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Notes from Underground – Most read articles for the week ending March 22

By Darren Atwater | Sunday 23 March 2025


 


And yet again, Nigel Somerville is the most read non-Tom article, at number 1 or number 2 including Bearcasts for The View From The Montana Log-Cabin As Gold Breaches $3,000 – Time For A Victory Lap? No it is $3,500 next.

The most-read ShareProphets articles this week were:

  1. The View From The Montana Log-Cabin As Gold Breaches $3,000 – Time For A Victory Lap? No it is $3,500 next
    Gold closed the week at $2,985 – a good rise from last week’s $2,911 but the big story this week was that the yellow stuff traded above $3,000 for the first time on Friday, clocking up a high point of $3,005 before drifting back down below the psychologically important $3,000 mark. Gold stocks partied too, as can be seen on the chart below of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).

  2. Kefi Gold & Copper – Tulu Kapi project co-lending banks approvals in, full project funding sign-off even closer
    Steve Moore writes: Kefi Gold & Copper (KEFI) has issued a “Co-Lenders’ Boards and Committees Approve Project”-titled announcement related to its key Tulu Kapi gold project in Ethiopia. How key is the latest development, with the shares currently just over 6% higher at 0.565p in response? It would seem massive...

  3. Bakkavor – already a winning share tip, now “Possible Offer” news takes the gain to 29% in just five weeks
    On 7th February this year we wrote that shares in international provider of fresh prepared food Bakkavor (BAKK) were a growth and income Buy at a 139.5p offer price and up to 145p, concluding that a share price return to 175p+ looked quite possible and there also a, growing, likely 5.5%+ dividend yield. The shares had already responded up to a recent close 151p but it’s now clear we’re not the only ones to see further value here...

  4. Marshalls – 2024 results argue to expect a “strengthen progressively… market recovery later this year”, but what did it expect early last year again?…
    Landscaping, building and roofing products company Marshalls (MSLH) has announced its results for the 2024 calendar year including emphasising “resilient group performance reflecting decisive management actions and diversification strategy” and that it “expects a market recovery later this year, which should strengthen progressively”. So what about a share price, already down from a start of 2024 near 280p, currently 4% further lower to below 235p?

  5. The Green Bubble bursts – big news from the Krauts: double down on the AFC, Invinity and Powerhouse shorts
    In recent weeks I have flagged up the demise of big green plays in Denmark HERE and Sweden HERE. Now, with a hat tip to Andrew Neil, comes news from Germany.

  6. A chart showing how increasing tax creates crime
    The surest way to encourage crime us to ban something humans want to do. Prohibition in the USA in the twenties or the laughable "war on drugs" are case studies. But as the chart below shows there is another way - by dramatically increasing tax.

  7. Urban Logistics REIT – discount to NAV and income value
    Urban Logistics REIT (SHED) has just announced that it has agreed an “internalisation” proposal including to reduce costs and strengthen alignment with, and potentially encourage new, shareholders. This looks to add further to the value and income potential from a 115.6p offer price for the shares.

  8. You could not make it up: the fraud Supply@ Me Capital gets a new related party death spiral from another insolvent fraud, Nuburu
    This morning Alessandro Zamboni announced a related party convertible loan note from insolvent Nasdaq con Nuburu (US:BURU) where he is executive chairman to insolvent London listed fraud Supply@ME Capital (SYME) where he is chief executive. You could not make this shit up, it is a related party deal on steroids.

  9. Gelion – interims emphasise “significant technical and commercial progress”, but now running out of cash at a very bad time?
    Most recently on Gelion plc (GELN), last month I wrote on a “GEN 3 Sulfur Cathode viability update” from it that its shares had responded more than 27% higher to above 15p, but the announcement ramptastic? Avoid/sell. The shares most recently closed at 11.5p and what about now results for the company’s half-year ended 31st December 2024, with it emphasising this “a period in which the company made significant technical and commercial progress, including signing commercial orders to generate revenue and gross margin to be recognised in the second half” but the shares currently responding further lower to below 10p?

  10. Technically insolvent Argo flogging its bitcoin miners – look at how little they are worth
    Surely even Stevie Wonder can see that the writing is on the wall after today’s latest disastrous news from Argo Blockchain (ARB). This has zero written all over the shares as Stevie has just spotted.

The most-listened-to Bearcasts articles this week were:

    1. Tom Winnifrith Bearcast No 1: there will be a wealth tax, the 8th stock to short if you think the Nasdaq will slide some more and more bad news for Powerhouse
      I fear a wealth tax is inevitable and that is why one millionaire quits the UK every 45 minutes. I discuss that, Powerhouse (PHE) and the eighth stock to short I failed to discuss yesterday HERE.

    2. Tom Winnifrith bearcast No1: TrakM8's latest warning looks terminal, a glory stock gone wrong, a tale of folks chasing coke and hookers cash, of thirsty share bloggers and smug Sam Smith and red flags
      This warning from Trakm8 (TRAK) looks fatal. Next up a "strategic review", delisting and administration? Now in the minus 98% club I look back at a sordid history. For those who ignored all my analysis and exposes it is enough to turn a man to drink.

    3. Tom Winnifrith Bearcast No 2: Ripple goes bust, losing patience with Adam Reynolds & shouldn't someone be in jail over Pathfinder after today's news?
      Today I look at Crest Nicholson (CRST), Celadon (CEL), Pathfinder and Rome Resources ( RMR), Probiotix (PBX), Optibiotix (OPTI) and Skinbiotherapeutics (SBTX). Meanwhile Ripple goes bust despite handouts from the Welsh Government showing just how screwed are green plays running out of cash like AFC Energy (AFC) and Powerhouse (PHE)

    4. Tom Winnifrith Bonus Bearcast: a magnificent 7 UK stocks to short if you think equity markets will correct further
      All seven are good shorts anyway. But if you expect equity markets, especially Nasdaq, to fall further these stocks will crater or go bust. All are shortable.

    5. Tom Winnifrith bearcast No 1: Optibiotix trading statement, TW for chairman ( I am almost serious)
      I discuss today's trading statement from Optibiotix (OPTI), why its shares should treble by late 2026, the path to cashflow profitability and why I should be made chairman

    6. Tom Winnifrith Bearcast: where on this day is the deranged fantasist Magna Carta?
      I merely ask the question, then there are some fun macro statistics, why NE Chairman should go after five years, ref Optibiotix (OPTI), Greatland Gold (GGP), Golden Prospect (GPM), Trustpilot (TRST) and the latest AIM departure.

    7. Tom Winnifrith Bearcast: arguing with Gary, worried by Jo Hart going bullish on gold, welcoming more market falls and Minoan
      I start with a row with Gary on foreign aid. There is a moral case for scrapping almost all of it and I explain that. Then why I welcome a further market correction and why the Mail on Sunday discovering gold is an alarm bell but on balance one I ignore. I cover Amaroq (AMRQ) and TDS and finally respond to my old pal Sohail on Minoan (MIN). 

    8. Tom Winnifrith Bearcast No 2: will Pri0r1ty be the final downfall of the two fatties: Cornish & Lenigas
      I muse on St Patrick's Day then look at Powerhouse (PHE), Argo Blockchain (ARB), Qinetiq (QQ) and defence stocks, Predator Oil & Gas (PRD), Oncimmune (ONC) and its scandalous pre bankruptcy placing and, finally, Pri0r1ty (PR1).

    9. Tom Winnifrith Bearcast No 2 - no analyst coverage = no fund raise = no hope
      Today I look at Celadon (CER), Trustpilot (TRST), Ariana (AAU), AFC Energy (AFC) and Pri0r1ty (PR1) but that is after a comiting son and in this household I am the progressive primary carer.

    10. Tom Winnifrith Bearcast No 1: Imps has done me proud but with the yield now sub 6% should I sell? What about Tesco
      I want to shift my pension into safer stocks and ones that give me a 5% yield and will do that within 3 years as I bank big gains on certain small caps you know well. But I already have some grown up shares and discuss the two grown up gold plays plus Tesco (TSCO), Legal & General (LGEN) and, at length, Imperial Brands (IMB). can you believe it is now £27? 

    11. Tom Winnifrith Bearcast No 1 - Joseph Sheedy banned from ADVFN, the end of free speech? And another way of looking at Optibiotix selling Skins shares
      I discuss the banning of someone who is clearly, at many levels, unhinged. Where does free speech end? I think that ADVFN (AFN) has acted correctly and am glad to have assisted the Lemming. Then I answer PJ's point on one possible reason for Optibiotix (OPTI) to sell some more Skinbiotherapeutics (SBTX) shares.

    12. Tom Winnifrith Bearcast: Those celebrating piss poor numbers from Wetherspoons, celebrate poor folks gettng sacked
      I start with JD Wetherspoon (JDW) and more low paid workers sacked by Rachel from Customer Services. Then two bigger companies to short: Diversified Energy (DEC) and Ceres Power (CWR). Finally Ed Milliband has discovered free money. Not.

    13. Tom Winnifrith Bearcast No 2: Eurasia, don't do it Frank!
      The share price of Eurasia Mining (EUA) is insane at 7p, a market cap of more than £200 million. I explain why the end o the war in Ukraine would be bad news for the shares and urge Frank not to gamble on this red flag strewn POS. 

    14. Tom Winnifrith Bearcast: More Poulden & Lenigas high jinks and have we missed the boat on £830m Alphawave as a short?
      I answer the question is UK PLC a short worthy of bearcast? Then the latest farce at Wishbone Gold (WSBN). Finally, is Alphawave (AWE) still a short, the trade is crowded but there are a lot of bear points.
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