http://www.kitco.com/charts/livegold.html

cheers GF.

Just got a positive write up in the Daily Express

http://www.express.co.uk/money/view/193300/Peter-Hambro-still-has-Midas-touch

POG seems to have broken out of their nosedive- up 75 points this week so far.
They must represent the best value in the sector(or close to it at any rate)

Black Rock have increased their holding in POG to over 16%.

I wish I could figure out what is going on with POG --up and down like a yoyo (51 points today,though the trades suggest a positive bias)

and broker recommendation,,,, buy buy buy

From yesterdays' Sunday Telegraph

Petropavlovsk

10.18

Questor says BUY

RECENT news on gold production from Russian-focused miner Petropavlovsk was disappointing. However, its interim results statement next week could be very interesting.

Questor reckons we could hear news on a Hong Kong listing of the group's iron ore business. It is also likely that the company will raise further funds as the shares list in Asia.

Blackrock, the world's largest asset manager, has increased its stake in the company's voting shares to just over 16pc. At the middle of June the group had about 12.5pc of the company.

Last week, analysts were speculating that Petropavlovsk, which used to be known as Peter Hambro Mining, would keep a 51pc to 75pc stake in the flotation of its iron ore business if a listing is unveiled.

The sale of a small stake for $60m (38.5m) in June implied a valuation of $860m. The flotation is likely to value the business at much more than this.

In its recent production report, the company reiterated that it would hit the low end of its 2010 production target of 670,000 to 760,000 ounces. In the second quarter, the group produced 101,000 ounces, so production for the half year came in at 166,000.

This means that there needs to be a substantial ramp up in production in the second half in order to meet this target. However, with new production coming on stream, analysts are expecting that the company will have an exceptionally strong fourth quarter.

The shares are trading on a December 2010 earnings multiple of 10.7 times, falling to 8.6 next year. This is very low for a gold miner, reflecting the fact that most of the operations are in Russia the so-called "Russia Risk discount" and disappointment in the past.

The potential value of the iron ore business, which admittedly needs a lot of development, is not really in the price yet.

The group has already secured a 10-year loan from Industrial and Commercial Bank of China for 85pc of the funding for the first phase of the project, which is expected to cost in the region of $400m.

Petropavlovsk's iron ore operations are in Russia not far from the border with China. Once a bridge is completed across the Amur River, it can be delivered to Chinese steel mills by train very cheaply.

The shares were first recommended as a buy on July 21 last year at 626.2p and they are now 63pc ahead compared with a market up 16pc.

The shares are still trading at a sharp discount to the rest of the precious metals sector.

Questor believes that news on Thursday could be positive and reckons investors should buy the shares ahead of the statement.

However, the shares are likely to remain volatile because of the risk discount associated with Russian companies

well Questor got it wrong as as far as i can see the figures were shit - yet again!

LONDON, Aug 26 (Reuters) - Russian miner Petropavlovsk said it lowered its gold production target range for the year.
The company cut its gold output guidance to 636,500-670,000 ounces for the year from the previous range of 670,000-760,000 ounces.
"Looking forward to the remainder of 2010, at the present time we are not expecting a material shortfall, more than 5 percent, in achieving our base case annual production target," Chairman Peter Hambro said in a statement.

Last month, the miner said it expected annual gold output to be at the lower end of the previous guidance after producing 166,300 ounces in the first half.

==================

absolutely disgraceful!
POG lowered it's expectation only a month ago to 670k ounces, so to lower it yet again just a few weeks later is !!!!!!!!!!!!!!!

..and if you want any evidence of a ridiculous market,

the sp goes up!!

bear closing i guess as sp has taken quite a beating in recent days, though the books are evenly balanced

I knew you were going to say it was already in the price...

:-0

i didn't say that at all! .... i said "bear closing"!

well you nearly did ....

lol

well i nearly went short of BP the other day too - but i didn't and went long and got singed!!

However, a big increase in second half production and a new mine coming into operation.
Also, the" Russia Risk" discount is way over played on the PE ratio.

for all that, POG management has a very bad record for not meeting its projections ..... that no doubt goes quite a long way to explain the share's consistent underperformance - mirrors the management!

I got all over come when brokers suggested 17 soon, not long ago.,.

Some sort of recovery must be on the cards,after a drop of 20 plus%.
I see gold price is again on the up,approaching all time highs.

chess - must it? ..... it depends how forgiving the market chooses to be

Gold at $1258. A new all time high.
Should be good for gold miners.