Member Info for TheItalian

I admire the early adopters of electric cars even I am not one of them. I thought it would take a long time for the trend to develop, but if you look at current car sales in UK for example, Tesla 3 is the third most sold car at the moment. Imagine when the mainstream brands start proposing viable alternatives. So perhaps there is more than our perception to the EV revolution.

I would keep brexit out of the bb, it's not about Solg and it's a divisive subject that makes everyone' blood boil for one reason or the opposite. Let's stick to Solg please.

Matt, you take the risk you are willing to take, so if you cannot stomach the current situation you sell and move on. Good luck with your investments and speculations.
But just think about perception vs. reality for a moment.
Let's say back in April 2019, with the price at 37p and a good vibe about what could come next, we were actually in a worse situation (less progress and the impending referendum nightmare no one even knew was going to hit us) than we are now.
Today, with the price that has not broken long term support, MRE3 approaching, PFS approaching, a funding deal approaching, licenses getting closer, the referendum scare happened and resolved, I would say that 21p is a buying opportunity, not time to sell. I am not advising, just thinking out loud. But following my own reasoning, in fact I bought back on the way down, last trade at 21.7 after selling a few at 30p at a nice profit.
Just saying.

I agree but I think it will be slow. I also think that the SOLG price has been affected negatively by the low copper price but equally affected positively by the high gold price. I suppose that when the times are more fortunate, we will regain the lost ground against the fundamentals quite rapidly.

The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of -36,950 contracts in the data reported through Tuesday September 17th. This was a weekly change of 4,236 net contracts from the previous week which had a total of -41,186 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -2,102 contracts (to a weekly total of 75,083 contracts) while the gross bearish position (shorts) dropped by a greater amount of -6,338 contracts for the week (to a total of 112,033 contracts).
Copper speculators have pulled back on their bearish bets for a second straight week and by a total of 21,891 contracts in just these two weeks. Previously, speculators had been strongly adding to bearish positions and pushed the overall standing to to all-time record highs on consecutive weeks with the new record standing at a total of -58,841 contracts on September 3rd.
The current level remains very bearish and has now been in bearish or short territory for twenty-one straight weeks dating back to April 30th.

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 32,692 contracts on the week. This was a weekly shortfall of -7,729 contracts from the total net of 40,421 contracts reported the previous week.

SO, COPPER PRICE BEING VASTLY DICTATED BY SPECULATORS, WHO PUSHED IT DOWN BUT SEEM TO EASE THEIR SHORTING STRATEGIES.

As DMW says, that would be 7 figures. Still painful though, but there is more to life than that!

RICH3R, there is no doubt that as small shareholders we are the least relevant players in all that is going on at and around SOLG. I also have no doubt (and this is subjective and based on my own analysis and technical voodoo) that we are going to be suffering for a bit longer before we see any light at the end of this tunnel. Nonetheless, as we sometimes remind ourselves, it's a t times like these when everyone panics or loses faith that the brave will invest. As a holder I am a large 6 figures down from January so that's painful, but with a long term view that has not changed I have to think that each day we are a day closer to the payday and at these levels the share looks more like a buying opportunity than a selling one. So I bought some more. About the company being silent, I think that a) they have actually been sharing enough and have always been forthcoming when we contacted them, and b) we fail to appreciate that SOLG is a small fish in a big pond and NM has tried to position the company to achieve maximum return, which implies a level of discretion as he and the company try to not be bought at discount, screwed over by CGP, disrupted by referendums or sabotaged by the Ecuadorian government. It's a tough challenge and not one that is resolved quickly or made to look better via more RNS explaining how they are working to align the ducks (because that's all we are all dying to find out, but that's like asking a poker player to explain in front of his opponents what strategy he is pursuing). So, despite the pain and the impatience, I still see the business case and hold on to my shares. I wish all good return, sooner rather than later.

THAT IT WOULD NOT BUY US HAPPYNESS, TYPO.......

@Columbo, come on mate, it's only money, we have been taught that even if made it it would buy us happyness!

This is such a great recap, I hope you are done with your pearls of wisdom now.

Notwithstanding our ignorance about what is happening in the background, it would just be bizarre if NM went as far as it has to just to then run the company to the ground. If the company had reached a point where it is exposed to an existential threat, NM would like any businessman let the possible suitors that he will look at bids and the market would know. The fact that he is waiting this late to raise funds even withe effect of bringing the price this low shows that he has a good grasp and sufficient control over the events, and knows what comes next. Unless of course we want to believe he has lost his mind. This is the uncertainty that creates trading opportunities, if things were so obvious the price would have been higher all along.

Little top up at 21.7 just to celebrate my unbreakable optimism!

Equivalent to GBP 25.67 at current eschange rate.
Please Please Please, is there something happening?

Yes, but one reads an RNS and it sounds like taking the P***.
I understand the legal obligations to release the news, but at a time like this they should think of how it comes across.

If the 200.000 shares purchase as per RNS is supposed to make investors feel confident that management put their money where they mouth is, methink it's falling a bit short.

I would trust Legge and Ward mote than Warren Irwin myself.

I know that the last few months have been challenging for SOLG, between the CGP situation and the court case and referendum. But obviously it's not ideal to leave until there are only 22 mln in the bank to raise funds, it limits our leverage.

!

Q, I think you really need to listen to it, WI was positive beyond the words he actually spoke, which were a very positive pitch, between SOLG especially having done a great job and BHP being the largest mining company in the world talking specifically about small SOLG in their report.
Not sure whether he has changed his tune because something is about to happen, because he finally came to his senses, or he got fed up with CGP, who can tell...

Very much agree (sadly!).
The area around 20-21p is the real support. Going lower would be a really bad signal.