Medusa Share Discussion Threads

[justinjjbuk] 26/1/2016 12:27

Gold price action a lot better (at last). I am heartened that gold is either eking out small gains, or at least holding pretty steady, on days when global equity markets are rallying. This, to me, is a lot more impressive in price action terms than the rallies in gold when equity markets are falling. Suggests we may finally have found the bottom for the gold price regardless of where equity markets end up in 2016.

[eintracht] 26/1/2016 07:25

I think its the dollar that's far more important for the Gold price. The DOW can do what the hell it likes from my point of view.

[deka1] 26/1/2016 07:20

Shanghai comp now down near 7% today,if the Dow follows the sell off another fall in the hundreds beckons, gold moving up ,oil under $20 I think soon.
How far could the Dow fall, and the dollar for that matter ??

[deka1] 25/1/2016 20:44

lol lol, Eintracht, ya couldn't make up,
For US treasury , read Capo de tutti capi,

[eintracht] 25/1/2016 20:15

I had a good laugh this morning when I woke up here in Aus and saw the headline on the BBC News website - "Putin Is Corrupt Says US Treasury".

[stevea171] 25/1/2016 19:18

ASX closed 26/1 - Australia Day public holiday.

So MML Q2 results likely to be posted Wed or Thurs.

[bluelynx] 25/1/2016 10:26

This ultra positive article from Zeal.com is very encouraging reading for Gold Bulls. But they are trying to sell Subscriptions to their gold stock tipping service. Even so I tend to agree with their views strongly. Very good read in my opinion.

[bluelynx] 25/1/2016 07:48

Interview by Greg Hunter with Michael Pento.

[bluelynx] 24/1/2016 13:32

RT / Chip

Yes it's good to hear thoughtful information coming from a UK source, which is the main reason I posted the link. Nearly all main stream financial News in the UK seem to state the Bank of England / Government propaganda.

Jonathan Davis reminds me of a Welsh Peter Schiff.

I see Mario Draggi has come to the rescue of the FED and the Eqiuty /Housing Markets by promising more money printing some time in the future, It amazes just how many years these Central Banks have been able to convince Investors and the population in general that they have control of nearly all Markets. They seem to take turns in providing liquidity to push up Equities and the property sectors, I personally believe these masters of the universe are quickly running out of options to keep this ponzi scheme going. But at present it suits those establishment institutions / the financial sector etc to play along with the current game after all it rewards them very handsomely. Surely this 'Kings New Clothes' economy will be seen for what it is and confidence in the CB's will finally be lost .

[chipperfrd] 24/1/2016 12:31

Thanks BL!

Good to hear some pragmatic opinions regarding the UK rather than the US-centric commentary which floods the internet.

Particularly apt for those of us with exposure to equities with US$ revenue but with share prices in UK£ at a time when the £ is showing steady weakness against the US$.
Chip

[roguetreader] 24/1/2016 11:31

BL
Nice post - heard it all before, but what he says is spot on and eloquently stated
RT

[bluelynx] 24/1/2016 09:41

At last I've found at Fund Manger that actually speaks with concise common sense, Jonathan Davis, Below is a link with several interviews he has recently given.

[ramnik007] 24/1/2016 08:23

When you watch The Big Short film, you better appreciate how investment banks got away with outright fraud: manipulating the mortgage bonds and CDOs, with the ratings agencies collaborating. I guess the same thing is being played out in the Gold Market.

[deka1] 23/1/2016 14:20

All we have to do is kick down the door and the whole rotten edifice will crumble, (who said that?)--------- need someone to find the balls to stand for delivery lol

[chipperfrd] 23/1/2016 12:53

Interesting stock trends on the Comex!

[deka1] 22/1/2016 19:00

Is it a dead cat bouncing, the DOW & oil, I think so, we suddenly, over the space of 24 hrs used up the huge amount of oil lying in storage , I doubt it, we haven't seen the bottom yet,and the Shanghai comp has a long way to fall yet imo,
BTW really good series on SKY ARTS------ occupied, Thorium reactor in Norway is in it.

[tightfist] 22/1/2016 14:05

Justin, Chip,

Thanks for your great posts; I totally agree with your sentiment that RG as done a fantastic job as COO, getting to grips with the detail of production/supervisory work flow, the contractual aspects of motivating the miners to do "the right thing", and lots more besides.

If he can be retained and motivated as COO to work effectively alongside a worldly CEO (who has experience beyond Aus and with Northern Hemisphere investors) then fine. During my October bar discussion with RG, he made it very clear to me that the World strongly anticipated him becoming the next CEO when the time was right, and that going forwards he expected to visit London every 6 months.

Either RG is on his way out for whatever reason, or the BoD have made him an offer he cannot refuse to remain COO. There is great emphasis in AT's note about on-site operational familiarisation of the CEO candidates, which seems a little out of place if they were confident RG is staying on? Or more positively maybe it's to enable RG to check he can work with the new CEO?

I remain highly sceptical of AT. We all knew GD was on a short lease; how on earth they now need to take us on a journey including the engagement of an executive search outfit beggars belief - IMHO that should have been done 9 months ago. The longer this gets strung-out, the more money he presumably collects in his Executive role. The tone of AT's note is also uncharacteristic; his AGM addresses seem quite cold but now it's all pally.....

I suppose I take Chip's wisdom that there's not much we can do about this seemingly ridiculous state of affairs, except fill our boots upon every downward market lurch. At least next week's Q2 results and the financials should look pretty reasonable.

Cheers, tightfist

PS: A shed-load of options to RG and the new CEO at a sensible strike price would finally align these key executives with shareholders' interests, something that has been sadly missing all along.
PPS: Many thanks to all for the recent download on SBM; I am waiting until I get back from holiday to sift through all that; it reads like a roaring Phoenix from a pile of ashes and scar tissue!

[bomber13] 22/1/2016 12:27

Forgive me butting in on this excellent bulletin board , I , too , am a long-term follower and holder of MML , and have met GD and RG a few times . I also wholeheartedly agree that their PR machine is stuck in reverse , but I do find some positivity in the effusiveness of the Chairman today about group operations , and this is surely intended to slap RG on the back , not to stab him there . It is also perfectly possible that any delay to finding the CEO is not only due to finding the right fit with RB as COO , but also negotiations re option packages / remuneration to keep RG sweet ? At the moment , his 500,000 options exercisable at 100c are a carrot , but not a gold mine .

[justinjjbuk] 22/1/2016 11:55

Chip: Agree. I hope though that the Board bend over backward to keep RG happy. Throw him another chunk of options with a 50 cents strike price if need be. He is the one member of management who has been earning his keep.

[chipperfrd] 22/1/2016 11:39

Frankly, I would rather have RG closely involved with on-site operational detail than have him having to spend the majority of his time at the Perth HQ.

So I am sanguine regarding whether or not he ends up becoming CEO but would actually prefer he continues in his present role.

[justinjjbuk] 22/1/2016 11:36

I would also add one more thing. I am as frustrated as everyone else over the appalling level of Investor Relations (IR) at MML. Under GD things significantly improved, but we appear to be back to the bad old days of opaque, uninformative and infrequent announcements. However, at the end of the day, good or bad IR doesn't determine a company's share price over the medium term: the company's numbers do.

As a fund manager, I witnessed many companies with terrible IR, whose shares spectacularly outperformed, and companies with excellent IR but who were operating in declining industries so their share prices slumped.

At the end of the day, MML will move on its numbers not its IR announcements. And at the end of the day we have seen fantastic progress over the last 18 months:

- New mill doing what it says on the side of the tin
- Recovery up
- Grade up
- Production up
- Mine rationalisation almost complete (more AISC improvements to come)

The reason the share price has not responded is a) because the gap between AISC and the gold price has not led to cash build on the balance sheet and b) the falling gold price keeps offsetting AISC improvements.

If gold stabilises (it doesn't need to go up, just not go down), then the AISC-gold price gap should start to generate significant cash on the balance sheet. Then the stock price will respond. Improved IR will just play a bit part in this story.

[goldminer70] 22/1/2016 11:27

Yesterday I sent an EMail to Andrew Teo's secretary reminding her that she said he would reply after his visit to the Philippines next Wednesday.

When I met him in mid November he hinted that the health problem with GD (he didn't say what it was) was a surprise and unexpected.
He also said there are a lot of out of work mining experts and they would make sure they had the right man and RG would be one of the candidates. He also said the appointment "would be within a month" i.e mid December.
So I think we have to be patient. I think it is right to make sure they have the very best candidate.
It is going as he said except it is taking longer than expected.
Goldminer70