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Yes Prof, it is an enormous gap as you say. Whether it is filled in a few big-mouthfuls or not remains to be seen, but after todays close 160 is the next resistance I feel. There was a slight re-trace back to 128 after the May precipitous fall but it quickly fell-away. On that basis, there may be a pause for refreshments at 128 before continuing it's quest. Wishful thinking maybe but the force seems to be with us and the gold-market for now.

It'll be interesting to compare volumes. - Yesterdays rise was on the back of relatively low-volume. - I'll be able to tell you what today's volume has been after 6.00pm. - A shortage of stock could be causing these rises. Let's see what todays volumes tell us.

Hi Prof - There's a gap to fill between 120 & 160 caused by the now infamous about-turn announcement in May.

Hi Cowichan - Any layers of fat we can take-on-board for now will at least act as a cushion for any unwelcome news next week.
I read your link re Barrick. - One comment stood out for me. Striving to cut costs, Barrick are adopting Randgold's model of servicing 3 mines from 1 central processing point, - Know any other company this could apply to? :-)

It's been difficult to join the dots-up with regards to Josef going back to when he off-loaded his shares. - I'm thinking his plans to step-back could well have been part of the cover-story, especially as he hasn't stepped-back and continues for at least another year - I think we just have to be guarded about any further moves or statements emanating from the board with regards Josef or indeed anything else for that matter. - Will there be a further off-loading accompanied by plausible reasoning? We'll have to wait and see.

Hi Cowichan - Dyer think I'm over-doing it a bit. - Getting carried away. - It's like spotting land when you've been adrift at sea for a year. :-)

Good rise on very low volume.

If Cey is heir apparent to RRS's reign then this should start to show in volume of sales. - Assuming there is sufficient liquidity to be able to wear the crown.

Can I ask what the perception of debt is. It's used only in a generic sense surely. I mean, it comes in many guises, many forms, trickery is often hidden beneath it's cloak, Interest rate swaps for example, so what are we talking about here?

Good luck and God bless everyone. - This time next year, who knows. :-) - If it does a 2016, as some are predicting, we'll be looking at £3 SP. :-) - With Randgold out of the way, we may become the share of choice, if we are and our P/E moves in line, Rangold's was double Centamin's, in theory we could be looking a £6. :-) - Although I have a feeling that Fresnillo will pick-up the baton discarded by Randgold. - It'll be an interesting experience won't it?
All the best.

Hi goldnome - Wow, a well constructed post in terms of detail, education and presentation. - Thankyou.

With a reputation for underestimating and over delivering, 2018 proved the exact opposite, overestimating and under delivering, resulting in significant SP damage.- It's widely believed that the underestimating/over delivery was designed to accommodate Josef baling-out. - We'll never know. - Caution will be the watchword for 2019 I feel and is probably the reason why guidance is being delayed until the Feb. annual report. There is no doubt that the KD report has set alarm-bells ringing, backed-up by the fact that 2018 results appear to support his assessment. Let's assume that he is correct. What sort of signs should we be looking out for as a forewarning? If my understanding is correct, the 2 month close-period preceding 'Annual results' is in play so there should be no directors selling before then. All contributions welcome on this important question.

Close period: - Typically 1 month preceding quarterly results. 2 months preceding annual results.. - So there we are, annual results subject to 2 months close period. - No conspiracy. :-)

One further point - Close period applies preceding financial reporting. - Q.- Does the annual report fall into the category of financial reporting? - If it does then the close-period is in play. If it doesn't, then the directors will have knowledge of guidance and it's affects for a period of approx. 6 weeks between the Jan. prelims and the Feb. annual. where they can exploit said fore-knowledge. - It's a bit long-winded so I hope my point makes sense.

Annual results in Feb. as per previous years. However, guidance for the year ahead has usually been announced in the Jan. prelims. - This time, delayed until Feb. annual. - I believe close period (2 months preceding) will still be in play right up to Feb. annual report, thus restricting directors dealings - Not sure If directors/management can get around this through the use of other financial instruments. Puts/calls, shorts, spread-betting etc. - I'd be grateful of any comment on this matter.

Hi Razor - Yes, it's a good question isn't it? - Obviously, just my opinion, and a lay opinion at that. but the current 'legal status' as it stands, suspending exploitation beyond the 3kms of Sukari , although currently on hold pending the outcome of the CC, would surely present as a legal impediment to any company with sights set on taking them over. Any company splashing-out millions on a take-over would want legal certainty don't you think. - And this is the thing about the CC and the colossal effect/influence it has and why it should have been settled. - However, it's viewed as a scene out of 'Guys n Dolls' - 'The people all said sit down, sit down yer rockin the boat'. :-)

Hi ton-fra-cen - Nice theory but it tends not to work like that with Centamin. - If the prelims are bad the SP gets a good-hiding. - Later, when official figures are released, more or less confirming what the prelims told us, we get another duffing-up and it's not unknown for us to get a third thumping. - So, a nice thought, if only it were true. - The Dec, warning taking the sting out of the Jan. announcements, I don't think so and then we have Febs announcement to contend with. - Where have you been this last year?

I have a feeling that yesterdays announcement has put the brakes on any SP rise we might have expected as a result of a rising gold price. - We've been neutralised. - It's happened so many times this year when good news has been trumped by negativity resulting in nil progress.

Interestingly there was no production guidance issued in Dec. last year, it all came out in the wash in the Jan presentation which also included production forecast for the year ahead. - This time production forecast for year ahead will not be revealed until the Feb. presentation when we will already be half-way through Q1.- It seems odd, there's something not quite right with these timings There's something afoot IMO.

Hi Razor - I can't join the dots-up with that comment unless it's your way of having a dig at someone. - :-)

Imagine if instead of getting rid of most of their cash through divi payments it had been retained in treasury in the form of cash or cash -equivalent asset, Gov. bonds etc, whatever, and the balance-sheet was showing $600m - $700m on account instead of $250m. - How much more protection would that have afforded the SP in weathering a set-back in the sector as a whole. - What's the point of sticking to a system where every £1 of dividend paid costs £4/£5 in lost market-cap, when said dividend could have been retained by treasury, not only for future use but also as extra armour in protecting the SP? - There may be something in the Articles that answers my question. If there is, can somebody spell it out and I'll cease forthwith.