Frankly amazed by Odey’s increase but he needed to do something to hold the price back - at the end of the day he will just have to buy more back to balance his position. I don’t underestimate the skill of the shorters but they do not always get it right - smells of desperation at this level, he should perhaps realise if he drives the price lower many of us will be adding at his expense.
I maintain a large number of these share but have been tempted over the last few weeks to do some day trading - it has worked out well for me and I do not apologise for it. With the latest news from Boris and the general sentiment surrounding this share I will now hold hard onto the shares I have as the fundamentals of this share give me no concern whatsoever - this is a solid and clear opportunity and I will grasp it with both hands. I am confident that this will now quickly move to £5 plus and I just hope that I can remain resolute and continue to hold until this share achieves its full value. ATB
MP - thank you for your kind words. ACA should have been worth £6 or even £7 by now and although I can’t help thinking Barrick were in many ways complicit in the pain we have all felt over the last couple of years things could have turned out worse. Bear in mind that the increased value, if it is there, will at some point be reported by Barrick and you will get a share of it - my guess is that a deal to sell all or most of assets that are ACA to the Chinese will happen fairly quickly once the ink has dried here. Barrick have become more aggressive and more determined to add value - they have massively reduced their borrowings and in my opinion are the best large scale producer by far who will be able to virtually take their pick of mining companies going forward and as a shareholder you will benefit from the very skills that may have been deployed against us as ACA shareholders. You have a double hedge against a falling £ by holding gold stock in a US $ listed company and whatever happens in the global economy I believe by switching to Barrick you are fulfilling the number 1 rule with investing which is, preserve your capital.
I have really enjoyed the company of all posters on this site and although from time to time some of you may have frustrated me or me you this really has been an excellent board. I will of course look out for your posts elsewhere, in many ways I feel I know you and I trust that although whatever comment you make I may not agree with it will at least be an honest opinion and therefore a valuable addition to any board.
Careful Hasiba - people we will think we are the same poster as we are thinking alike. As you may know I have a large position in Fres - haven’t seen you post on there - personally as silver as been falling over the weekend I can see Fres dropping again on Monday in which case I may be adding. I still think gold is a good investment although silver has industrial use so will benefit on the now more likely US/China trade deal being reported in the press as a gold play I prefer SRB but Barrick is a very safe call for the guys still holding after Monday.
Thanks P, doing very well with INDV and excited for October news - still hurting with MTRO but day trading has reduced my overall loss and still hopeful that things will turn but I obviously bought in too soon - strangely though the loss I am making there is not too dissimilar to the profit I made by selling my ACA shares when I did rather than holding them until Friday but that has required a lot more effort (and some concern) on my part. All the best with Barrick, I am sure you will do well and be able to sleep soundly at night.
So Monday is the last full day of trading. Goodness the end of an era. I still think you can’t go very wrong - gold has a secure future - there will be bumps in the road but with Barrick you have a diverse spread of the best gold mines in the world. ATB
Thanks J but on the reported shorts 13 million shares have to be repurchased perhaps you could double that to 26 million for unreported but that is a long way short of 50 million - they may have borrowed that many but as yet they have not sold them.
Unfortunate drop for Silver but every cloud etc.
So if I am right about the 75% then that is 26% of 25% or 6.5% shorts and I am certainly not disputing your reporting it but it still seem odd to pay to have 6.5% available and only short 3.6% ish ( including normal unreported shorts). Excuse my ignorance but when are the Euroclear figures updated?
I see it J but I don’t understand it - surely with such a large position held here by one shareholder the figure suggested is pretty impossible?
I certainly agree that the attempt to get us thrown out of the 100 failed miserably and personally I can’t see any chance of them succeeding in the future - if they try I will see that as a fantastic opportunity to add and I would not be afraid to do just that.
I’m really torn Codey. I sold the shares that I had bought to trade, fortunately at a slight profit but they made me a little jumpy for a few days. I still hold quite a few but I have re-evaluated a little based on current events. If the shorts close then that will lift the price and obviously if silver rises then that would also be good but looking at the market, the shorters may hold on and silver could fall - perversely I also read that if Boris secures any sort of deal, which I think he might, then it is speculated that the £ could rise to £1.40 or £1.50 which would have a very significant effect on PM values relative to the $. Of course a no deal exit or in my view a Corbyn government would take the £ to parity with the $ and push PM values up relative to the £. It’s all to play for. I think my view, looking at the longer term is that the intrinsic value of FRES is above its current SP by quite a margin so I will hold but only add on a significant dip brought about by one of the events I have mentioned. ATB
I keep seeing this figure of 26% repeated, the shorts over 0.5 % are listed as 1.78% on short tracker so possibly double that figure with the smaller unreported positions. 737 million shares in issue so that is something between c 13 and 26 million. I can’t remember as I write what % is owned by our major shareholder who we can assume is not selling or lending shares but I think it is 75%. 25% in the public domain equals c 184 million so if we look at the shorts as a % of the free float then that is c 7 and 14% so what am I missing.
Hi Tiger, didn’t Albert also say that the only thing that had stopped (or delayed) the beautifully phrased ‘economic Ice-age’ was QE and with the latest news from Europe surely this is now on the back burner?
Always possible B but I doubt it - the price did not fall because we are not making a good profit or have some other call on our resources so I think our dividend is pretty safe. As Mike’s post suggests the company are looking to get back into the 250 and they will need an SP of at least £1.10 (from memory) to get there so reducing the dividend would not help. I would still like to see some Director buys which I think would help us overcome the Woodford effect. ATB
I was actually just looking for a little help P - presumably you have noticed just how many RNS’s have been issued so difficult to look back. Don’t think it’s early onset dementia do you remember or not? Fairly bored with the digs about MTRO now, play another tune.
Well going on Barrick you should be trading at £2.33 not £2.41 and rising - perhaps the market is taking into account the dividend? Remind me when does this deal complete?