Where are we in the Cycle?
The recent improvement in metal price cyclical positioning has been sustained but remains below average for this far past the most recent peak in prices.    More...

Market Directions
Equity markets appear to have overcome Brexit anxiety as they now revert to second guessing the conduct of monetary policy.  The current consensus supporting both equity and bond markets is “more liquidity”.     More...

Portfolio Performance and Positioning
Gains came across all company development stages with an emphasis on the larger companies.  Among phase three stocks, advances outnumbered declines by two to one.  The large cash position in the models has been retained.  There have been no suggested changes to the company holdings.    More...

Stock Reviews and Rating Analysis 
Northern Star Resources (NST:AU) described the results of its drilling at Jundee as “a resounding success, identifying extensive new areas of high-grade mineralisation”. The managing director referred to the results as “game changing” with the large exploration investment “being repaid many times over”. He says “we are finding high-grade gold in every direction we drill”. Critically, the company also asserts that “the results show clearly that Jundee will continue to operate at or around its current production levels for many more years”. ASIC has said that forward looking statements (of which this is one) must be based not only on a sufficient level of geological knowledge or confidence but that “all JORC modifying factors must be sufficiently progressed”. Northern Star appears to be running close to the compliance boundaries in making new production forecasts without proper backing.       
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