CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

Ald, made a decision to range trade this one looking at chart so want to get to 195p.
have a good xmas all.,.

Cielo - thank you for enlightening me a a pompous Christmas to you to.

rumoured take over target by rio tinto any one got any input

i guess CEY is always a potential t/o target, but as RIO are a diversified miner of which gold is a very small part, i would not see them as a natural predator

I believe a few companies rumoured to be interested. RIO & EGU both in the frame, but totally unsubstantiated so far.

thank you mr cynic and mr harrycat see what brings 2morrow the share price could do with a kick up the backside

Bought some CEY today

i'm out of these for now but am sure i shall be back in due course ..... variety of reasons of selling, but one that made up that number was my feeling that gold may have run its course at least for the time being ...... my guess is the $ will strengthen over the next year, especially against , and that will tend to impact the price of gold

With inflation going up in China and across the world and Euro debt still not sorted, I am of the opinion gold will still move upwards.

i understand the counter-argument too, and both have equal value

Anthony Bolton: 'Gold is the only commodity to buy'


Commodities enthusiasts are investing five years too late, according to legendary fund manager Anthony Bolton.

"The best time for commodities was in 2006, when the whole world was growing above trend," said Mr Bolton, who manages the Fidelity China Special Situations investment trust.

"Western economies are anaemic at the moment, and I am not sure emerging market growth is enough to keep commodities going."

Despite many managers believing that commodities are a key part of the emerging markets story, Mr Bolton holds only one commodities stock in his fund, a gold mine.

It is uncertainty about America that is keeping Mr Bolton from increasing his exposure to commodities. While China is experiencing a bull market, he warned that the "stars of one bull market are not necessarily the stars of another".

He continued: "Commodities are measured in US dollars and the US dollar has been weak for the past couple of years. If commodities were measured in a stronger currency, the recent rallies might have been different."

The exception to this rule, according to Mr Bolton, is gold. He said he considered it a good investment while the West was experiencing slow growth.

"Gold is more like a currency than a commodity," he said. "Only a small fraction of gold mined is used for jewellery and the like. The way it is held as an asset in central banks is not a feature common to other commodities.

"Almost every country has a big budget deficit at the moment so it is in their favour to see their currency depreciate. Countries hold gold as a protection against that."

Chinese investors have also started to take an interest in gold, he said, where previously they were buying American bonds.

Mr Bolton, who formerly ran Fidelity's hugely successful Special Situations fund, which is predominately invested in the UK, also warned British investors that they might be in for a few more disappointing years yet.

He quoted Jeremy Grantham, the American fund manager, who likened economies in the West to the biblical story of Pharaoh's dream of seven fat years followed by seven lean ones.

"I don't think it will be as long as seven years of slow growth, but I'd say the UK was two years into a five-year cycle." He believes that Europe and the US face similar challenges but that we will all just have to "sit tight" through the recovery.

Mr Bolton was much more confident about China's growth, now that the country has begun to distance itself from dependency on the US.

"The global financial crisis was a wake-up call for China. It has driven them to be less reliant on the US economy. It won't happen overnight, but there will be a big change over the next five to 10 years," he said.

Last week Mr Bolton issued 162m worth of extra shares in his trust to meet demand from investors and to reduce the trust's premium (where the value of shares is higher than the net asset value of the trust).

If all the shares are bought it will take total funds under management to more than 732m.

NOTICE OF RESULTS



Centamin will announce its results for the quarter ended 31 December 2010 (Q4) on Tuesday, 01 February 2011.



In order to inform both the London and Toronto Stock Exchanges simultaneously, the announcement will be screened via the Regulatory News Service of the London Stock Exchange at 11am GMT, and at 6am Eastern Time on Canada News Wire on the Toronto Stock Exchange.



A conference call for analysts and investors with the Centamin management team will take place at 11.30am GMT / 6.30am Eastern Time on the day of the Q4 results. Dial in details for the conference call will be announced at the time of the Q4 results.

Sold about 90% of mine in the last few day's

Good call. Anything you're not telling us?

No , but once it get's below 160 i thought we would see a lot of sell's. Also the price was not moving up with the gold price like its peer's, i think the political risk as increased since the Tunisia unrest.

Yes, I heard the same. Close proximity to Tunisia has spooked investors. Once the political unrest is concluded CEY may well bounce back. How long that will be ....... I have no idea.

not that damn close and if the violence in tunisia had been linked to islamic extremism, then there may have been cause for concern - patently it was not ..... my own view of CEY and gold in general in in post 452

cynic

If investor's think there is a risk then they will sell, and if i think that is starting to happen then i will sell , and you still have the choice of buying back in at a lower price.

Any extremism is a political risk.

Tunisia contagion sends Egypt tumbling
Wed Jan 19, 2011 3:33pm GMT

Print | Single Page
[-] Text [+]

By Matt Smith

DUBAI Jan 19 (Reuters) - Cairo's stock index tumbled to an 11-week low on Wednesday on fears of a contagion from the unrest that toppled Tunisia's president and further volatility is expected as investors eye Egypt's 2011 presidential election.

Cairo's main benchmark .EGX30 has fallen 6.7 percent this week, wiping out all the gains of late 2010 and confounding many analysts that had picked Egypt, along with Qatar and Saudi Arabia, as the top equity picks in the Middle East for 2011.

Yet Egypt remains attractive as a macroeconomic play, despite regional turmoil.

"Selling seems to be coming from all directions," said Simon Kitchen, a strategist at EFG-Hermes in Cairo.

"Retail investors are strong sellers, which is shown by many of the small- to mid-cap stocks doing particularly badly, while the proprietary desks at foreign institutions are also selling.

"Institutional investors interested in Egypt are waiting to see what happens - why stick your neck out and buy now?"

Commercial International Bank COMI.CA fell 7 percent this week, while other major losers included Orascom Telecom (ORTE.CA: Quote) and Ezz Steel ESRS.CA. [ID:nLDE70I0CD]

On Tuesday, an Egyptian man set himself on fire near parliament, following a self-immolation in Tunisia that provoked mass protests and helped to oust president Zine al-Abidine Ben Ali after 23 years of rule. Similar cases were reported in Algeria and Mauritania. [ID:nLDE70H2ID]

"A lot of people want change in the region, but do not know exactly what that would mean -- regional political risk has risen sharply over the past week," said Angus Blair, Beltone Financial's Head of Research.

Tunisia's troubles, the collapse of Lebanon's government, food price protests in Jordan and the elections in south Sudan have all contributed to this, said Blair.

"But this is not a homogenous region and we need to look at each country individually," he said. "The changes in Tunisia means there will be long-term political changes in the Middle East and North Africa, but I'm more concerned about developments in Lebanon in the short term."

Across the Middle East, there is little real democracy and although there were parallels between the autocratic regimes of Tunisia's Ben Ali and that of Egypt ruler Hosni Mubarak, who has been in power since 1981, Egypt is unlikely to be engulfed in a similar uprising.

"Egypt is cash rich and while there is unemployment, it also has a very diversified economy...the informal economy is massive - Tunisia's economy and commerce was more policed and regulated," said Beltone's Blair. "Egypt has a much freer economy and the media has seen much more openness over the past few years - almost all political groups have their own voice and a means to let off steam, unlike Tunisia."

Egypt's economy is forecast to expand 5.4 percent in 2010 to 2011 and 5.5 percent the year after, growth forecasts only Qatar can better in the Middle East, so bargain hunters should step in for short-term gains.

"There's a big buying opportunity for traders over the next few days because stocks are cheap and well supported by decent dividend yields," added Blair.

Yet some fund managers were more wary, with Tunisia seen as the trigger for an over-due correction after an off-budget stimulus plan helped Egypt benchmark's rise 15 percent in 2010.

"We did not have a significant exposure to Egypt. Valuations were not cheap anyway," said Fadi Al Said, portfolio manager for ING Investment's $95 million Middle East North Africa (MENA) fund in Dubai.

MUBARAK

Following disputed parliamentary elections in late 2010, Egypt will hold a presidential vote this year. Incumbent Mubarak, 81, has not yet stated whether he will stand again, adding to investor uncertainty.

"The Egypt market will be volatile this year, but recent political turmoil has not changed fundamentals and a lot of Egypt stocks are becoming more attractively priced," said EFG's Kitchen. "The presidential election was a factor before the Tunisia troubles and we expect it to periodically affect the market."

Political unrest has also hurt the Egyptian pound. On Jan. 17, the first European business day after the Tunisian president fled, the currency weakened to its lowest level against the dollar in near six years, and traders said the currency will continue to decline during the coming week.

"It depends a lot on what the central bank will do to counter the outflow that will come, if they will sell dollars to the market," said a currency trader based outside of Egypt.

Egypt's central bank regularly intervenes through a small number of banks to keep the pound steady against the dollar, but allows the currency to track longer-term changes in demand.

(Additional reporting by Patrick Werr in Cairo and Dinesh Nair in Dubai; Editing by )

Thomson Reuters 2011 All rights reserved

i don't disagree with you aldo .... i was wrongly trying to apply logic ..... i'm sure that, like you, i'll buy back in if sp drops far enough