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

cheers GF.

Notwithstanding we're down in early trading on asset write down, considering this is the most shorted stock, my view is we head back up towards £2.

Some of these broker views make me laugh, or maybe cry ! I'm not sure which.

6 weeks back they were saying buy and it was dropping like a stone. Now it is going up strongly they are saying sell. !!

Strange.

it's called "sell into the rally" and it may be a sensible call too

I am confused too.

I think, their views are somehow biased depending on which side of the trade they are and what they want, or have to, do at the time.

That's rather cynical ahoj, do you really think brokers try to manipulate prices to suit themselves (surely not), rather than what direction they think the sp really will go.
2517

well i have now banked a reasonable profit from a few days trading

Gold seems to be stengthening so happy to hang on for a while.
2517

Agreed George.

With gold now moving over $1400. and I am hearing more positive vibes from some of the pundits, the prospects seem better for the sector , I reckon.

Staying here too and also accumulating physical gold ETF's

I'm now comfortably in profit and (for me) over weight here.

it'll depend on how m/e shambles pans out
in the meantime, it would not be surprising to see the markets taking no prisoners of any description

Half Yearly Results

Highlights

H1 2013 Results
- Record half-year revenues of US$597 million, up 9% on H2 2012 revenues, notwithstanding a decrease in the average gold spot price
- US$83 million net cash from operating activities, up 79% year-on-year
- Total cash costs ("TCC/oz") (hard-rock mines) of US$1,136/oz1 (US$740 in H1 2012); significant improvement expected in H2
- US$1,579/oz average realised gold price, including US$84/oz benefit from hedging
- Forward gold sales outstanding as at 1 July 2013:
- 219,400oz at forward price of US$1,664/oz for H2 2013
- 145,700oz at forward price of US$1,494/oz for H1 2014
- Since 30 June 2013, further forward gold sales were put in place:
- 95,000oz at a price of US$1,313/oz for H2 FY2013
- 62,000oz at a price of US$1,412/oz for Q3 FY2014
- Net debt reduced to US$1.15 billion compared to the peak (c.US$1.2 billion) in March 2013
- Cash and equivalents of c.US$59 million and committed undrawn facilities of US$123.4 million (excluding US$219.6 million for IRC)
- Capital expenditure (excluding exploration) of US$149 million, a 43% decrease year-on-year
- Comprehensive cash optimisation programme launched:
- Hedging programme implemented to limit downside exposure to price volatility
- Non-essential capital expenditure postponed (c.US$150 million deferred)
- Central administration costs savings of c.US$6 million and c.US$13 million expected in FY 2013 and FY 2014 respectively
- Operating costs expected to be reduced by c.US$12 million in FY 2013 and c.US$58 - US$68 million in FY 2014
- The net loss for the period was US$742.2 million, compared to an US$11.0million profit for H1 2012
- Lower gold price environment has led to a non-cash, post-tax impairment of c.US$358 million of goodwill and mining assets and $62.2 million of Tokur exploration and evaluation assets
- The Group's annual review of its exploration and evaluation assets resulted in an additional US$31.2 million impairment
- A further US$143 million impairment of IRC assets was due to IRC's net assets being adjusted to fair value, based on IRC's share price of HK$0.85 as at 30 June 2013
- The Group assessed the recoverability of the carrying value of its ore stockpiles and recorded post-tax impairment charges of c.US$35 million
_________________
1 Including US$22.1 million (US$14.1 million in H1 2012) depreciation of prospective stripping undertaken in prior periods which contributed US$78/oz (US$53/oz in H1 2012) to TCC/oz for hard-rock mines



FY 2013 Outlook
- 760,000 - 780,000oz production forecast for FY 2013 maintained
- Higher production in H2 due to higher grades and increased seasonal alluvial and heap leach production
- FY 2013 total cash costs (hard rock mines) expected to be lower than guidance, driven by:
- Higher production in H2
- A decrease in stripping across all mine sites
- On-going impact of cash optimisation programme
- Capex anticipated to be substantially less than H1 with full year target now US$220 million
- Net debt (exclusive of IRC) at year-end expected to fall below US$1 billion
- No interim dividend given volatile environment; dividend to be reviewed at year-end
- On-going review of 2014 production schedules -market update anticipated in Q4 2013

seems i wasn't so dumb for a change just a few days ago

Indeed, glad i got out at the open with a nice profit...

I'm adding today - Glad that I sold half yday.

Vanguard Precious Metals and Mining Fund > 9%

The Capital Group Companies, Inc. below 4%

Disposal

Sale of Non-Strategic, Alluvial Assets

for cash consideration of US$25 million

Petropavlovsk PLC ("the Company" or, together with its subsidiaries, "the Group") announces that it has today signed a share purchase agreement ("SPA") relating to the sale of its entire interest of 76.62% of the issued shares in OJSC Berelekh ("Berelekh"), a company which holds licences to mine and explore alluvial operations, to OJSC Susumanzoloto ("Susumanzoloto") for a total cash consideration of US$25 million.

The transaction is conditional upon (i) the approval of the Federal Antimonopoly Service of Russia and (ii) (a) approval by the shareholders of the Company which is expected to be required under the Listing Rules of the UK Listing Authority ("Resolution") or (b) the provision of a notice by the Company to Susumanzoloto confirming that no Resolution or other regulatory approvals are required for the completion of the sale. A further announcement will be made in due course.

About Berelekh

Total 2012 annual production from Berelekh was 52,500oz, representing 57% of the Group's total alluvial gold production and 7% of the Group's total attributable gold production for 2012. The total cash costs of production at Berelekh in 2012 were US$1,400/oz. During H1 2013, Berelekh produced 13,800oz; its total 2013 gold production is expected to be at a similar level to 2012 production.

Due to the timing of the transaction, it is expected that production from Berelekh during September and October 2013 will be included in the Group's 2013 production therefore the transaction will not have a material effect on the Company's 2013 production target.

All of Berelekh's operations are located in the Magadan region of Russia; it is the only producing asset of the Group located outside of the Amur Region, the Group's core strategic geographic area.

As at 30 June 2013 Berelekh had gross assets of c.US$77 million and net assets of c.US$35 million. Profit before tax for the year ended 31 December 2012 was c.US$6 million. Should this transaction be completed in the year ending 31 December 2013, it is expected to result in an estimated accounting loss on disposal of c.US$15 million to be recognised in the Group's consolidated results for the year ending 31 December 2013. The actual result on disposal may vary depending on the operational results of Berelekh for the period up to the date of completion of the transaction.

As at 1 January 2013, Berelekh held 549Koz of C1 and C2 reserves and resources estimated in accordance with the Russian Classification System. The Group's total mineral resources and ore reserves in accordance with the JORC Code (2004) are unaffected by this transaction.

None of the Group's outstanding hedging arrangements in 2014 relate to production from Berelekh.

Transaction details

The total cash consideration for the sale is US$25 million payable in two tranches. The first payment of US$5 million is payable not later than 10 business days from the date of the SPA with the balance of US$20 million payable within 10 days following the latter of the receipt of the approvals/confirmation referred to above. The consideration will be used to reduce the Group's net debt. Should the transaction not proceed to completion, the first payment of US$5 million is repayable to the purchaser, subject to certain exceptions.

Berelekh is being sold to Susumanzoloto, in which Mr Khristov, who is a director of both Susmanzoloto and Berelekh, holds an aggregate 79.57% interest.