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LOL Guys! I'm not to worried now, as I've bailed out of GAL, and although it's a loss for me, I sense it's not as bad as it's going to be once normality begins to bite.
I believe the gold price is inflated mainly down to the COVID hysteria, and it's being propped up with panic from the central banks... once things begin to revert to semi normal the demand for gold will decrease and the price will fall as quickly as it climbed. With a fall in the price, inevitibly GAL will struggle to keep afloat. I've lost confidence in the company anyway, and I think even if the gold price stabilised now, they'd still find it hard to get back. Long and short is.... they lost their mine manager during COVID, they're going to have to pay for the police escort duties in future, and the bad vibes in the neighbourhood down to DAL are going to make this even more of a challenge.
I may be wrong... but whatever. I'll not worry about it now.
Shhhh! Famous last words... Could just be getting away with it , so keep quiet FFS!
Gold is now above £1500 per ounce.
Even if GAL is still running low gears, the sight of moving up into second will signal the next step upwards in share price, lowering the risk. The trades indicate there is something happening in that direction.
Thanks MMGames. Fresnillo looking good also, the herd could certainly pile in again. as they did the last recession gold/silver spike.
I note that despite silver being undervalued regards keeping up with gold over 10-20 years, the price has kept in touch with gold for the last 5 years.
There's other posts on here but fortunately the filter is doing its job,
"This message has been filtered, please adjust your filters to view"
Gavster forget evraz goto fresnillo - zak mir share talk youtube. Fresnillo.- £11 now soon £19. Rebuy after crash again, silver rocket - fresnillo rockets too
Looks like somebody else thinks so too - you don't buy that many in a day unless you know something........
Gavster,
My average is a bit better on Evraz - in the 240's. It will recover and very strong. The Iron Ore prices are doing very well and production levels are good so I see them easily beating last year earnings. Coke will be down but who cares about that.
On Gal - discussions are ongoing and fingers crossed. The MM's will take shares and I believe they are holding a few so the only way they make money is if the SP rises.
Hi TotalTrader
Using the filter is better though a shame the green message come up, however it's possible to have a normal discussion.
Evraz has been a pig for me in this crisis as my average is just over 400p. I'm re-investing dividend there so at some point in the coming years, I should be in healthy profit given commodity prices.
You are right. The happy ducks and fields brigade are fighting a losing battle. If Galantas doesn't get the gold out, someone else will, especially when we're nearly at $1900 GP and much more to come, the profits and local employment prospects are too good to miss out on, whether a larger vulture takes over or our small company GAL manages to continue.
Getting the mine running back at normal levels is currently step one. We wait.
Hi Gavster - hope you are well - I see we share at least one other investment in Evraz.
Indeed this is high risk and it is at a point whereby it either mines or gets mothballed for a number of years. Every month that the world remains in turmoil with continents bickering away is another month of high gold prices and that is one step closer to a company stepping in to help - and trust me the conversations are taking place. Personally, I think RP is a good mining engineer and problem solver but he vastly underestimated the funds to get into full production - with this he needs help or he needs to take a back seat.
In terms of cleaning up the mine. Unless things have changed since I slept, mines get cleaned up at the end of their life and not whilst they are still mining !! A proportion of the profit is set aside on the balance sheet for restoration and dilapidations. If some people think this mine is a mess, wow, they really need to get out and view some other mines. And of course you are quite correct - no mining = no profits = no restoration - perhaps this is something that the local anti-mining brigade on this board should think about - alas more wishful thinking but at least there are filters !!
Hi Totaltrader.
I know. It's impossible to have a normal discussion.
Personally I do not even read their agenda posts and recommend anyone else to ignore these two posters. I will report anything that might even remotely be offensive or attempting condescending until a normal board returns.
Essentially the gold price is going up and up, making it easier and easier for GAL to pay debt and move forward.
A tipping point can be seen on the horizon which will make the share price explode upwards making this a great addition to a portfolio but high risk. As ever this year the question remains as to whether Mr Phelps can steer this old ship.
On the point about when the site will be cleared up, then I'm pretty sure this is in plans as pledged and agreed, as it always was, as long as the funds exist to do this. Essentially, no gold means no funds to clear the site, which must only be done after the mining has completed. I have no doubt that one day, the site will look as country as the old mining sites in Cornwall.
All I can see these days when I come on this board is filtered posts - more to follow I am sure !!
So a small placement, not significant in it's value but 3 funds have invested. All 3 will have undertaken their due-diligence. Maybe, their is life in the old dog yet !!
For those that are worried about some of the debt and working capital deficit posted - it may appear to be a large number but even on a low 10,000 Oz per year the difference between $1250/Oz and $1,800/Oz is £4.4m per annum straight to the bottom line. It does not take long to fund the company and pay off the debt.
Galantas is now simply a company that if you believe it will mine then it is worth an investment. if you think it won't then quite simply don't invest. If not invested it would be good not to post to clear the noise - but that is just wishful thinking.
3 funds have put money in - they believe Galantas will be mining.