Member Info for Eck71

Well that didn't go well. Just let Halifax loose on a BednISA for my quite modest holding in my share dealing account, which was the options that couldn't go into the ISA.

Sold at 55.30, then they couldn't get a live price for the repurchase and sent it to the dealers who put it through at 59.50! No really serious damage done but what a mess. Encouraging for the SP I suppose.

I should say that Halifax have always done a good job when I've done this before, achieving really slim spreads. Hey ho.

Interesting to see the ask go up today on very little activity. I tried to buy £1k yesterday and couldn't do it online in a oner, had to put through 2 x £500. Not great for the trading costs, but there you go. The trades didn't show up on here, as my infrequent trades hardly every do.

'with an adequate cash balance on hand'.

For gold in sterling.

Nurse!

I’ll have a word Canonbie. Will let you know. Nurse! The screens!

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.

Sturgeon says not though. Not clear to what extent that’s intended/able to be enforced.

The work doesn’t have to be essential. It has to be essential that you travel to it in order to be able to do it. UK Govt clear that building sites can continue to operate (as long as practising social distancing guidelines) which I guess would be closest to mining.

Good point BP, you may be right. Certainly quite hard to mine gold while in your pants on the sofa.

I doubt it. Add an extra month to the schedule at least. On the plus side, by the time we get to production gold should be $2k. May be a bit academic if it’s all gone beyond the thunderdome by then of course.

Hi Secretspud/Judyparker. It certainly would be good to an update. In normal times we'd be getting one in mid-late March, but these are very much not normal times.

Scotgold *should* be a modest oasis of rare good news amidst what is going to be a global economic disaster. The gold price is getting booted downwards because market participants continue to sell it for much-needed liquidity (though the sterling price is resilient thanks to the various category errors our government continues to make).

Once those short-term effects are out of the way the medium-longer term outlook for gold should be explosively positive. The world is about to embark on a gigantic devaluation of fiat currency through 'people's QE' in various guises, along with zero/negative rates. Helicopter money is imminent.

I have been resistant to the more wildly positive predictions for the gold price in the past, but under those circumstances they start to look a lot more plausible. I don't think USD2,000/oz is unrealistic for 2020.

Scotgold just needs to start producing the stuff! The mining operations shouldn't be excessively exposed to the effects of the disease itself, though anyone who hasn't taken care of their lungs over the course of their mining career might be concerned (so probably most of them).

Hold on. I'd be buying like crazy at 50p if I had any cash.

Lack of news, specifically whether the most recent target date for production (end of May) will be met. Low volume so any substantial sells move the price downwards.

A development update will help, even if it includes another delay, as long as that delay is modest.

As you say, the current price and outlook for the product is extremely positive.

Yeah but how nearly, that's the question?! End of May nearly, or 'oh sorry it really was a very wet winter and the peat is still too soggy so it's now July, blame the National Park' nearly?

Not that it makes a great deal of difference after all these years.

Encouraging article. They seem to have missed someone though...

Good to see. Now if whoever is selling 10k every day would just stop it, that would be great. An update on development progress from the company w within the next few weeks would also be helpful.

GLA

Yup, both of those. Bullion getting sold to cover margin calls:

https://twitter.com/business/status/1233429934686818305?s=20

Although gold now smashed back down below USD1600. Possible issues around Chinese demand? General 'sell everything' panic?

The Coronavirus situation is creating a risk-off sentiment which has been and should continue to be positive for gold, and therefore gold miners. AFAIK we are not waiting for any more plant/materials to be shipped, so we are not exposed to shipping disruption. Renewed talk of a no deal Brexit cliff edge is negative for sterling, and therefore positive for gold mined in the UK.

The macro drivers ought to be firmly in our favour, so I can only conclude either that further doubts are emerging about the production schedule, or there's low volume price manipulation going on, or maybe a bit of both.

Another delay announcement coming maybe? If handling peat in the wet was a problem in mid December, it hasn't exactly got any drier since then. Or just no-news jitters/manipulation? The movements seem excessive given the not-particularly-huge sells, though that's nothing new and if there are big sells going through they probably won't show on here until the end of the day/tomorrow.