New substantial holders today from Morgan Stanley and Mitsubishi Capital, joining GLG Partners, Centamin and a couple of others hovering near that level I expect.
These players are coming in now, I guess they think they are picking up cheap Centamin shares on the hope Centamin win the appeal, gold goes to $1,350 or more, the pound gets stronger and the Aussie dollar weakens.
Centamin to 52p tonight, might get to 53p (ie. AMX 19.5c) by the close. AMX still at 17c.
Yes, the analysts in the UK are predicting Centamin to 70p - 75p, the equivalent of AMX 27c to 30c.
Well, I have been in this a long time, too long in fact, should have sold at the peak, but will transfer to Centamin, and hope that fortune favours us in the short term, and this time I will try and pick a near peak with Centamin, and sell.
Will be watching the price of gold and the aussie dollar and the Centamin appeal, 80p would be nice, and allow me to get out of AMX with some dignity (not much, but a little bit).
Position: Take the Centamin bid, and sell when 1. Centamin win appeal, 2. Aussie dollar down, 3. UK Pound Sterling up, 4. Gold up.
Note, it has also been mentioned (by Centamin) that Centamin will begin paying dividends in the near future, if they win the appeal. Personally, I can't see it, they will need the cash to develop the AMX properties and others. But an English Sterling dividend on a weak Aussie dollar would be welcome.
Gw
AMX Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
