http://moneyam.uk-wire.com/cgi-bin/articles/20050126070000PE650.html

Shanta Gold also down on Fri not sure if we haven't seen the bottom yet, looks a buying Opp to me as Gold is predicted to reach $1440 in 2017

comparing
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Gold price forecast for next months and years.

http://longforecast.com/gold/gold-price-forecast-for-2015-2016-and-2017.html

RESULTS OF DEFINITIVE FEASIBILITY STUDY FOR THE ELIKHULU TAILINGS PROJECT AND GROUP PRODUCTION UPDATE

Pan African is pleased to announce positive results for the independent Definitive Feasibility Study (“DFS”) for its Elikhulu Tailings Project (“Elikhulu” or “the Project”). The Pan African board of directors (“Board”) has approved the construction of the Project, subject to finalisation of the Project financing package.

The Project DFS results indicate excellent recovered grades and gold production, attractive financial returns and a low execution risk, with the DFS results surpassing expectations of previous technical and financial assessments of the Project. The DFS was undertaken by DRA Projects SA Proprietary Limited who has reviewed and approved the information contained in this announcement in writing.

DFS highlights and key assumptions

The planned commencement date of the Project is January 2017, with first gold forecast for the final quarter of the 2018 calendar year and full commissioning in December 2018.

Annual recoverable gold production of approximately 56,000 ounces for its initial eight years of operations and 45,000 ounces of gold for the remaining five years thereafter.

Current arisings and inferred gold resource could extend Project life beyond the DFS estimated life of 13 years.

Optimal plant capacity for the Project allows 12-million tonnes per annum throughput.

The Project is expected to add approximately 25% to the Group’s current production profile and reduce the Group’s all-in sustaining cost (“AISC”) profile.

Initial capital cost is forecast at approximately R1.74 billion (US$119.9 million).

The Project internal rate of return (“IRR”) (real, post-tax) of 23.1% (30.6% nominal) with a payback period of less than four years, based on assumed gold price of US$1180/oz (R17,110/oz).

Return on equity (real, post-tax) of 34.3% (42.5% nominal)

Project net present value (“NPV”) of R1.1bn (US$75.9 million).

AISC of US$523/oz over the life of the Project.

Cash outflow per ounce over the life of the operation is sub $650/oz, inclusive of debt servicing, and amounts to approximately $805/oz, inclusive of debt servicing, over the five year debt redemption term.

Average gold recovery rate over the life of the Project of 47.77%.

Environmental Impact Assessment (“EIA”) and Water Usage Licence (“WULA”) processes are underway, with both approvals expected by late 2017.

DFS economic assumptions:

Gold price assumption: US$1,180/oz.
Rand/US Dollar exchange rate: ZAR/US$:14.50.
NPV discount rate: 9% real.
Debt to equity ratio: 115%, debt to total capital ratio of 53%.
Long term South African inflation rate of 6.1%.
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SA quote... 308 ZAR= SA quote - jse

from google .... https://www.google.com/finance?q=JSE:PAN

What FTSE 100 needs to trigger Santa rally

Bought some at 14.9375p

TIME TO BOUNCE

Has bottom at 14.625p this morning with a 6 month double bottom on the chart
edison report 13 December 16
http://c3352932.r32.cf0.rackcdn.com/content/pdf764a2ad0756e927d50afb1821e368d87.pdf

South African Rand Slides To Near 2-week Low Versus US Dollar
Thu, 15th Dec 2016 10:27

WASHINGTON (Alliance News) - The South African Rand lost ground against the US dollar in the European session on Thursday, as the latter was buoyed by the Fed's decision to raise interest rates by 25 basis points and indicating aggressive pace of tightening in 2017.

The Rand declined to near a 2-week low of 14.10 ( ZAR 0.706 ) against the greenback, from a high of 13.91 hit at 5:30 pm ET. The rand is likely to locate support around the 15.00 zone.

Serious unrest at Barberton, warns Pan African Resources
The producer says local groups fighting for dominance are disrupting production and destroying property
07 DECEMBER 2016 - 06:02 AM ALLAN SECCOMBE - Pan African Resources CEO Cobus Loots.

Pan African Resources is looking at all options to minimise disruptions to its Barberton mine from community unrest, which has taken on a political element, with various parties demanding a say in hiring at the mine, says CE Cobus Loots.

Pan African had a major disruption at its Barberton mines near the Swaziland border a number of years ago to remove illegal miners from the underground workings and incurred hefty security costs.

It was now dealing with a problem outside its property that had become increasingly disruptive to production over the past six months as two political groups struggled for dominance in the area, Loots said without identifying the groups.

"We lost a lot of days to community issues and safety stoppages," he said. "There’s infighting in the communities and there are political issues between parties in the area.

"We are stuck in the middle when one party comes to us, saying ‘we insist you do recruitment via us because we represent these communities’, and the next day the road will be closed by the other party," he said. "It’s the worst we’ve ever seen."

The similarities between the Barberton communities and those around the platinum and chrome mines near Steelpoort are striking, with various community leaders demanding recruitment preference.

Some bounce today to 15.25p

comparing
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---

Gold shares 3 month chart

Percentage fall on the last 3 month
PAF - 37%
CEY - 24%
SGH - 32%
HOC - 35%

Bought some more at 14.25p

Some improvement at the end of the day
There was a couple of large trades earlier

note - There was an "UT" @ 13.50p at opening, most likely was signaling the end of the drop

A good rise in SA

JSE: PAN - Dec 28, 2:03 PM

252.00ZAC Price increase 7.00 (2.86%)

Who do you believe this days.... with predictions none but mine ( short term ).........

Here’s when the new bull market starts for gold
By Barbara Kollmeyer - Published: Dec 28, 2016 9:57 a.m. ET

Carlson offers up the “amazing” chart below that shows the ride to the top and down again for one triple-leveraged miners ETF JNUG, -0.19% . By the numbers, the fund was up nearly 920% by late August, but has since lost 87% of that. It’s now up over 40% for the year.

A Wealth of Common Sense
That brings us to our call of the day — a prediction about precious metals. It’s from Lamoureux & Co.’s Yves Lamoureux, who thinks he knows how 2017 will roll out for those plays.

“Both gold and silver will go down for the first half then move into a new bull market that will last well into 2020. This is the way the market shakes off the last remaining weak hands, prior to resuming the bull trend,” said Lamoureux in emailed comments.

“Where most turned bullish in 2016, in reaction to higher prices, we did not. Our view was and is that the bounce was an echo bubble of the prior bubble,” he said.

One reason is that he says rising real rates will “kill precious metals.” So for silver SIH7, +0.17% , he says expect lower teens in the first half, while he’s still sticking to a gold GCG7, +0.18% target of $850 an ounce, which he’s held since February.

Note, gold could mark the first rise in 8 weekly sessions if the positive momentum we’ve seen thus far has legs. This year, the commodity is on pace to have halted a multiyear decline, in what some say has been a “pivotal year” for precious metals. Others say investors are riding a downward “slope of hope.”

Gold has slumped since August, but it still is around 7% higher as the year winds down, while silver SIH7, +0.17% has fared even better with a 14% gain.

14.875p +0.25p

Has been moving higher with a steady rise for the last fews days, today is no difference on looking at the order book.
well supported on the bid side 29 v 12, though things change fast sometimes and when one expect to move forward as there is not many shares left at offer price, suddenly more are added when one thought all are gone, those added where "iceberg" waiting on the order book but not showing.
what is the point then, one would say, there is always tricks for us not able to see the real thing, despite paying for Level 2.

As I said earlier, there was 25K left at 15p offer, and as soon it was taken with "AT"s, another 25K was added from the "iceberg"

note
• Recognising and trading off ‘iceberg orders’ that can be identified on a Level 2 screen.
An iceberg order is a large single order managed by an exchange that has been divided into equal
quantities by the use of an automated program, for the purpose of hiding the actual order quantity.
This can hold back the share price at a specific level as the full extent of the order gets executed.

15.25p +0.50p

It looks like the last of the Iceberg @ 15p offer is gone, as for 30 minutes the offer is at 15.50p and naturally the bid is gone to 15p after such a large buying 2M so far

What a turn around on the order book, from being very bullish ( some manipulation by who I do not know )taking trades away from the bid side and adding some at the offer side and the "AT" on the bid side take control for a few minutes and able to buy below 14.75p, but only a couple of 15 and 10K did, now are buying at 15p again as the bid side gets stronger again

Yes it seems strange, mostly buys all day then a few sells earlier and they
dropped the s/p..

GOLD

just spiking all the way to $1158 + $15.5

Gold rises as the dollar and U.S. bond yields decline Source : By : Clara Denina Thu, Dec 29, 2016 17:31 hrs

LONDON - Gold prices rose to their highest in two weeks on Thursday as the dollar and U.S. bond yields declined following weaker than expected economic data. Spot gold hit $1,150.26 an ounce, its highest since Dec. 14., and was up 0.4 percent at $1,146.16 by 1122 GMT. U.S. gold futures rose $6.30 to $1,147.10 an ounce.
"Gold is not out of the woods yet but yields are a bit lower and the dollar is weaker, especially against the yen and yen-gold has showed a phenomenal correlation since the U.S. election," SaxoBank head of commodity research Ole Hansen said. Gold fell more than 8 percent in November as U.S. Treasury yields rose after Donald Trump's election led to speculation his commitment to infrastructure spending would spur growth.
The precious metal then hit a 10-month low on Dec. 15 as solid U.S. economic data gave the U.S. Federal Reserve the confidence to raise interest rates for the first time in a year. The central bank also signalled that it expected three more increases next year, up from a previous projection of two. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar, in which it is priced.

However, gold prices are still 8 percent higher than they were at the start of the year and were heading for the first annual increase after three years of declines. "We are battling a bit here with the $1,150 level and if we make it above that we shall open up towards $1,165 but in order for funds to start getting worried about covering shorts, we probably need to rise above the mid $1,170s," SaxoBank's Hansen said. The dollar fell 0.6 percent against a basket of six main currencies, mostly due to the yen's strength, while the benchmark 10-year U.S.
Treasury yield slipped to two-week lows. "Heading into next week ... the Italian bank rescue and the direction of the Chinese yuan will likely dictate near-term pricing in gold, especially if equity markets start to get nervous about either of these two developments," INTL FCStone analyst Edward Meir said in a note. Gold is usually seen as a refuge from riskier assets such as equities.

China's net gold imports in November via its main conduit Hong Kong dropped 17.8 percent from October to the lowest in 10 months, data showed on Thursday. Among other precious metals, silver rose for a third straight session, up 0.8 percent at $16.10 an ounce. Platinum was 0.1 percent higher at $903.20, while palladium climbed 0.9 percent to $671.20 an ounce.

Another steady rise I cannot say the sane for the peers CEY and HOC
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Happy New Year

Thank you for what you taught me.
Please keep teaching my hungry mind even in 2017!