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Mike looking again the future hedges are gold, a bit under a quarter of it if production rises as expected, but at quite good prices, and the silver hedges were great they seem prescient, presumably to make sure Maria Rosa can pay back its debt. However silver output is falling as Pallancata closes

HOC Hedges

4m oz 2021 $27.10

4m oz 2022 26.86

3m oz 2023 25

50k oz gold

2025 $2117

26 $2167

27 $2206

Actually Noel I think Hochschild has come alive, risen from the dead. Nearly doubled and up 10% in a week. It anticipates price moves. So should begin to anticipate the next one. Also remember a chunk of their solve is hedged and anyway less silver than gold so it is the gold price expectation that matters most for future Profits Enjoyin the ride

When I looked on THS investors website investors section just now said 4th Dec but maybe says something else elsewhere? Chrome coming back a bit, but should at least have given us decent profits this year making up for some of the PGM tumble for now

Agree Mr Bond if they find more gold our share price should soar, but till they do or gold soars or they increase ounces or reduce costs, rather than everyone predicting these things, Cey is fairly priced on expected profit. Let’s see PE next month, historically Cey has been on around 12 so if Cey makes around £200m before Emma share current price would be about fair.

Well if he says it for long enough maybe one day he will be right like the clock, but over the last few years sadly his calls for great gold rises haven’t struck the hour. I am really hoping his hour will come in my lifetime if only by random chance but at least he keeps some of us hopeful even if gold has, inflation adjusted, failed to get back to its price in 1980. So I hope that Cey reduces costs as promised and raises output as promised, a real rise in gold price would be the icing, but gold is as likely to fall as rise, depending on competing homes for money and investing fashion, despite Andrew’s ever hopeful conspiracy theories, imho, remember Occam's Razor, the simplest explanation (ie fewer buyers than sellers) is usually the best, but at the nasty tail end of the 10 year cycle conspiracy theories always abound. Some may even be right.

Yes I will be very pleased if. Centamin recovers to the average I paid and gives me £9.95 profit so can buy those plastic flip flops

Steve we quite agreed about Horgan’s obfuscation about the share price at the presentation, if using different words. So excluding gold rising or falling from here, as you point out here, the big question is if/when profits will rise which is when ounces are met and then rise and AISC is actually seen to fall so could be at results but really for profits and shares to double more like a year or two if happens imho

….So not GOOD for our dotage but great for grandkids. Hence gold

…sorry last line typo:

Viz 100 yr cycles as I think Machiavelli said

Hard time create strong men

Strong men create good times

Good times create weak men

Weak men create hard times

We have unfortunately been at the last. Put another way this generation has forgotten the 1930’s and 40’s that everyone did everything to avoid for next 70 years till forgot. So not only for our dotage but great for grandkids. Hence gold

Long 100 year cycles Mr Gnome, your grandchildren should have a fab time as have we. On another note I posted here this summer, when Hochschild got its Inmaculada extension, that its share price was way under Cey but should quickly return to its historic norm, around 40% above Cey, particularly with quieter Peru politics too. I posted further, a couple of weeks ago, when they were level pegging around 80 that Hoc should soon rip ahead and get over 100p, it did yesterday and if it doesn’t overshoot should end up near doubled in a few months to 120, wish I’d had the cash to buy more, but at least when I raised cash a few weeks ago to buy the Fisker Ocean EV, to cheer us up in this despond, I sold Cey THS and Japan and hung on to all the Hoc and more I had bought in summer. Now I am just hoping that hanging onto Cey and particularly THS will result in the same. Cey seems fairly values till when (if) as promised profits pick up again, but THS is valued on its PGM when actually most profit comes from chromium now, that is going great guns, just as Hoc had been valued on silver when actually it is now mainly gold. Also unlike Cey and Hoc, THS has great management so that is the one I hope will double again one day, as Hoc has nearly done, but not tomorrow. Cey not for a year or two unless gold takes off

Interestingly with falling rh, and SLP greater dependence on it, their basket has actually fallen below ours, I make us just over $1400 SLP just under

PS my non financial and non share buying (sensible) partner over heard some of it and exclaimed “ I wouldn’t invest in them they sound so boring, how can they make a business grow when t✝️are so dull and unexcited” more or less what you were saying Boblitz.

Bob. Lovely and pertinent post, correct as ever, best regards

Annoying to hear Horgan obfuscate on the rhetorical question of why share price is low. The answer is blindingly obvious that profits are so reduced. But he tries to blame poor UK mid cap market (which hasn’t fallen anything like Centamin) or the Israel Gaza situation caring and informed as a. ‘Significant shareholder myself’. I had a bit of time for him but not when he doesn’t just come straight, second rate I would say

Weekly PGM basket on THS website today

Tharisa mine $1355

Karo Mine $1244

Last week $1453 and $1272

The reason Karo moves less is that it is much less exposed to rhodium, which is just 14% of its basket, interestingly gold is also 14% of the Karo basket. However Karo at these prices is really a platinum and palladium mine with a bit of rhodium and gold

Chromium is just a tiny bit down, staying essentially flat

More than that Mr T today gold made another all time high in sterling, which matters to our sterling gold price ……which languishes around a decisore 80p due to management incompetence.

So this is the beginning of reduction in PGM output along with Karo delay etc. Hopefully the appalling prices will mean more than enough mine closures to level with the reduction of PGM use. I had my new EV delivered today, one less CAT, and our chromium will make us one of the survivors.

Gold at new all time sterling high, centamin at 79p

Well I spoke a bit too soon, back near $1400 let’s hope a pullback and not a false dawn. Chromium stil staying flat and money must be rolling in at these prices