Member Info for Tornadotony

Probably the quickest rinse out of overbought on gold I have ever seen. Stochastics down to 9% and RSI in neutral range. It is extremely difficult to trade in all of this. The invite was given on a massive overbought that got crazy. Hoping we stay flat for a couple of days and can hold current levels. The gold rally has weakened overhead resistance and this is setting things up for an interesting 2024. Zero hedge reports m2 money supply is now minus 2% and the last time it was going into this territory was the USA depression in 1930.

Last Monday the traders who went short on gold after playing around on gold options the previous Friday have got absolutely hammered. Those shorts must have closed with very heavy losses. Looks like China probably bought a lot of gold possibly through Comex and we shall find out if they took delivery like in October. Rather difficult to short gold on paper with precious little physical to back it up and those ordering physical make it clear they do not want paper garbage and expect delivery. Hence gold revaluation.

Centamin held its ground and the ETFs caught up later after UK close. Will be interesting to see what happens next week. Gold daily RSI at 71 not quite as red hot as Centamin at 81.

ETFs have now started to sell off. Interesting to see if CEY can hold gains.

All behaving the same way on RSI and stochastics.

Gomez trying getting that point over to all the Kitco and Gold News analysts. The editorials are full of both chart and fundamental analysts.

Weekly stochastics on gold are 100%. Daily RSI is on 69. Gold also on a rally in the UK market but has now gapped out USA. Usually USA market closes the gaps.

Steve

Charts usually do not go up in straight lines. Quite often we get dips on the way when it is overbought, the share gets refuelled after some profit taking and we see higher highs and higher lows on an upswing as it gets rebought. The RSI indicator I am looking at is the daily. Perhaps someone is taking a punt on drilling results which is the news you refer to.

It has become way overbought and continues to go higher. RSI now approaching 80. When shares get overbought it is tricky to join the rally as at some point one expects a consolidation pull back for 2 or 3 days. Yesterday ended up flat but the RSI hardly called down at all. Certainly lively this morning.

Somna

Lets wait for drilling results first.

Daily RSI goes higher to 78 and slow stochastics on daily are at 100. Some of the other miners stay flat as they try and consolidate.

We shall soon find out if a bull trap is being set up for later on.

Steve,

Euro has fallen this morning and USD gains. Centamin RSI is through the roof around 77 on daily. We had some 9 am buying to get us back to flat on the day. Gold double topped briefly overnight. With two red hot months we could see a pullback next week just to get rid of all the overbought signals on gold and gold miners like Centamin. I expect it to to go higher in January and maybe later on in December as we get more RNS outputs from Centamin. Things do not go up or down in straight lines for the most part. Tony

Yesterday was very much overbought above bollinger bands. Perhaps a consolidation day to ease overbought.

Not sure how hi became high

High Theo

You are absolutely right about the conduct of what has gone on here. The way the RNS communications have been delivered. In the August RNS in one of the back pages it mentions that despite 65% completion the company could fail as a result of the remaining work to complete.

I am relieved that I remained disciplined in what I invested here as with other companies like Pensana, Rainbow Rare. Parts of my portfolio have done well enough to absorb all the disappointments and risks taken with at least one absorbing all the HZM hit. Hopefully many people here are diversified. It is a reminder to many of us to have investing rules on stocks that do not generate free cash flow and dividends. All the best Tony

Amazing how members of LSE contribute here after 1 week's membership. Like seagulls following the trawler.

MV

Usually someone does not put 9 years of their life into a project for it to fail. I suspect it was a competency issue. An error in the geotechnical modelling study would have changed the scope in engineering studies both with the reservoir dam base and the processing of nickel possibly prior to go into a furnace that required new interfaces of equipment. In fact one major modelling error could have created an array of problems and we do not know if it led to a contractor pulling out as a result. I gather this has arisen in at least two other nickel construction projects that led to a serious overrun on time and costs. The only good thing about it is that it can be fixed and the asset getting developed if a modelling error was to blame for all of this.

Second attempt

https://www.mckinsey.com/~/media/McKinsey/Industries/Capital%20Projects%20and%20Infrastructure/Our%20Insights/Optimizing%20mining%20feasibility%20studies%20The%20100%20billion%20opportunity/Optimizing-mining-feasibility-studies-The-100-billion-opportunity.pdf#:~:text=McKinsey%20analysis%20of%20publicly%20available%20data%20finds%20that,and%20largest%20open-pit%20projects%20by%20around%2040%20percent.

Https://www.mckinsey.com/~/media/McKinsey/Industries/Capital%20Projects%20and%20Infrastructure/Our%20Insights/Optimizing%20mining%20feasibility%20studies%20The%20100%20billion%20opportunity/Optimizing-mining-feasibility-studies

mckinsey report