Good afternoon
Equities continue their race, undeterred by all the lamento surrounding the election, the debate or Trump´s behaviour. It seems that Biden is increasing his lead in the polls….Trump answering with his Twitter account like a man on steroids! Gold is up by a few $ - despite a strengthening US$ - base metals are mixed ( copper slightly down after strong move up yesterday, and nickel/zinc stronger )
Some very bad corona-numbers from Europe ( France adding 18.000 cases, Germany more than 4.000, UK 14.000 ) and the US ( 50.000 ), while Australia is adding only between 15-and 30 ( yes! ) new cases/day!
Initial Jobless Claims in the US only down fractionally….
The Top1% of Americans have a combined net worth of 34 trillion, while the poorest 50% have a net worth of 2.08 trillion! Amazing and not good. These numbers are less pronounced, but similar in most countries. The question arises, for how much longer the top 1% can eat their 500g-steak in piece! Capitalism has to find an answer t this pressing problem , before it´s too late!
BWM sold 55.000 EV´s last Quarter - big and rising number, certainly helped by subsidies. China car sales fr all German automotive companies have been very strong, rising by about 20% !!
Strike / Warrego - have executed a binding Heads of Agreement for joint development of West Erregulla, including marketing. They have also agreed on increased capacity of 80 TJ/ gas per day. This is more important, than it looks at first glance! So many JV´s have failed, because the partners did nt get on with each other - and often with harsh, financial implications. The partners initially have had a very difficult relationship, but that has changed over the last few month - partially because oof new people involved on the WGO-side. Drilling of the well is continuing. I am hearing the opinion, that the current well has a chance of 60-70% success, while the next one 90% ( due to drill location ). In any case, there should be gas - the question is, how much. We will need to wait another few weeks for indications/results.
Bellevue - yet another strong round of drilling results! BGL disovered a new lode, with results of 4.6m with 14g/1.9m with 58g/2.3m with 27g and so on , over 450 m of strike length - so this might well be meaningful fr the next resource update in a few month time. East of Deacon Star, two very deep hles discoverd what might turn into a secnd new lode. The company plans to spend another 35 mill over the next 15 month on exploration. Development to access the old shaft system, to enable drilling from underground, is also making very good progress. The stock is not that cheap - but exploration cntinues to deliver, and the highly aquisitive NST/SAR camp is in easy trucking distance!
St Barbara - produced 73.000 oz last Quarter, vs 108.600 in the previous Quarter. That´s pretty shocking …Gwalia only produced 22.600 oz, destructed by a fall of ground in 1600m depth. But this had been announced before, and still, the numbers were lower than estimated. The company still claims, that they can make up fr it in the current Quarter - but obviously, this remains to be seen and have my doubts!
Have a nice evening
WS
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