Notes from Underground – Most read articles for the week ending October 3

The most read non-Tom article this week is The View From The Montana Log-Cabin As Gold Slips Again by Nigel Somerville at number 10, or number 18 with Bearcasts.

Most Read

1. BREAKING: KEFI - Market abuse with apparently fake broker note
   

   On both the ADVFN and LSE Bulletin Boards late afternoon there were postings of what purported to be an “independent broker note”. The company is aware of no note. The claims made in it are demonstrably false at a number of levels. And if you put it into AI it will tell you that it appears fake and is largely AI written. So it’s fake. But it has spooked investors.

2. Paul Mathieson writes to my wife again
   

   She has him blocked on the advice of the Police who are even keener to interview him under caution after a weekend slew of emails.  But he ccd me in. He emailed to her:

3. Paul Mathieson back where he started – my mother’s suicide, this time he ropes in my late father as well
   

   As he runs down the last days of his subscription to ShareProphets, Paul Mathieson thinks fellow readers are supportive of his campaign of harassment which the Police wish to interview him about under caution.  He has again posted a comment on this website going back to my mother hanging herself in 1976.

4. Eco Buildings – interims, a progress in Albania and elsewhere STRONG BUY, this could multibag by Christmas
   

   Modular building technology group Eco Buildings (ECOB) has announced its results for the first half of 2026 including emphasising its “order book and business development pipeline continued to grow, providing increased visibility over future anticipated revenue and supporting the outlook for sustained growth”. How do the results and outlook compare to the valuation from a current 9.25p share price?

5. Video: Rick Rule sees a ‘Generational Opportunity’ In Gold Miners, ‘Substantially’ Higher Gold Prices Ahead
   

   Like me, the legendary investor investor Rick Rule sees real parallels with the 1970s.

6. To be fair to Andy Burnham and chancellor Healey as the 30 year bond tops 6%
   

   I think that you might have guessed that I am not the greatest fan of this Labour Government, run as it is by economic illiterates from the lanyard wearing classes. But as the 30 year bond yield surged to 6% earlier today, it is now back at 5.98%, one should show some balance.

7. Pensana: two questions Paul Atherley MUST answer
   

   With its operations at Longonjo effectively shuttered as it faces a funding black hole after offshore financier Cascade failed to deliver a $150 million investment into its subsidiary, Pensana (PRE) faces not only financing challenges but also a credibility issue. Chairman Paul Atherley urgently needs to answer two questions to reclaim some credibility.

8. BREAKING: Not Very Gneiss message, if not an outright threat to Union Jack’s Craig Howie
   

   When David “trougher” Bramhill at Union Jack Oil (UJO) hooked up with FCA Regulated advisor Gneiss Energy I flagged up that it would be a costly exercise pointing to the two part expose on Jon Fitzpatrick and Gneiss I had published a few years back HERE and HERE. But who listens to old Tom?

9. The Easy Money Fairy Tale Is About To End Violently says the world's second most foul mouthed financial podcaster
   

   Chris Irons, aka Quoth the Raven, has a unique style of podcasting but who am I to throw stones. He has just published thus essay below which is a warning to us all. He is bang on the money.

10. The View From The Montana Log-Cabin As Gold Slips Again
    

    Gold closed the week at $4,284 – dropping from last week’s $4,377 as the market priced in further rate hikes from the Fed and treasury yields broke more long-term records. Gold stocks also fell, but seem to be outperforming the yellow metal as this mini-correction grinds on, as can be seen on the chart below (courtesy of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX.

The most-listened-to Bearcasts this week were:

1. Tom Winnifrith Bearcast: This is madness Home Secretary and all about Kefi

   I start with the latest proposals from the Home Secretary about importing more Afghans and Gazans, can anyone at any level say why this is not insanity? Then Kefi Gold & Copper (KEFI), yesterday's fake research note and today's results.

2. Tom Winnifrith bearcast: from Avacta's crazy valuation to a £1 billion joke, Mr Turd and a potential 25 bagger

   I start with the wrong date and reflecting on an evening with the cottage burners yesterday. I offer a few thoughts on the Euroloon's daft idea on immigration and retraining, then it is Avacta (AVCT), Kendrick Resources (KEN), Atlas Metals (AMG) and Eco Buildings (ECOB)

3. Tom Winnifrith bearcast: a new share trade

   Cynicism and wild optimism. In this podcast I discuss Valereum (VLRM), Microsalt (SALT), Kefi Gold & Copper (KEFI), Quantum Blockchain (QBT), Eco Buildings (ECOB), Rent Guarantor (RGG) and Amaroq (AMRQ)

4. Tom Winnifrith Bearcast: Gold and the 1970s and Blackbird lurches to another bailout

   I discuss the gold price, I mention Kefi Gold & Copper (KEFI) and I look in detail at Blackbird (BIRD)

5. Tom Winnifrith Bearcast from my sick bed

   Not a good health 24 hours so I shall make this brief. I look at Valereum (VLRM) and Quantum Data (QDT) and why accounting wonkery matters, Petra (PDL), Tullow (TLW) and Georgina Energy (GEX).

6. Tom Winnifrith Bearcast No 1: revising Coulter's Law for Fairford & 2 scary sets of words from the Left shows Labour just does not understand economics

   I start with my tweaking of Coulter's Law for UK terror attacks.  Then the Labour chairperson, a lifelong member of the lanyard wearing classes, advises UK businesses what to focus on, and its not making a profit, while comrade Brian Basham gets in a tax tangle - we really are all doomed as Labour meets up in Liverpool.

7. Tom Winnifrith Bearcast No 2: Coinsilium and not 1 but 2 pig and porks!

   81p to 2.7p in 14 months but still valued at £13.7 million I look at Friday's numbers from bitcoin in treasury fallen star Coinsilium (COIN) and really do not like what I find.

8. Tom Winnifrith Bearcast: £1.2m of questions as the Reabold bid for Union Jack fails

   After hours on Friday the Reabold (RBD) for Union Jack (UJO) officially failed and lapsed. I discuss what questions this raises and also red flag Defence Holdings (ALRT) in a tangential vein.