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Just broke $1700 an ounce. See if that reflects in the sp this week.
Any TAs in this share know where the resistance above us currently is? Looks like we are tapping on 52p but unable to break it.
Hello Sharketmare. It's always entertaining to see a TA question on here. There are only two relevant factors at this point:
1) What is the price of gold and the outlook for the price of gold?
2) When is the company going to start producing it?
Answer to 1) is high and increasingly positive. Answer to 2) is FIIK. Was supposed to be end of May but now looking like autumn, depending on nature and extent of Covid restrictions. Once there is a higher degree of certainty about 2), assuming 1) is positive, resistance will melt away.
Good luck with applying TA to this share. It's a fool's errand I'm afraid.
Hi Eck, thank you for your response. I do not understand TA well enough at all to trade a share based upon it, but I do find it interesting to hear opinions on resistance and break out levels.
Do you have an opinion as to whether or not the company will be forced to raise further funds to keep things ticking over to prodiction? And if you believe they will do so, what mechanism do you think they will use?
Thanks again,
SM
Pog highest now for 7 years. Struggle now to buy physical gold. There’s a rumour phasing back to work will start end of first week in May if the virus is subdued enough. May only knock us back a couple of months to July if that’s the case.
Hi All,
This is my first post on the Scotgold board on LSE.
I originally bought into SGZ in c2010 and went on a mine visit in Oct 2011. I sold out about a year later but I'm now back investing in SGZ and with renewed optimism. With gold currently trading at $1731.00 an ounce and the mine getting nearer and nearer to production, I couldn't resist buying back in again. I recall having lunch at a pub / restaurant at The Bridge of Orchy. i wonder if any of those present for the meal can remember the occasion.
https://www.kitco.com/charts/livegoldnewyork.html
Carliol
Morning all on a sunny day.
Bellers, talk of timing on lifting of lock-down is worrying. AISI, none can be entertained until covid-testing of ALL NHS and care staff is achieved and that is respect as father and grandfather to 5 members of my family! Beyond that, back to work can only be entertained in businesses where social distancing at work can be achieved and a total return when all suspected cases can be tested with contacts traced and isolated. It is practical achievements rather than timescales that are the critical criteria. People must come first and the economic impact we must just deal with as best we can.
Carliol, welcome. Much has changed since your 2010 visit and even more since my last in 2017. There has always (IMO) been potential in this project and other prospects nearby. Lets hope that some work may recommence soon, even if under strict conditions, as every little helps to get closer to production.
RM, as you say, other minerals contained in the ore may figure in the future and Scotgold are partners in the ION$RAW project. Resource supply security will become more important in a less certain future.
http://ion4raw.eu/partners/
CP52, I'm quite sure that no-one in their right mind would let this project stumble for a few coppers more at the last hurdle, with the values you gave and after all the trials SGZ has suffered, yet overcome.
Regards to all here, R.
Good Evening RH & RM,
I've followed SGZ closely since I exited in 2012 and I've have been impressed by the progress the company has made to bring the project very close to production. We would have been producing gold and silver very soon if the world hadn't been stricken with the dreadful coronavirus. We'll just have to be patient. The gold ain't going anywhere until the mine springs into life later this year.
It's going to be interesting to see what other precious metals, in addition to AU & AG, are produced once the mine is up and running.
Once things return to normal when the virus outbreak is over, if there is the opportunity of a mine visit I would look forward to making a visit.
It looks as if SGZ shares are in short supply. I've tried to top up all this afternoon but without success. I could have sold at 52.10p but it was impossible to buy. I'll try again tomorrow.
Carliol
Good Morning R M,
I couldn't get a buy to top up my SGZ shares on H L but could get a dummy sell at 52.25. I put a fill or kill order with H L and it was immediately transacted. The deal didn't show up on LSE but it went through on the NEX Exchange Market at 54p for 1350 shares.
The following link is to the NEX E M and now shows a bid - offer spread of 51p - 56p.
The only conclusion I can come to re the attempted deals on H L is that they don't have any shares to sell but they will buy for obvious reasons. Perhaps I'm wrong but I can't see any other reason for H L unable to let me buy. Perhaps this is the lull before the storm.
When investing I prefer to top up as the share price increases and average up. I always reckon the share must be strong when averaging up. As opposed to averaging down as the share price weakens. Hopefully I'll keep topping up as we get nearer and nearer to first gold. However, " yer pays yer cash and yer makes yer choice". I don't suppose there's any exact and precise formula for successful investing.
https://www.lse.co.uk/SharePrice.asp?shareprice=SGZ.GB.PL&share=Scotgold-Resources-Limited
Regards from a bright and sunny Cumbria
Carliol
Carliol, that’s the main reason I haven’t sold my shares to transfer to an isa. I’m worried that they will happily buy my shares but I may find it difficult to buy back.
On a brighter note, the attachment shows that gold is expected to rise even more whilst we are locked down. Something positive to go back to afterwards.
https://www.cnbc.com/video/2012/09/19/newmonts-ceo-2000-gold-in-near-future.html
Hello R M & Bell,
Some of the goings on in the financial services sector simply beggar belief. It's always the individual investor that takes the hammering and the perpetrators normally only lose their reputations and are back in business once the furore dies down.
I've mostly found H L ok to deal with but there are occasions when they can by trying. Sometimes the bid / offer spread is ridiculous, particularly on AIM.
I'm pleased I finally got my top up on SGZ.
Just got back in from the 8.00pm celebrations in support of the wonderful work the NHS people and everyone concerned with keeping us well as they carry out the battle with the truly horrendous coronavirus pandemic.
Carliol
Hello Risk Manager,
Thanks for those kind words. The current coronavirus pandemic is unprecedented. We are living in a troubled world with lots of problems but few solutions. However, sooner or later it will be over and we'll all look back and remember the lock down and how we coped.
Your comments are interesting on lithium leading the drift away from fossil fuels and renewable energy being the way forward. I've recently invested in Bacanora Lithium ( BCN ) which is my first venture into investing in renewable energy. It's a small company that's listed on AIM. It's a UK company with projects in Germany and Mexico with a Chinese company having a 20% stake . I've also been researching to see if here are any lithium deposits in the UK and can only find a company in Cornwall that's exploring for the valuable mineral.
The following is a link that you might find interesting.
https://www.cornishlithium.com/cornish-mining-boost-as-1m-raised-by-firm-behind-plans-to-tap-lithium-reserves/
Carliol