Ok guys well that was a kicking wasn't it...?
Dust yourself off and look at the facts. We've had a few sellers and obviously certain PIs aren't very loyal, when it comes to cash raises (because AIM is littered with car crash companies that raise to keep the lights on). Understandable. And good riddance, presumably anyone dumping millions at 6p will only end up buying back at some point when they realise that any raise is a long way off.
Yes I think we can all accept that Shaun may wish to provide some liquidity to the ASX - but AIM will be the principle market for now. Remember the purpose of the listing is to domicile the stock with ASX only buyers - ie big Oz pension funds.
So what just happened ..? Well it's the bond market + DXY currency moves - the DXY just jumped from 100 to 104 .. and that temporarily smacked gold.
Markets wobbled at the depth and potential seriousness of the coming recession, (which is now starting to be realised as the data is bloody awful) a recession that will not be stopped nor saved by AI. (The lunacy of NVIDA hitting $1trillion in market cap, adding $225bn in market cap in under 2 minutes, on just $8bn of earnings, last night says it all ).
But Inflation is proving seriously sticky. The sticky 'core' bit is still rising.. this is a problem and allegedly was NOT expected (Unless you're Peter Schiff who seems to have predicted it all).
From the FED's perspective it's now all about controlling narrative and damage limitation... There's also that sell side CNBC narrative to explain everything. Basically the future looks bleak as chuff with a perilous - a very painful period of higher for longer rates - next to no growth, recession, maybe longer term depression, bank failures and a tonne of US commercial REIT dead bodies floating to the financial surface.
The GGP FUD-sters are screaming 'sell sell now, its going to 4p'... But the reason we are suffering a bit is down to UBS.
UBS have just sold 39m GGP shares according to Bloomberg Terminal. I can only assume this must be connected to their forced take over of Credit Suisse. Presumably they are seeking any liquidity from wherever they can get it? its nothing to do with Shaun Day - these guys are moving big money about becuase they have to.
Other than that Bloomberg shows no major changes but almost EVERYONE ELSE ADDING these past 6 weeks... PIs are still buying and holding... HL holds over 1,089 million shares .. That's you lot!!! In fact I counted 72% between HL , II, Halifax, IG, Barclays, AJ Bell, Charles Stanley and free trade alone and that doesn't list the individual big PIs like Jerry et al.
Of note I see 26% institutional between Wyloo, Vaneck, Tribeca, Blackrock, Five Diggers And both Wllem's and Steve at Sprott's client funds. And 2-3% will be with other smaller funds. And most of these guys have been around 2-3 years now.
But We're in control here... Remember that! THat's why we are targeted by the trolls, feckers n fudsters that are doing everything they can to get our stock ( probably for the next big fund buy in ... Remember Vaneck just added 45m and the price didn't change... how did they do that?
Bloomberg shows Almost EVERYONE except UBS adding... So take solace in that. This is BS with leaks from Oz gossip biz columns is but a blimp in the road and probably a an exceptional buying opportunity. And although it's not showing on Bloomberg yet... we also know that Ned Naylor Leyland's 3* rated Jupiter Gold fund is buying having bought 75m last 6-12 weeks, so hey, GGP can't be all bad can we...?
But the reality is Gold is also still in bullish trade and trend, despite the dollar's strength. It's presently bouncing of support at $1947
So I fully expect too see a significant up-tick in miners and gold in the next few weeks. Conversely the 2 year and 10 year Treasury yield is presently hitting the top end of its risk range. Suggesting, for now that interest rates may be going higher, possibly. That probably won't happen... Becuase as we know form Silicon Vally and now First Republic it causes Banks to fall off cliffs and go bankrupt and many dead bodies float to the surface. I expect to see more of this messiness in the coming months. They tell you it's all in hand until it's not ... and suddenly another bank collapses.
Which Brings us to the stinking mess of corporate real estate ... Big problem here. And it's only just begun. They are clinging on with fingernails. Panic is setting in and the ship is' stern in the air' like the titanic. All of the economic data is slowing... China just tanked. Oil tanked. And copper tanked. And with that the FTSE 100 tanked. That's what's happened yesterday and nothing else at GGP changed.
Gold will come back. It's just at the bottom end of the gold risk range - the top end being $2060 and GVIZ or gold volatility is 16-19 which puts it fully in the investable bucket.
Then there's SWAG - I almost forget. They pulled the drill up short in mineralisation back in 2022 due to problematic drilling conditions... while apparently touching a significant copper and Silver ore body at shallow depth, And SINCE they have retuned to the same hole and NOW, like yesterday, they have just put another SWAG hole in very close proximity...
"The poor drilling conditions are likely due to a significant structure being intersected in the hole. From the assay results at the top of the structure it is likely that this large structure is mineralised. Mineralised shear zones are hosts to many ore bodies in Australia and globally. Greatland is intending to re-drill at least part of the unsampled hole interval during its 2023 program. This will enable the Company to complete the geological picture and more fully understand the highly encouraging metal values in the PXRF reading and lab assays."
Could it be a right Pearler !?!?
How exciting.
