Member Info for carvegyber

There is good and bad in them not being interested in their london listing. I suspect they probably regretted it. Penoles will probably pass the fees on to FRES but that is all in our books so nothing to be alarmed about.

I have mentioned in my previous post that Penoles didn't have to shut because of their smelter operation and they got an exemption. This is the good part of FRES being in Penoles. I agree with the lack of IR response.

Thanks for that sherlock. Firstly, Penoles has other mining operations. Fres have categorically stated that they have no policy of hedging gold and silver and thirdly, if Penoles separatedly chooses to hedge perhaps it is their prerogative and it would not fall into the books of FRES.

Also, from my understanding of put option is that you don't have to exercise them if the price rises. They have paid a fee for the option and that would be lost and that's it. I don't see any substantial hedging expense on our books and you certainly can't cook those without the auditors noticing. You protect the downside but not the upside. It is not a forward contract to sell at today's price.

Nomad, the Hurtigruten fiasco just shows how fraught these floating CV incubators are. You go on a cruise now you stand a big risk of being quarantined and also the extra expenses and hassles of going through the process. Simple maths states that with the rates still in our society, you go on a cruise with couple of thousand people, someone is bound to be onboard with CV.

There is no way out until there is a vaccine and at whatever price, there is no point in buying this until the timeframe is crystal clear. Until then, you are just gambling on something that is beyond your knowledge. I though I would take a punt at 600p but now my strategy would be wait for a definite vaccine breakthrough. Even when a vaccine is released, it will still be at least 3 months before sufficient people are vaccinated before cruising can be considered a safe activity. The SP could well be 300p or even wipeout by then. Wipeout doesn't necessarily mean company is destroyed, it could be that shareholders gets diluted to oblivion. Just wait and see. The upside is not worth the downside risks. This company has been permanently damaged and everyday goes by without income, the damage is added.

Sherlock, I am afraid I will have to challenge you on the hedging claim. As far as I know, FRES doesn't have a policy of hedging apart from hedging their base metal. I would like you to support your pretty far out claim with some evidence and all the reports I have read including the last ones state that we are fully exposed the the PM prices.

Let's see what you got. I always pay attention to derampers especially the ones that support them with verifiable numbers so if you can prove the reports wrong, then I am happy to reassess. Otherwise, you seem to making a pretty fantastical claim that is contrary to what is reported in the RNS.

Gold set new high but silver didn't. Far from it.

Seems market identify Fres more with silver so we need silver to motor to get the most out of this. I think PM traders are worried that silver has got too far now but when the trading resumes, it will soar because silver is a more illiquid market. It has entered a consolidation phase.

It is so frustrating. We were poised to break 1300p this morning too if only the PMs didn't crash. Now we have to try again.

Asia initially was risk on again and then decided second wave in Europe is still a worry so deflated back down making us creep back up. Stocks up, PM down. Normal service resumes....It got muddled for a while.

What we need is congress to pass the next heli money package and this will surely break $2000. Once India and China recovers and start buying gold again, the demand for gold could go through the roof! You want to watch the bullion discount in Shanghai. Once it turns to premium, we could be game on.

With Feds statement signalling zero rates and pumps ready to print, PM should resume onslaught. I have a suspicion that $2000 will be broken easily and gold will be on way to $2200 very quickly. Just a few days ago, I would have said $2000 would take quite a few go at cracking but I am not so sure now. The bull case for PM is getting stronger and if $2000 is crack and act as a floor, then I am not even trading until this sees 2000p. It could be weeks rather than months.

should say product, sorry typo.

It is a shame because this is a great company offering a great production with big demand but the more boats you have, the bigger the damage.

Tsense. Revenue almost 0, outgoings $650m a month. Even if they have borrowed to the hilt, it is only a matter of time before shareholders will be asked to stump up or diluted. I am guessing within 2 months. I know there is enough money to last a year but PLCs are not run like that. They will not let cash to debt ratio get below a certain level because that breaches covenant.

Nearly fell off my chair! Is JPM even serious or they have a blind person in charge of analysis? The price now is 1280 and that is neutral? Surely that would be a strong sell if target is 800. Joker Portfolio Manager?

You cannot make it up. You deserve to lose your pants if you take them seriously.

don't be so sure you will make decent money on this long term. CV has done permanent damage to this and I am unsure what valuation to attach to it going forward. Certainly not £50 like before! You have a much bigger debt load to lug around and even if sailing resumes, you sail with 50% capacity and 30% more staff which means margins will be hurt. You do have oil prices helping on cost front but I haven't seen pump prices drop very much?

I feel that short mid term, there is limited upside apart from retail investor froth (they call it Robinhood in America) but potentially near wipeout for shareholders.

Silver a little lacklustre this morning? FRES is finally responding.

btw, anyone else using edge browser and find that their keyboard is not responding very well? I wonder if it is just my keyboard. It is intermittent and worse when an ad popup comes up at the bottom.vvvvvvvvvvv

Bonker, I think you may be a few years too early to get your money out of the market. Plus what currency are you going to put it in? While CBs are in charge of the money pumps, and no one around to call their actions dubious, the merry go round will carry on. They won't let anything go bust. Make no mistake that time will come. Inflation first then massive loss of faith in fiats. We could possibly be buying things with gold silver and bitcoins in thefuture.

Well done on switching out and missing the fall.

Chrisengland, have you sold all your shares? You were relentlessly ramping this at 1100p.

Got it wrong in that it didn't quite get to 1300p but I got it right in that it would bounce. Unfortunately FRES lags the PM prices in response so if PM stays around 1950 gold and 24.5 silver going into tomorrow morning, we should have a massive leg up tomorrow. We got done by the PM price wobble caused by the USD but it is now back to where we were before. Shame.

Eh Sherlock? H1 results are great. You have to look past the accounting shenanigans with the management making use of huge profitability increase to write off as much taxable profits as possible to reduce tax. The key number to look at is the increase in cash. This doesn't lie. Last year, there was a $80m decrease. This year there was a $180m increase based on much lower PM prices of where we are now. H2 will probably be $300-400m increase giving us a cash pile of close to $1b. As much as our debt! This will be back up to 2017/18 profit levels by YE. 2000p all day long. Just have to look forward. Caveat is PMs stay around or higher.

Soon as I finished typing, I am already 20p up! Come on my son....