Report Date: 8 August 2016

News: PortfolioDirect has joined with the world's longest established equity crowdfunding platform to raise capital for the mining industry: LINK
Applications are now being considered.

Where are we in the Cycle?
There is still little sign of meaningful improvement in the cyclical position of the industry with monetary conditions appearing more influential.        More...

Market Directions
Equity markets finished the week strongly but their uncertain dependence on monetary stimulus remains high.  More...

Portfolio Performance and Positioning
Portfolio outcomes were near break even although larger stocks performed more strongly as many of the smaller companies gave up a recent gains as investors remain unconvinced that gains can be held in market better suited to trading fluctuations than longer term investment.  More...

Stock Reviews and Rating Analysis 
Southern Gold (SAU:AU) is one of the latest in a new breed of gold producers committed to starting small and, by establishing an early production platform, creating a basis for future growth. The strategy, coming as a consequence of the reticence of large investors to commit development capital, results in lower near-term valuations, in most cases, but greater development certainty and improved prospects of positive future value momentum. The strategy implies a more lengthy duration for share price appreciation as volumes build by enough to underpin value increments.              
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Although the statements of fact in this communication have been added from and are based upon sources E.I.M. Capital Managers Pty Ltd, the publisher, believes to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed. 

All opinions and estimates in this communication constitute judgments by E.I.M. Capital Managers as of the date of this communication and are subject to change without notice.  The publisher is under no obligation to make public any change in view about any matter referred to in this or any linked documents.

No references to past investment performance should be taken to indicate anything about future performance.

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