Report Date: 8 August 2016
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.
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Market Directions
Equity markets finished the week strongly but their uncertain dependence
on monetary stimulus remains high.
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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.
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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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