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TimBob - some large late buys today - looks like there are more out there with some confidence in Glencore. GrowUp needs to move on..
BillyBig... Yes i know they were at £2.40 in Feb; i was looking at them in sept last year at £2.70... even back then they were being talked about positively. Since Feb we've have Covid19 and that has had a big impact across the world and on most the markets. Previous Bear Markets have normally taken 6-12mth for most shares to recover; i'm being more pessimistic about this one tho (mostly as it is still an ongoing issue), hence my couple of years comment!
Wylie... yes got the impression GrowUp was a little opinionated on this!!! I've done a load of research on Glencore and at anything less than £2.00 they are a good buy. My avg purchase price is currently £1.75 so a little down on them at the min; i'll keep adding to them with my regular month purchases, so happy for them to remain on the low side for a bit... Happy to hold these for a couple of years...
Good post there TimBob but I think GrowUp might drown you out with his opinionated posts - all of which have been highly negative in relation to this share. Luckily I bought some of these shares before he joined....and I used my own brain and research to do so!! Surprise, surprise I'm up 30% and therefore not bitter.
Tim..you do know this was £2.40s in February of this year?
Don't normally post on this board as i've only just started to buy into Glencore...
I've been investing in mining stocks for the past year (gold miners specifically) as i reduced share holdings in some other cyclical shares that i thought had peaked and also due to the increased risk around Brexit... At that time Glencore was set at £2.70ish and being touted as a buy by a number of brokers...
The cancelation of the dividend is somewhat frustrating and ist clearly the catalyst for the reduction in SP; however, it is something most businesses have done to conserve cash or reduce debt with the unknown economic situation ahead and something most brokers seem to have been expecting; so i wasn't surprised by it. And in someways think is good for the long term interest of the business rather than satisfying investors with a divi they cant afford to pay out!
They are down massively since 2018 yes, but that is mostly due to a massive cobalt spike in 2017-2018 (prices went from $24,000/ton in june 16 to $94,000/ton by march 18); this artificially inflated Glencore more than others (as it is the biggest producer in the world...), thus to compare with others, you need to look at where they all were back in 2015-2016 and ignore the SP spike that started at the back end of 2017 and into 2018... they were always going to drop.
The two latest brokers ratings have a target price on this ranging from £1.80 to £2.40... and list them as a HOLD and buy respectively... if you want a quick win, i doubt this is the share for you, but if you are are looking longer term, then i think this will reach £2.40 in the next couple of years...
I said last Friday I was done posting but people on this Board are back at it again today wondering why this share is down. PLEASE - move on from this company. You need to understand that management of this company do not act in the best interests of its shareholders. The company is run purely for its insiders to profit from its trading division. It owns sub-standard mining assets that its management simply cannot run profitably. Again it is run by traders - who bought a mining company (Xstrata) supposedly to leverage for better trading profits but who have been shown to have no clue how to run mining assets. So they keep writing down the value of those assets. They have been doing so from the day they acquired Xstrata. The management shareholders, who you might think would care if the share price goes down, don't care - because they are all literally billionaires who cashed up on this company years ago when they listed it. Hence why they have cancelled the dividend - they are using it to slosh around on commodities during a volatile period for commodity prices, to up the bonuses for the trading division. Not to generate higher profits to return to shareholders nest year. Come next year there will be another excuse not to pay shareholders - more asset write downs, another regulatory investigation etc.. It is distressing to be stuck underwater in a share like this, so please I am on this Board to warn others - don't make the mistake of getting into this share. 1.71 might look tempting. It isn't. This share went to 60p in 2015, management sat back in silence while that happened, then Glasenburg issued another 9.99% of the company to himself at £1.25 and made out he had saved us all. So even at a dogsh*t share price of £1.71 he has still made another several billion on that trade. So do you think he gives a f*ck about the share being down 55% since 2018, completely against the trend for the mining sector?