turmoil…Johnson and Trump under pressure…in my opinion, the transcript of the phone call just shows, that the old fox is not stupid! Will be very hard to topple that guy!
New Home Sales in the States very strong…but Europe continues to look very fragile, even though we have had no fresh dramas today from the macro-front!
The US$ strong again - metals are recovering from slightly weaker to slightly up in late afternoon, following some constructive gestures by China, and positive comments from Trump re trade agreement.
Gold is under a little pressure today - mainly in US$, though.
Strike Energy - Nev Powers, who has done an outstanding job until last year as CEO of Fortescue, and is one of the most highly regarded mining executives in Australia, has become a non-executive director. He also owns about 10 mill shares in Strike. I guess, that he is happy to support the current chairman ( I have heard, that they are good friends ) - but obviously, he is also putting his money where his mouth is, and by becoming director, he must be happy to hold on to them for the long term!
Panoramic - the rights issue is finished - thanks god, as it should remove the pressure from the stock. The shortfall was 20%, which is relatively low. Nevetheless - I guess today´s high turnover might well relate to the shortfall. Nickel is holding above 17.000 US$/t, and the Australian $ continues to be weak - and on top of that, we have this PGM-story, which I spoke about the other day ( by the way - I checked with Macquarie research - they value it at zero )….a great setting to make money for PAN! Now we need to see Savannah North to reach ore, and ramp-up quickly from November on.
Still not much to report, I fear!
Have a nice evening