Member Info for mattlilly

This is about steel, but....

https://www.kitco.com/news/2022-10-03/UPDATE-1-BHP-lifts-steel-consumption-forecast-on-surging-demand-for-green-power.html

"Steel consumption in power will triple from today with demand from wind and solar 5 times bigger,"

"The forecast upgrade comes in the backdrop of a global push towards decarbonisation of power generation. Renewable energy's cost efficiency and competitiveness have spurred massive investments as well as favourable policies across the global. Clean energy investment is expected to exceed $1.4 trillion in 2022, accounting for almost three-quarters of the growth in overall energy investment..."

Electromobility...now theres a new word...

Anyhoo...the puzzling thing is "rising stocks in warehouses..." I'm hearing, reading the complete opposite, especially the exchanges..

And China still gungho buying...

Blimey DBW...some of us are still in bed...have you no heart..?

Anyhow, excellent post as usual.

Gold $1704...

Copper showing early form at $3.46...

Ready for lift off...?

Still 17.16 in Canada...

Obviously you don't read many posts on here Qalibashi...

I dropped £380 on buying back the 200k SOLG, but I more than made up for that having invested the proceeds in 15,000 ATYM which I,ve just sold at 196.65...

But thats not the point...as I said on Friday, I am constantly researching and as you will know am very focused on the gold price, which has gone from$1616 last wednesday to $1694 just now...that comfortably breaks strong resistance at $1660 and...

Whether odd or not, there is a positive correlation between the POG and the SOLG share price, probably going back to the Solomon GOLD days and having gold in the SolGOLD name....

Hence they are still 17.16p equivalent in Toronto, still up 13%...

Well out of date...

Bought back 200k on the strength of the gold price...

Thats enough.

TMX price equivalent 17.82p up more than 17%...

In Toronto it was $1.24 million short pre 27 JUly; now $855k...immaterial...

LSE and Shortdata say no short positions...

Colonel....watch my lips...I WATCH Bloomberg TV and if you don't you have no idea what you are talking about...

You only get a sample of articles online but I can tell you the real meat is in the multiple TV interviews every day.

Your comment about sponsored articles is one-eyed...

During my conversation with Twigger in 2020 and since, Solgold committed to all the Directors seeking re-election at this year's AGM.

He stated that this was in keeping with the UK Code of Conduct on Corporate Governance.

Solgold has been big enough by Market Capitalisation to be included in the FTSE350 in the last year and whether or not it was, it is the principle that was accepted. Which is:

"B. 7.1. All directors of FTSE 350 companies should be subject to annual election by shareholders."

However, here is the "Annual Form" available on the Solgold website:

"One third of the directors of the Company retire from office at every annual general meeting of the Company. In
general, those directors who have held office the longest time since their election are required to retire. A retiring
director may be re-elected and a director appointed by the Board may also be elected, though in the latter case the
director's period of prior appointment by the Board will not be taken into account for the purposes of rotation."

And here are the Articles of Association:

"19.8 At every annual general meeting one third of the Directors who are subject to retirement by rotation or, if their
number is not three or a multiple of three the number nearest to but not exceeding one third shall retire from office
by rotation provided that if there is only one Director who is subject to retirement by rotation, he shall retire"

So have the Board gone back on their commitment...?

Or have they allowed the SP to slide so that the MCap is well below FTSE350 scale...?

And therefore, will only Elodie, KOK, Maria and Darryl have to be reappointed?

You know who the morons are Lunch...

Meanwhile here is a significant statement from the Annual Form which serves to remind us...

"Subject to the passage of any necessary authorised issue resolution and/or disapplication resolution (which the
Company must use its reasonable endeavours to secure), if the Company wishes to allot and issue any equity securities
either for cash (a "Further Raising") or pursuant to a transaction for non-cash consideration (an "Other
Transaction"), and at that time BHP Billiton holds at least 10% of the Ordinary Shares in the Company, then the
Company must give BHP Billiton the opportunity to subscribe for:
(a) in the case of a Further Raising, such number of Ordinary Shares in the Further Raising; and
(b) in the case of an Other Transaction, such number of Ordinary Shares (a "New Issue")"

2020's

Thanks Mathers and as a final thought, when there is poor liquidity in any one main market it tends to spill over into others, so...

If individuals or private investors cannot sell their equities in the price or amount they want they will sometimes sell more liquid assets to enable themselves to have the cahs not to liquidate. So for example an equity selloff can spill over into gold and other commodities.

Together with the stronger dollar that is what is happening now.

Much of the turmoil of the last couple of weeks in the UK would have happened without the idiotic economic policies, its just that KK was dtermined to throw petrol onto the fire with no prio warning...and remains for the tim e being intransigent...

So one of the reasons why SOLG has fallen is because UK equity markets have had their worst couple of weeks since March 202's COVID fall

I don't read Bloomberg...don't even have a subscription...

Bloomberg TV is on all day every day when I am at home and has been for 20 years or more...

And I do follow internationally acclaimed economists such as Mohammed el Erian and Nouriel Roubini (which is why I've never bought a single crypto...I want to sleep at night (though it wasn't easy last night...)

Thank you for your constructive respnse Mathers.

I always keep an open mind and may vary even a short term view accordingly.

What spooked me today in the context of yesterday's heavy falls was the whole business of liquidy.

In July 2007 the evaporation of liquidity led me to two fundamental decisions:

I switched my entire pension portfolio into a cash fund, fearing what turned out to be a 40% plus fall in the FTSE.

I entreated the CEO of the AIM property company of which I was GFD to sell all our assets. He declined; I left and a few years later they went bust.

I do get things wrong. Right now our joint portfolio is down over £300k because having decided to liquidate everything except SOLG and GPM, I reentered the market too soon. I am more cautious managing my wife's protfolio and hence she has lost much less than me.

But if you look at March 2020 we were all massively down the pan and lived to fight another day...its just that SOLG is like waiting for Godot...

BHPs/majors own surpluses only become relevant if they take over SOLG.

Can I repeat. I have spent the whole of today researching and watching Bloomberg, including a shockingly naive interview with the UK Treasury Minister (no not Kwasi). The Bloomberg anchors were openly critical.

I also follow Mohammed el Arian closely and he gave a worrying interview today.

Monday and Friday are my major research days and you will have notice that, like DBW, I pst a lot of relevant links.

Of course I can see how my moves might be interpreted, but as I've stated, I cannot move markets even with 600k of sells and I don't waste my time ramping or deramping.

I just honestly and openly share my views, read other sensible constructive opinions and sometimes debate leading to a better understanding for me.

Finally, how can you say I am deramping when I have strongly stated that we are currently holding 1.1 million for a takeover bid(s)...I would have thought that was ramping if anything...?

Always value your comments Lunch and open to constructive challenge rather than moronic...

If you have followed me in the past you will know that I don't panic and every transaction has a rationale.

The main reason why we have made so much money on two previous occasions and managed to avoid more than a 30% loss on our remaining holdings is because I am constantly researching and taking a view on the whole or at the margin.

What happened yesterday spooked me because there was no specific reason, as indeed there is no specific reason for today's bounce beyond the stock being oversold yesterday.

But also I took on board the view expressed that a streaming deal would not be possible at the present and I now agree with that, leaving no alternative to a deep discount equity issue or simply waiting it out.

My research also got me thinking about funding Alpala. A year ago Ingo was very confident but he's now gone. Was this a major reason?

As Darryl has made clear, Alpala will require a big equity element and whereas Ingo was confident of funding $1 billion or more from streaming deals I can't see that right now.

Of course the only funding need right now is to get through to the end of DFS, but there is also the Cascabel commitmnent given to the Ecuador givernment. By my calculations we may still have to spend $200 million or more before construction begins and that might in part explain why the timetable keeps slipping.

I am, however, optimistic that markets will be very much better this time next year and copper/gold far higher.

If Solgold last that long as an in dependent entoty...which brings us back to the short term funding or, more likely takeover bids...

I broke it up into chunks and sold them over a period of 4 hours. Sorry that doesn't help, but the average is probably somewhere around 15.70.

A key factor for all markets is that the dollaris way overvalued. It has to fall.

It is up over 20% against a global basket of currencies in just over 4 months. Why?

It is seen as a safe haven in the light of the Ukraine war.

There is a direct inverse correlation between the dollar and commodity prices which in my opinion is the major reason why the impending copper crisis has not been reflected in prices.

China is buying copper and gold; Russia is buying gold; BRICS are known to be working on a gold backed alternative to the dollar.

Sooner or later the dollar will tank. Sterling has recovered almost all the losse of the past week but of course has much further to go. It is also almost back to the level of 11 days ago against the Euro...lets see if these moves are transitory...