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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):
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.
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?
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?
AIM-listed Turkish Gold-producer Ariana (AAU) has released a progress report over drilling and exploration across its 23.5% part-owned Turkish assets. With the shares having drifted to 3.05p amid general market disinterest (although I fancy that is changing as we speak) the report is upbeat.
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.
I am once again nursing a hefty hangover in the wake of too much Ouzo on Cornflakes with regard to sub-Standard-Listed Pure Gold (PUR). Having warned and warned over this situation, it now finds itself in the Canadian equivalent of bankruptcy protection, has closed its gold mine (so has no income, but you can bet the plc bills are still coming in), was $13 million short of technical solvency BEFORE debts owed to Sprott with regard to working capital and on Wednesday the Toronto stock exchange dumped its shares of the Venture exchange in favour of a NEX listing on that side of the pond. Why, oh why has the FCA – the (no sniggering at the back) regulator of the Standard List – not acted to suspend the shares over here, pending financial clarification?
Fully-listed (mainly) Gold investor, Golden Prospect (GPM) released its interims to June 2022 last week. With the Gold price slipping over the period and Gold miners underperforming the metal, the numbers were not good – hardly a surprise, given that Golden Prospect’s shares outperform in both directions – but reader Goobs spotted what looked at first sight like it might be a bit of a problemo. I made a few enquiries……
My five slam-dunk sells for 2022, Tern plc (TERN), Barkby (BARK), Trafalgar Property (TRAF) and URU Metals (URU) of the AIM Casino, and sub-Standard-Listed AIQ (AIQ), were heading nicely towards a clean sweep, with four winners out of five at the end of September. As Tern heads for a desperate cash crisis within weeks, how are the scores-on-the-doors this month?
