assets will offer liquidity, either from the direct sale of shares or giving the opportunity to leverage its position. So how do the numbers look?
ShareProphets published the latest thoughts of favourite technical analyst Jordan Roy-Byrne regarding Gold on Friday. It was described as a bleak warning for folkslike me but I beg to differ – and I certainly won’t be buying meme stocks instead!
It looks as though Asiamet Resources (ARS) has finally landed the deal for the BKM asset that investors have been patiently waiting for, but so far the market seems unimpressed and the share price is trading lower than it was before the announcement.
Oops. this is the man gold mega bull Nigel Somerville always defers to, Jordan Roy Byrne and for gold bugs his warning is bleak. The yellow metal ain’t going anywhere fast and indeed could go lower until Spring 2022. Ouch Nigel….time to move back from Montana, sell the beans and gold and buy some meme stocks? Over to you Nigel to respond. Meanwhile here is Jordan…
Bluebird Merchant Ventures (BMV) has announced half-year 2021 results, including that the buyout of the project interests of joint venture partner Southern Gold (ASX – SAU) should be completed by the end of the year but that its project work has been restricted.
Gold closed the week – and month – at $1785, down from last week’s $1792 having again had a go at breaking through $1800. It does keep knocking at that door but so far there isn’t the buying strength to go through. I fancy that the market isn’t keen to put its money on the table ahead of next week’s central bank meetings in the UK (less so) and more importantly at the Federal Reserve. Whilst there is plenty of speculation that the UK will raise interest rates, over at the Fed the question is merely about tapering the vast quantities of new cash being printed and for Jerome Powell and his colleagues it is a tough call.
Investor and writer Nate Fisher kicks off by describing a regular monthly pattern he sees with silver that is indicative of manipulation.
AIM-listed Gold (and Silver) producer in Turkey, Ariana Resources (AAU), has had a wonderful summer in terms of its Gold exploration activities with a stack of very promising drill results from across its portfolio which suggest good news to come next year. Gold and Gold stocks may have had a torrid time, but on the exploration front Ariana hasn’t been able to disappoint and this morning saw yet more good news from investee Venus Minerals in Cyprus.
Analyst Jeffrey Christian admits that folks do not agree about what will happen next. He discusses his recent presentation at the Silver Symposium and how his opinions differ. He notes that all currencies are fiat and that gold’s value is determined by fiat. Much in the same way that currencies are valued by national central banks.
Predominantly precious metals companies investor, Golden Prospect Precious Metals (GPM) has announced results for the first half of 2021, with experienced Chairman Malcolm Burne noting “governments acknowledge gold’s safe-haven protection even if the fickle investment community does not” currently.
Gold closed this week at $1792 – up from last week’s $1768 and like last week it had a pop at $1800, reaching $1813 before being batted back down below $1800. Gold stocks had another good week too, as can be seen on the chart showing Gold, GDX (major producers’ ETF), GDXJ (“junior” producers) and GEOX (explorers) below.
Fully-listed Christmas share tip of mine, Golden Prospect (GPM) released its interim results to June this morning. The bottom-line news was that Golden Prospect lost 16% in NAV terms over the period – not exactly a healthy performance. But as long commented on these web-pages, Gold and Gold stocks have been in a correction since the beginning of August 2020 and I have commented before that Golden Prospect is likely to over-perform in both directions so when times are good they are really good for shareholders, but when Gold goes through stickier times Golden Prospect is likely to underperform. And so it has been: Golden Prospect’s NAV dropped 16% whilst GDXJ (the “junior” gold-miners ETF) dropped 14.7% and the yellow metal itself only fell by 6.4%.
Asiamet Resources (ARS) has been a very frustrating share to hold and in the past I have been less than impressed with the management, especially when it comes to the Aeturnum debacle at the start of this year.
Fully-listed Egyptian Gold miner Centamin (CEY) has this morning released its Q3 report and the good news is that, once again, all is on track. Guidance remains in place, with a couple of positive tweaks – and that suggests the dividend is safe. Indeed, it is possible that it could increase from guidance.
Gold miner in Kazakhstan AltynGold (ALTN) has made an update on the third quarter of the year, with the shares up as it noted that despite lower gold prices “strong production dynamics” still meant revenue was marginally up.
Analyst Christopher Aaron says “Now is the time to prepare your lifeboat because there is trouble coming for the dollar.”
Ariana Resources (AAU) has announced government approval of the Environmental Impact Assessment for the Tavsan project and that its joint venture is to “now proceed through the final permitting and construction phases”.
Gold finished this week at $1768 per oz, up $11 on last week and $6 on the week before – hardly an earth-shattering move. But mid-week it hit $1800 on CPI inflation data from the US showing that prices had risen more than expected at +0.4% in September against expectations of 0.3%. Suddenly everyone was worrying about inflation – so much for the Fed’s “transitory” label: the truth is emerging that inflation is indeed a problem. What kicked Gold back down again was US retail sales for September, but there is a bit of a problem with that…..
My tips of the year were published in late December 2020. How are they doing, now into the fourth quarter of this year?…
AIM-listed Gold (and Silver) producer in Turkey, Ariana Resources (AAU) has announced this morning that the Turkish government has approved the Environmental Impact Assessment (EIA) report for the Tavsan Mine – to be Ariana’s second Gold/Silver producer. This is great news and the market has responded by marking the shares up early-doors by 11% although they have settled back to 4.45p since.
AIM-listed gold producer in Turkey, Ariana Resources (AAU), announced yesterday news of big developments at its 37.5% owned, rising to 50% later this year, investee Venus Minerals. Venus is on the cusp of signing up to a joint venture to bring the Apliki copper mine into production and plans to get its own listing in London for its shares by year-end – news of all of which was a pleasant surprise to me.
Gold closed the week at $1757, down a tad from last week’s $1761 but pretty much unchanged. Nothing to write home about, perhaps, but very quietly Gold stocks seem to be showing a little more poise than of late. My chart of Gold against GDX (Gold majors’ETF), GDXJ (Gold not-so-juniors ETF) and GOEX (Gold explorers) shows what I am talking about.
This is just for Jimbo! Writer Keith Weiner says that economists and experts tend to say the strangest things and most of their statements don’t pass basic scrutiny.
AIM-listed Gold producer in Turkey, Ariana Resources (AAU), has announced news from Venus Minerals, in which it is has a 37.5% stake rising to 50% later this year, regarding drilling results from Kokkinoyia in Cyprus.
The top non-Tom article this week is The View From The Montana Log-Cabin as Gold Tests Nerves And I Beat the Rush to Stockpile Beans by Nigel Somerville at number 1 or number 2 if you include the Bearcasts.
The Gold price rose a little this week to $1761 from $1751 a week ago despite at least short term fundamentals being against it. Interest rate expectations are for rising rates, bond yields have been rising and equity markets haven’t cracked: the immediate outlook isn’t all that great for Gold, but it’s hanging in there.
I sart with a chat I had with my friend Lucian Miers on Demetri Kofinas and financial nihilism. Honest, it is more interesting than it sounds. Then to gold and why one might be losing faith. Lucian has. Then to two stocks I own Kefi (KEFI) and MyHealthchecked (MHC) and one that I do not and which is on its way down the plughole: the fraud Chill Brands (CHLL).
Asset manager Jaime Carrasco of Canaccord Genuity warns that we’re about to re-enter the storm that began back in 2008. He says, “Get your ship prepared.”
Another week goes by and Gold is testing the nerves: having bounced between $1750 and $1830 or thereabouts over the past three months, this week the direction of travel has been lower and the price closed the week at $1751. Worse still, we have seen a series of lower highs.
The Quoth the Raven podcast host Chris Irons is a man who believes in sound money and bad language so he must be a good bloke. Chris reckons that everything in the markets is rigged and the biggest rigger is the Fed. He says that the Fed’s main function today seems to be preventing market corrections. This is causing numerous issues along with making most people complacent.
Miner in Azerbaijan, Anglo Asian Mining (AAZ) has announced results for the first half of 2021 and that “FY 2021 Production guidance of between 64,000 to 72,000 gold equivalent ounces remains unchanged”.
Metals Exploration (MTL) has announced results for the first half of 2021 showing it generating cash and that access to further resource is being developed.
As with most junior miners, this one told us little of note in its interims today. But yesterday, Standard-Listed Panther Metals (PALM) announced the commencement of drilling at its Dotted Lake property in Ontario, Canada. The campaign with the drill-bit is to be short, with just a single hole planned, but the plan is for a 400m hole to be drilled directly below a historical trench previously excavated in 2010 which threw up some promising samples. Of course, at this stage it is a jam-tomorrow prospect but the drill bit might just prove it is a little more than that and we should find out fairly soon.
This is getting boring! Gold fails at $1800 and slips, recovers, shows signs of another attack at $1830 resistance and then fails again. Repeat ad nauseam. As can be seen from the chart below, it has been going on for some time now – indeed, since mid-June.
The top non-Tom article this week is My Gold Stocks, and Time To Revisit One I Let Go? by Nigel Somerville at number 4 or number 9 if you include the Bearcast.
Ariana Resources (AAU) is pleased to announce recent resource drilling results obtained from the Kepez North area of Kiziltepe, 23.5% owned by the company – emphasising that the area will provide Kiziltepe with a source of high-grade ore for blending with its current processing plant feedstock.
AIM-listed Gold and Silver producer in Turkey, Ariana Resources plc (AAU), announced another round of drilling results from the Kepez North area at Kiziltepe yesterday and the numbers look very promising.
Investment adviser Axel Merk warns that across the West there are growing reasons why tens of millions of folks will opt not to work but to such at the nipple of the State instead.
It has been a long year since the correction in Gold and Gold stocks set in. Back in August 2020, the yellow metal peaked at $2063, AIM-listed Ariana Resources (AAU) at 6.4p, fully-listed Centamin (CEY) at 232p, Golden Prospect at 72.5p and my minnow explorer, Standard-Listed Panther Metals (PALM) reached a then peak of 13.75. Now their prices at $1787, 4.7p (plus a dividend of 0.35p on the way), 91.4p (plus two dividends totalling 7 US cents), 48.5p and 12.875p. Ouch!
I had hoped that Gold might push through resistance at $1830-50 last week, but it did not – and the price slipped more-or-less all week to close at $1787 per oz, down from $1828 a week ago. The apparent resistance tells me that there is some way to go before there is enough market strength to push on higher to $1900 and beyond.
Standard-listed Panther Metals (PALM) offered up some good news this morning with regard to the IPO of its Australian assets, with the appointment of Brokers and an Aussie fundraise which suggest that it is all go.
Another week and more positive progress in the price of Gold. Last week it closed at $1817 per oz, now it is up to $1828 and spent the back end of last week having a pop at $1830 overhead resistance. This is all very positive in my book, and Silver had a strong week too moving up to $24.73 having put in a low point of $23.00 last month. So is the Gold Bull-market about to reappear?
Bullion dealer James Anderson looks at gold demand since 2020 and argues that interest in metals is steadily increasing. In the years to come, he predicts that this interest will continue as uncertainty in the markets grows: The structure of the financial system today is vastly different than in the past. Now there are layers of obscurity hiding the unstable system. Eventually, these problems will be too big to hide.
Investor Michael Gentile has a simple message about the only way to cope with inevitable inflation coming down the track towards us and fast.
Analyst John Feneck of Feneck Consulting, argues that FOMC Chair Powell is a former attorney and isn’t an economist. So, it’s important to listen to what the Fed chair is saying and avoid noise from others, even those at the Fed. John explains the importance of non-farm payrolls metrics but one should also watch the CPI and home prices. He cautions that a single metric should not affect the gold sector that much.
Too many years being involved in the investment industry taught me a few things, including that aiming to “sell in May and go away” was comical. No doubt for the rich who have had to worry about the summer season between June and September, it may have made a bit of sense, but for lower middle class grafters like me the summer always offered more working opportunities than threats.
If you want to invest in London listed precious metals producers your choice of shares is fairly limited, and has become even more so in recent years following takeovers of a couple of the popular miners.
Gold ended the week at $1817, up from $1781 last week. The big news was the chairman of the Federal Reserve, Jerome Powell’s speech to the virtual Jackson Hole shindig and whilst there had been some talk of a spot of hawkishness and an imminent taper on the masses of magic money being spewed out by the Fed, what we actually got was that the Fed’s view was that it could be appropriate to trim in this year. Which, of course, means it also could not be! The result was that Gold headed north and gold stocks followed suit.
Okay, the call is from a chartist so you may wish to ignore it but since it will annoy some folks here goes anyway.
