Well we have been treated to a succession of Director purchases this year which demonstrates the confidence of the board in the long term prospects of SHG.
I'm now hoping that we will get an operational update in mid July for Q2 2013. Hopefully this will show how they have built on the progress made in Q1 and that the production ramp up continues. But there is more to look forward to here as well. The company should be publishing the five year plan for Luika which should confirm at least 430,000 ozs over first five years of production. Can you imagine what the revenue that would generate would do to the SP over that period! Also, the company has very substantial and exciting exploration prospects and we were told that a drilling program would commence from H2 2013 onwards.
So, all in all, we've had a rough ride here but I honestly believe that the longer term prospects are really very exciting for SHG and those us who are investing.
Jonathan Leslie (described as a Strategic Adviser to the Board of the Company) has purchased 2.3m shares in SHG today at 11.75p. You can see the purchase completed at 2.10pm this afternoon on live prices - ostensibly against the other trades it 'looks' like a sell which just goes to show you can never 100% tell for sure looking at trades what they were.
In any case I would describe this as a massive endorsement of the company by someone who is clearly very close to their operations and would know all about their business. This is a huge investment - £270k!
I would certainly expect a positive market reaction on Monday. It would be difficult to imagine a much bigger vote of confidence in the companies prospects.
NEW YORK (MarketWatch) -- Gold futures extended gains Friday after U.S. data showed wholesale inflation jumped more than expected in May. Gold for August delivery traded up $10 at $1,387.80 an ounce in recent action and traded as high as $1,390.40 after the Labor Department said producer prices rose by a seasonally-adjusted 0.5%, marking the first increase in three months. Economists surveyed by MarketWatch had forecast a 0.1% increase. Excluding the volatile food and energy sectors, so-called core producer prices rose by just 0.1%, in line with forecasts. Gold can benefit from stronger-than-expected inflation due in part to its role as a hedge against inflation.
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