Since Semafo lodged its 65c cash bid for Orbis on 13 October...

Since Semafo lodged its 65c cash bid for Orbis on 13 October 2014:

- the A$/US$ has fallen from 87.56 to 81.66; and
- the S&P/ASX All Ordinaries Gold Index has increased from 1980.87 to 2528.23.

That is a 6.7% improvement in FX for Semafo's US$ bid and a 27.6% surge in the Gold Index.

In total, that's a 34.3% increase all up. This means that Semafo's bid, adjusting for FX and index moves, should increase to 87c.

OBS remains ridiculously undervalued and as the Gold Index pushes higher, expect other bidders to come forward.