spot check team, page-52

I think the trouble with NCM is more company related than gold price related.

Gold is not a crowded trade as I see it. By any measure it is far below long term historical asset allocation, generally very under owned and has nearly no public participation at all (especially in western countries).

I don't believe markets are healthy (ie still ongoing QE, huge deficits everywhere, no resolution to the Euro crisis, concerns in China etc) so I'm not to worried about the gold price.

NCM is another matter. It is a text book case of stuffing everything up. I bought in at around 25 dollars so am sitting on a 10% loss. I'm pissed off but that's life. Hopefully management will decide they need to meet production targets, consider share holders, not give them selves pay rises based on poor performance and generally communicate better.

Cheers

Twinsen