Member Info for Happyhaddock

We have an overhyped and overvalued crypto bubble and you suggest there is some conspiracy in accurately claiming that the price of BTC was due to go down having shot from $6k to $60k in little more than year... loads of people have been expecting it for some time.

If I predict that tomorrow will be a Thursday and it proves to be true, it doesn't make it a conspiracy or me a genius, it is merely stating the inevitable and obvious.

@Barrett - a statistic that has stuck with me ever since I first heard it is that most private investors lose money in spite of making a higher number of successful trades than losing ones. That is to say they don't maximise profits from their good investments but compound loses trying to recover a few bad choices, both problems driven by a fear of losing money.

Nobody likes losing money but I think you have to accept that it is inevitable from time to time, once you accept that it doesn't matter how many losing trades you make so long as the profitable ones make enough profit to offset these then you are moving forward.

@ Barrett - the very reason I didn't sell on the spike, despite recognising it as a spike, was I know my timing stinks and that statistically most investors lose money jumping in and out trying to trade sentiment driven moves.

@ wentsland "I am invested, I am positive, but I will quietly wait until the FACTS emerge."

that sums up my own view, though we do have to accept that under the current economic climate it is a "fact" that investors are behaving irrationally and much can move on sentiment. I'm trying not to act upon sentiment but I am making more of an effort to try and understand other people's sentiment.

Last time this spiked to 3p I knew it was a sentiment driven spike and told myself as much but hung in because I believed in the longer term future for UFO... I still do but had I sold and bought back at the dip I could have tripled my holding just by understanding the ups and downs of sentiment.

@ goingtothemoonufo I am not going to disagree that is "possible" for UFO to get to £1 IF silver goes crazy, however I do think it would be foolish to base any plans or expectations around it actually happening ... and of course that then presents the issue that if things do crazy with silver and UFO gets massively over valued would many of have sold out before UFO gets to £1?

Long term I see silver as the main strength of UFO just because of how mania and sentiment can drive the price to silly levels once investors start panic buying... however I think we are not at that point yet.

Shorter term I believe iron ore is what is going to grow UFO.

However I see UFO as one of those rare "safe bets" that you can just hold and ignore, and where the only enemy is impatience. Providing you don't expect too much too soon and sell out in frustration or a bad dip there are too many reasons for the share price to keep growing steadily with time.

I took a very small speculative punt here a while ago as I liked the various prospects TYM own, however it is a fine line between focusing on pushing forward worthwhile prospects and always chasing the next big thing.

The management here don't seem to have had a great deal of "success" over the last decade with moving forward things they already have. I don't see anything "wrong" with the idea of copper in Africa if it is something to actively explore, if it's just more words to add to a prospectus then do we need the distraction and to spread our limited finances even thinner?

I may be seen as a pessimist for saying this but I reckon on one more test of somewhere around $24 - $26 an ounce over the next 4-6 weeks before silver finally breaks free and starts holding some more significant gains.

Glad to be proved wrong if this really is the start but there's nothing about the last few days we haven't seen several times before over the last few months as we push towards $30/oz only to retrace.

@Barrett - not just fingers in the the right pies but whilst those pies are fresh from the oven and at their best.

@silverhorse - I admire the optimism, and as ever hope you are correct - instinct however says we've at least one more bump in the road before the big action, so whilst I'll gladly be proved wrong I'm still not expecting any big moves until the second half of 2021...

Not that I can grumble at where things are already, the silver price is at close to double where I bought most of mine, whilst I first bought into UFO at just one tenth of a penny so I can afford to be patient.

well I've been heavily in silver for a decade or more because I believe in it, but whilst obviously pleased to see todays move up in price (both silver and UFO) I'll strike my usual cautionary note and remind folks how many times we've been excited before by moves up only to see them come back down again.

Things will get there in their own time, and this does feel like it has got some momentum so maybe this will be the moment, but then again maybe we'll have to wait a month or two longer, none of us know for sure, even if we all feel things will get exciting at some point sooner rather than later.

Halifax currently allowing me to both buy and sell at 32p with no spread... never seen that before.

when the exclusivity agreement was first announced I did a very quick search to see who/what wombat resources were - my Google-Fu let me down.

Other than being a small outfit seemingly based on the out-skirts of Sydney there was nothing came up ... for a company to have no internet presence at all and no web site suggested to me some sort of shell or holding company but that is pure speculation based upon an lack of info rather than actual fact.

@paulQ "They must be proceeding with the silver tailing project or they would have announced otherwise by now surely ? The 60 days exclusivity deal was up last Sunday, so must be negotiating terms."

At the time everyone was calling for an immediate announcement I said I didn't expect to hear anything at the end of the exclusivity period, and that if we did it would be more likely that it would because both sides had agreed there was no deal to be reached than a deal had been reached. It may be that they are still negotiating and neither side yet knows what the outcome will be, or it may be that a deal has been reached and they are merely processing the paperwork.

I'm always cautious of those who make assertions, the truth is we know we haven't heard anything yet, but we don't know why that is.

@smiller as I am sure you know, valuing minerals in the ground is a very imprecise art where most exercise huge degrees of caution until a resources is formally measured and the economics of extraction calculated.

Our iron ore has huge "potential" to be worth vast sums measured in billions but for the time being there are many that will value it at tiny percentages of that potential , and some at fractions of just 1% of its full potential simply because nothing is yet confirmed.

The huge profits are made from getting in early and accepting the risk, where from my perspective the risks are asymmetric in terms of the potential upside being far greater than the chance of this coming to nothing, but nothing is certain.

Well it has to be good news if we can start talking about an exploration company actually exploring rather than talking about management practices and PR.

Time will tell what more drilling will actually discover, but we are back to doing what shareholders expect and we all have high hopes there is actually stuff in the ground to be found.

@ napthman1 - if taking an interest in precious metals teaches you anything it is patience.... however the end results are usually worth the very long wait....

ten years ago I, somewhat like Peter Schiff, was the outsider for encouraging my friends to consider investing in silver. Now it is becoming almost fashionable.

napthman1 - I personally have been waiting since the mess of 2008-2011. How they papered over the cracks of that one and got away with it I don't know?

I've said before that I don't expect any major moves in the UFO share price until the second half of 2021, partly that is to do with catching up on sector wide delays, but more to do with the external macro-economic factors being discussed here.

I figured it would take a while for covid restrictions to ease, economies to open up again , all the surplus cash that's been created to start circulating and for inflation to pick up, something which would feed a growth in commodities, and a retreat to safe haven precious metals. Add in to that the latest phase of Basel III to further nudge precious metals in the direction we want/expect to see them move.

It may be that as been said by others the cracks are starting to open up already, but I fear there is much more turbulence to come. Politicians and central bankers are experts at kicking the can further down the road, but at some point they will start to panic when they actually have to deal with their own mess and can't just leave it to the next to take office.

It is very much a slim outside bet, (but seemingly getting more likely week by week) but I've been saying for years that the dollars dominance as global reserve currency is fading and a likely candidate to replace it is some sort of new Chinese gold backed digital currency.

There's never been a worse time in history to be certain of anything economically other than that when things get ugly there will be some big winners and some very big losers.

Positive but understated - exactly what we want to hear...

No hype just a simple statement that we are ahead of schedule, under budget and every hole has hit mineralisation.