Gold has reached resistance at 1240 for the second day in succession. Maybe it will break thru and continue up this time.
Lovely action around the "London Gold Fix" this afternoon. After trading all day in the 1234-1240 range it drops for about an hour around the time of the gold fix and then rises again afterwards.
Interesting times. Gold (and Centamin) moving up and some predict that will continue for a month or more. If the stars align: than the new investment law will be enacted before gold turns south. Many pundits are predicting that the final low will happen this summer/fall.
IMO the production update was good. They were near the upper end of the guidance provided in November and they gave us an earlier than expected estimate for 2015 guidance. Don't know why the stock took a drop but it did get a little overbought earlier in the week and
Centamin revised their production target to between 370,000 and 380,000 oz on November 5th. WTF are these guys talking about 340,000 oz?
Today's sp increase indicates that Q4 production numbers are expected very soon - possibly in the morning.
Q4 preliminary production figures should come out any day now. 2014 guidance was adjusted lower in early November so I cannot imagine they won't meet it. 2015 guidance won't come out for a few weeks - latest date for those would be March with the annual report for 2014. Each release should give sp price a boost.
Today's "Ahram Online" contains an editorial on the investment law. It laments that the current schedule of having the law completed by January 15th and put in action before the investment conference in March will have the law in place before the parliamentary elections. They don't believe the government should be putting important new laws in place until parliament is elected and has a chance for review. I understand their point of view but .....
Let's look at the facts. The court case was last scheduled for October but that 10th hearing of the court case didn't happen as the sceduled date became a gov't holiday. Since that time Centamin hasn't been given a new date for their hearing. We are told that the new investment law might somehow make the case go away. I'm not sure the gov't and the courts agree on who is in charge of Centamin's fate in all of this. The gov't wants this over and the court's want to assert their authority by dragging this out as long as possible. How many more years?
Hey mog - it's still early here in Canada.