Ann: SLR: Silver Lake Acquires Red 5 Shares, page-128

MIStragic and Winmore I love reading your detailed analysis, thank you.

Look, I'm as big a gold nut as the next guy, but the facts have changed this week haven't they? I expected a higher POG breakout into the end of the year on the back of rising rates. But, last week the fed stopped raising rates for the first time in 16 months as expected but the POG broke resistance to the downside! Now they're saying higher rates for longer. The US economy has surprised with its strength (sure you can find plenty of content online saying the US economy is about to implode, but the evidence the Fed uses to guide rates doesn't support that argument yet). The POG isn't rising in the short term, (longer term it's still near all time highs and this little pullback is probably just short term noise). Maybe the facts will change again, maybe at the Nov Fed meeting it'll be obvious rate cuts are needed urgently and POG will rally, or maybe the POG will rally early next year. Sooner or later rates will come down, and POG will rise, but not yet. When it does, RED and all the gold producers will do well, I'm very happy to hold RED for as long as it takes.

A delayed POG rally may be ideal and give us a double boost if it lines up with a GMD takeover. I thought GMD would make its move soon, like this week, but looking at their marketing material its clear they're not ready for a major acquisition. Their 300koz pa vision is unsupported by studies that won't be completed until early next year. Until then they'll be laughed out of the room if they try a +1 billion takeover of RED if you think about it seriously. I mean, just look at this cartoon, the Mt Morgans mill isn't operating, there is no completed study to support the Leonora mill target either. I don't blame them for having a vision, but it's just not solid enough yet. They're not ready for RED.

All imho. I'd like to be wrong.