WorldWide Markets with Simon Brown

  Market Overview: Top 40 Index: Hit an all-time high of 82,378, currently at 81,800. SA markets remain strong despite a US market selloff. Top40 | Weekly | 18 March 2025 Gold: Broke $3,000 for the first time last week, currently around $3,030. Continues to rise amid geopolitical uncertainties. Gold | Weekly | 19 March 2025 Rand: Trading at 18.07, briefly touching 18.0088 earlier. Dollar weakness driving strength, with a target level of 17.80. Key Market Insights: Gold as a Portfolio Hedge: Maintains a 6-7% weighting in portfolio. Recent purchase at $2,865 via GLD ETF in New York. Potential buy zones: $2,800 and $2,850. Dollar Index Trends: Initially targeted 104, broke through to 101. Could drive the Rand towards 17.80. Global Uncertainty & Market Reactions: European tariffs and Ukraine war concerns. Trump-Putin meeting adds to geopolitical tensions. Elevated US market valuations suggest exploring Europe ETFs. Investment Strategies: AI Participation Note by Standard Bank: Tracks the S&P Kensho AI Index. Two options: 100% Capital Protection - Minimum investment of R25,000, capital secured, potential upside. Capital at Risk with 140% Participation Rate - Higher returns if index rises, but losses if it drops more than 40%. Open for investment until March 28, 2025. Renergen* Helium Production Milestone: Finally delivered helium after years of delays. Stock surged from R3 to R9.30, but challenges remain. Phase 2 expansion and NASDAQ listing pending. Retail investors remain cautious due to past delays. Macroeconomic Outlook: Atlanta Fed GDP Now Forecast: Predicts Q1 GDP contraction of -2.1%. Economic slowdown concerns intensifying. Upcoming Rate Decisions: US Fed (FOMC): Unlikely to cut rates. SA Reserve Bank (MPC): Potential space for a rate cut. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order 00:00 Market Overview and Key Movements 05:47 Gold and Rand Dynamics 12:08 Investment Opportunities in AI 17:43 Renigen's Helium Production and Challenges 20:06 Budget Insights and Economic Outlook    

Local CPI 6.3% for May (lowest since April 2022) from 6.8% in April and vs expected 6.5%. A very good number and we should see June below 6% as June last year was the first +7% in this cycle at 7.4%. Simple base effect should put some serious pressure on inflation over the next few months. So is inflation largely over locally? Probably. Can we start talking about when the MPC starts cutting rates? The next MPC rate announcement is July, the day after we get June inflation and we'll see that the governor says. But cuts are maybe fourth quarter fo this year, at soonest. Standard Bank thinks another 0.25% hike later this year and consensus is cuts only starting next year. Simon Shares UK core inflation rises from 6.8% to 7.1% and CPI 8.7%. They are in trouble. Standard Bank (JSE code: SBK) trading update. Very much two parts, bad debts are ugly and profts are lookign great. They also expect a 0.25% rate increase in the second half of the year? Afrimat (JSE code: AFT) deal to buy Lafarge for ±R1billion. String vertical intergration and potential to boost profits to essentially be paying around a 3x PE. They also say that it looks lie constructions has bottomed in 2022. Omnia (JSE code: OMN) results. Agri struggling with margin pressure, ining booming while chemicals slips. But overall good and stock si cheap. Transaction Capital (JSE code: TCP) secures funding for Gomo. Securing the capital was a major market concern and now they have a bak using their balance sheet and they earn a margin. Good deal but market still selling. How to Diversify Your Commodity Exposure With the PICK ETF Dividend portfolio paying monthly  

Simon Shares US inflation for March at 5.0%, better then expected and initial response form markets was to jump higher. Big wait now is for first week of May and the next FOMC rate decision. Current open trading positions, long everything My 7/21 trading system has me long all the indices I trade as below; Nasdaq 22Mar23 @ 12,740 S&P500 21Mar23 @ 4,056 Euro Stoxx 50 03Apr23 @ 4,317 ASX200 05Apr23 @ 7,240 FTSE100 11Apr23 @ 7,793  

Simon Shares MPC announcement Thursday. Purple Group* (JSE code: PPE) git the 120c bottom of the range, but has suddenly rallied. Steinhoff (JSE code: SNH), we now know what as the "Board agrees on a radical draft plan to enter into an insolvency process with creditors". The problem with dividends - they not tax efficient. They are great But tax. Dividend Withholding Tax (DWT) is 20%. The maximum Capital Gains Tax (CGT) is 18% after the annual R40k exclusion. And DWT you pay along the way, eroding your return over time whereas CGT you only pay at the end. Warren Buffett Berkshire Hathaway has never paid a dividend and he says they never will. Rather sell he says, more tax efficient. Share buys backs are more efficient, but done at high valuations destroy capital. No easy answer, but maybe we should temper our love? * I hold ungeared positions. Backup power on a budget Is the spread important when buying an ETF? Simon Brown

  Simon Shares MPC Thursday (26 January) raised 0.25% and FOMC Wednesday (1 February) expected is 0.25%. Capco (JSE code: CCO) good trading update and dividend. Renergen* (JSE code: REN) proposing US ADRs with Nasdaq listing in time to raise last capital required for phase 2. Stocks losing money from load shedding All listed companies are mentioning load shedding in their updates. Shoprite* (JSE code: SHP); "The Group's additional spend on diesel to operate generators across our Supermarkets RSA store base in order to trade uninterrupted during load shedding stages five and six amounted to R560 million for the period." For the six months ending 2 January 2022 operating profit was R5,113billion. So load shedding costing the group ±10% of operating profit? Astral (JSE code: ARL) selling chicken R2/kg below cost of production. "A large portion of the capital expenditure commitments amounting to R737 million, outlined during the F2022 results presentation, has been placed on hold given the current adverse market conditions. The Group has however committed funds towards backup electricity generation solutions to reduce the adverse impact of load shedding."  

Simon Shares Renergen* (JSE code: REN) did a small capital raise and the market not liking after they said earlier in November they wouldn't do one. Cilo Cybin will not be listed on the JSE. They planned to raise R500million but only got R20.5million. Those who applied will be refunded. Local October CPI was 7.6%, up from 7.5% and vs. an expected 7.4%. Expect MPC to do 0.75% and two 0.25% next taking prime to 11%. Locally 2022 has not been all horror It feels really bad but the JSE has had a fair year with sen decent winners as the two images below show. JSE Top40 stocks year-to-date. (winners) JSE Top40 stocks year-to-date. (losers)

⚖️ Budget Boost: A Rare Win for Taxpayers 🇿🇦💰 This week kicked off with a surprisingly investor-friendly South African budget — and markets initially loved it. Key Changes: 📈 CGT annual exclusion: R40,000 → R50,000 🏠 Primary residence CGT exclusion: R2m → R3m 💼 Retirement contribution limit: R350k → R430k (or 27.5%) 🌍 Offshore SDA allowance: Doubled to R2m 🎁 Donations tax exemption: R100k → R150k 🧾 Tax-free savings annual limit: R36,000 → R46,000 🏢 VAT registration threshold: R1m → R2.3m After years of "tax by stealth," this budget offered real relief — especially for investors and small businesses. 💡 Lump Sum vs Monthly Tax-Free? Data from NinetyOne & Morningstar suggests: ✅ Lump sum at the start of the tax year typically outperforms. 📊 But in volatile markets, patience may offer better entry points. Simon has funded his tax-free — but hasn't deployed it yet 👀 💻 Dell Delivers 🚀 Strong results from Dell Technologies sent the share price soaring ~20%. Entry around $118 Now trading near $153 AI infrastructure demand driving upside Big capex spend from hyperscalers boosting the thesis US markets don't play gently — they reprice fast and aggressively. 🌍 Oil Shock: War & Market Volatility 🛢️🔥 The geopolitical narrative changed dramatically. Escalating conflict involving Iran has rattled global markets — with oil at the center. Key Developments: ⚠️ Reports of navigation threats in the Strait of Hormuz 🚢 Tankers rerouting / suspending activity 🛢️ Brent crude jumped from $72 → $83+ 💸 Rand weakened to 16.36 📉 JSE down over 4% About 20% of global oil supply passes through the Strait. Any prolonged disruption: 🚗 Pushes fuel prices higher 📈 Risks inflation spikes 🏦 Puts rate cuts at risk (MPC meeting: 26 March) 🌍 Raises global recession concerns Possible Scenarios: Quick de-escalation → Oil settles $75–$80 Prolonged tension → Oil $90+ Full closure → Brent $100+, global recession risk South Africa imports ~70% of its crude — so oil + rand = inflation risk. 📌 Key message: Don't panic. Stay long-term focused. 🚗 Vehicle Sales: Still Surging 🚙📊 February 2026 vehicle sales surprised again: 🚘 Total sales: 53,000 (vs ~48,000 last year) 📈 Local sales up 11% 📉 Exports down 28% 📊 Year-to-date sales up nearly 10% Strong growth continues — particularly from Chinese brands gaining market share. Despite geopolitical risk, domestic demand remains resilient. 🤖 AI + Investing: Deep-Dive into SaaS 📈 Simon continues experimenting with AI tools like Claude & Perplexity for fundamental research. SaaS Sell-Off = Opportunity? Basket explored: Salesforce Adobe Intuit ServiceNow Workday Datadog Preferred picks: ✅ Salesforce ✅ Adobe ✅ Intuit AI-generated DCF models suggest potential upside between 40–75% (based on last week's pricing). Key insight: Replacing enterprise software isn't about code — it's about retraining millions of users. 🎯 Final Thoughts Markets are volatile. War introduces uncertainty. Oil is the key risk variable. But: 🧠 Stay rational ⏳ Stay long term 💰 Deploy capital thoughtfully 🚫 Don't panic If you've got time on your side — don't stress your portfolio. See you next week 👋 Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

This special broadcast is the recording of the Budget Panel 2026 with AJM, Baker Tilly Greenwoods, and FNB.   Simon Brown hosts and his guests are; The Hon Ashor Sarupen Dep Fin Minister Mamello Matikinca chief economist at FNB Dr Christo Wiese – business man Dr Albertus Marais – Partner AJM

🌍 World Wide Markets – Episode 667 📅 25 February 2026 | Hosted by Simon Brown Powered by Standard Bank Global Markets, Retail & Shyft ⚡ Eskom: 280 Days Without Load Shedding South Africa has now reached 280 days without load shedding. Standard Bank's electricity tracker report highlights that the last significant outages were 26 hours across April and May 2025, taking the effective streak back to 26 March 2024. After 17 years of load shedding since 2008, the energy availability factor and other key metrics are looking dramatically better. Credit goes to Eskom's operational improvements, industrial-scale solar and wind investment, and households with rooftop solar installations. 🇺🇸 Trump's Tariff Chaos: Supreme Court Ruling & What Comes Next The ruling: The US Supreme Court ruled 6-3 against Trump's use of the International Emergency Economic Powers Act (IEEPA) of 1977 to impose tariffs, finding no international emergency existed. This is a significant legal defeat. The refund problem: Roughly $150–170 billion in tariffs have been collected. Companies like Walmart and Costco will want that money back, since the Supreme Court has effectively declared these tariffs illegal. Chief Justice Roberts acknowledged the refund process will be "messy" — an understatement. Trump's new move: On Friday evening, Trump pivoted to Section 122 of the Trade Act of 1974, signing an executive order imposing a flat 10% tariff on all countries (with the law allowing up to 15%). This is a notable reduction for South Africa, which was previously on 30%. However, this only runs for 150 days, expiring mid-July. Other legal avenues Trump could pursue: Section 301 (Trade Act of 1974): Used against China in his first term, but requires formal investigations and findings — too slow for Trump's style. Section 338 (Tariff Act of 1930): Allows up to 50% tariffs without investigation, has never been used, and would almost certainly face court challenges. The bottom line: Tariffs aren't going away. Trump views them as a political weapon and a negotiating stick. He'll keep finding new legislative tools to wield them. Around a dozen trade deals have been signed under the "90 deals in 90 days" framework, though countries that signed early (like the UK at ~10%) may feel they overpaid. 📢 Upcoming Event: Protecting Your Portfolio & Navigating Scams 🗓️ 24 March | 11:00 AM | Webcast with 1nvest First in a series covering protecting your portfolio and navigating scams, with social media red flags guidance from Lungeli at 1nvest, plus a conversation with 1nvest's compliance officer on what financial advice looks like (and what it doesn't). Future webcasts will cover emerging markets vs tech vs developed markets, income investing, and commodities. 👉 More info and booking at **JustOneLap.com/events** 💻 SaaS Stocks Under Pressure: Is Vibe Coding Really the Threat? Software-as-a-service stocks have been hammered on fears that "vibe coding" (using AI tools to build software) could replace platforms like Salesforce. Simon is sceptical — replacing the software is perhaps 10% of the challenge. The real difficulty is retraining tens of thousands of staff, migrating data without losses, and managing a massive transition process. Goldman Sachs' SOHO Index shows capital-heavy stocks (manufacturers, farmers) up nearly 40% since June 2025, while capital-light stocks (Microsoft, NVIDIA, Alphabet) have been largely flat — a notable divergence. IBM dropped ~10% on news that Anthropic's Claude Code can convert COBOL to modern languages, but Simon remains cautious about overhyping AI capabilities. He's currently reviewing a 20-page AI-generated SaaS research report from Claude Opus 4.6 and will report back next week. 💰 Budget 2026 Preview What to expect: Fiscal drag relief is likely, funded by extra revenue from precious metals booms (higher corporate tax and dividend tax from gold and PGM miners) and SARS's clampdown on arrears (~R20 billion recovered). Tax-free savings annual limit could increase from R36,000 — possibly to R40,000 or even R60,000 (per Nireena Fissa of ETFSA, since 60,000 divides neatly by 12). This costs Treasury very little in the short term since the big capital gains tax hit is years away. Reg 28 changes: Unlikely — these would cost Treasury money immediately. Capital gains exclusion (R40,000): Unlikely to change despite being unchanged for over a decade — another stealth tax. Interest exemptions: No changes expected. Simon's tax tip: He's been selling down long-held ETF positions (originally ITRIX, now Cygnia World) to use the R40,000 annual CGT exclusion, then reinvesting into a different ETF with a better total expense ratio. Important: don't sell and rebuy the same instrument immediately — SARS treats that as "washing." Overall expectation: A boring budget, which is exactly what markets want. 📊 Commodities Check-In Palladium 🔩 Broke through $1,100 and $1,200 early last year, pulled back to $1,350 late in 2025, now consolidating around $1,617–$1,700. Support sits at the $1,650–$1,700 level. Not going to the moon, but holding at higher levels — which is what matters. Platinum 🪙 Broke $1,000 in June, then $1,250 in July. Has since consolidated around the $2,000–$2,150 range, well off the $2,800 high but maintaining higher support levels. Results from Sibanye-Stillwater, Impala Platinum, and Northam confirm the improved earnings picture. Gold  Currently at $5,153 and running hard. Simon admits gold has proved him wrong — after January's volatile drop of nearly $1,000 from the $5,600 high to the Monday low, he expected consolidation around $4,500 or even $4,000. Instead, gold consolidated around $5,000 and has resumed its rally. His advice for those who feel they've "missed" the run: scale in gradually, buying a third at current prices and adding on dips or at intervals. Brent Crude Oil  Had been under pressure until the US detained the president of Venezuela (heavy, sour crude — less critical but still impactful). Oil briefly dipped below $60 but has since recovered. The $70–$71.50 level is important resistance; a break above targets $80 and then mid-$80s. Looks like a short-term blip for now — hopefully not the start of a longer trend. 💱 Rand/Dollar Update The rand is trading around R16.02 to the dollar, with the trend firmly toward a weaker dollar. Foreigners have been net buyers of South African bonds, and the US dollar index continues to show weakness — something Trump actively wants. If the dollar loses another 7–8%, that could push the rand into the mid-R14s. Sounds dramatic, but as Simon puts it: "Don't fight the rand." 🎙️ Next week: Budget reaction + AI SaaS research report review Thanks for listening — look after yourself, and if you can, look after somebody else too. ✌️ Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

Worldwide Markets - Episode 666 📊 18 February 2025 🇿🇦 South African Economic Indicators Unemployment hits 5-year low - but still a tragic 31.4% The Achilles heel: Need GDP growth to break below 20% 10-year bond yields at decade lows - 7.97% (down from 11% during load shedding) Government saving on new bond issuances, though impact is modest Potential budget windfall from precious metals next week ZA 10-year yield | weekly 🤖 AI Valuations: Testing Anthropic's Opus 4.6 Can AI do DCF valuations? Testing on Dell (NYSE: DELL) Opus 4.6 created detailed discounted cash flow model in ~10 minutes 148 formulas, zero errors (after self-correction) Fair value estimate: $172 vs current ~$115 (significant upside potential) ⚠️ Important caveats: Sensitivity assumptions critical (WACC, terminal growth, risk-free rate) DCF is just ONE valuation methodology Rate limiting kicks in with heavy usage ($20/month tier) US stocks work better than local stocks currently 💼 US Economy Update Strong fundamentals emerging: $600B+ capex spend by hyperscalers (Alphabet, Meta, Microsoft) Better-than-expected January CPI Unemployment at 4.3% (jobs report revised down 1M though) GDP tracking closer to 3% than 1-1.5% Two rate cuts still on the table for 2025 Tech infrastructure spending providing economic underpin 🚚 The Karaoke Company Logistics Disruption (?) Algorhythm stock chaos: Up 222% Friday, another 15% pre-market Tuesday From karaoke company to AI logistics software ("SemiCab") in 6 months Entire logistics sector sold off on the news Reality check needed: Santova and others already doing this with Oscar software Market overreaction? Small operators still use fax machines Don't panic-short established players like Santova 📅 Upcoming Events Power Hour Thursday 5:30pm - Tax efficiency & ETF revolution (Standard Bank Rosebank or webcast) ETF database updated with FNB, 10X, 1nnvest, Satrix funds Budget next Wednesday - Simon will be in Cape Town Powered by Standard Bank Global Markets, Retail and Shyft "Look after yourself. If you can look after somebody else as well." 💚 Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order  

🎙️ Worldwide Markets – Episode 665 📅 11 February | 🎧 Recorded Tuesday around lunchtime 💼 Powered by Standard Bank Global Markets & Shyft 🌍 This week in markets Massive hyperscaler CapEx is back in focus 💰🏗️ Markets appear calmer – the worst of the recent collapse may be behind us 😮‍💨 Bitcoin mining costs now around $70,000, putting pressure on miners ⛏️₿ A deep dive into junior miners – why so many of them struggle ⚒️📉 🏗️ Hyperscalers go full throttle 2025 CapEx spend near $380bn, well above expectations 2026 estimates push towards $660bn when Oracle is included The hyperscalers: Microsoft, Meta, Alphabet, Amazon ☁️ The "shovel sellers": Nvidia*, ASML*, TSMC 🧑‍🏭🪓 Key shift: these businesses are no longer asset-light Warning signs emerge as some stocks trade below their 200-day moving averages ⚠️📉 "Nothing good happens below the 200-day." 📊 Stocks & charts Microsoft & Meta showing the most technical stress Nvidia* and ASML* still look healthy on the charts ✅ Apple largely staying out of the AI CapEx frenzy 🍏 1nvest ETF5IT*: profits taken previously, now watching closely 👀 🤖 Software shock & AI disruption Growing fear around software-as-a-service under pressure New AI tools like Claude and "vibe coding" spooking SaaS names 💻😬 Reality check: Niche software may struggle Enterprise platforms (e.g. Salesforce-type businesses) are harder to replace 🪙 Bitcoin, gold & currencies Bitcoin dipped below $60,000, now rebounded to mid-$60k Mining economics tight at current prices ⚠️ Gold back above $5,000, refusing to consolidate 🥇🔥 Ongoing dollar weakness and rand strength 💵⬇️ 🇿🇦⬆️ 🌐 The debasement trade Signs of slow de-dollarisation and capital moving out of US Treasuries China reportedly limiting (not stopping) US bond buying 🇨🇳📉 Key takeaway: This is a multi-decade trend, not a short-term trade 🐢 Governments reduce debt via: Inflation Currency weakness 🖥️ A possible opportunity: servers Hyperscalers replacing ageing chips & servers faster than expected Alphabet spending up to $185bn, with ~⅓ just on replacement 🔁 Question raised: Is Dell a quiet AI beneficiary? 🖥️📦 Forward PE near 10 Analysts broadly constructive ⚒️ Junior miners: why it's so hard Spotlight on Copper 360, Orion, ASP Isotopes* The commodity may be in the ground – but: Extraction is complex Capital is hard to raise Logistics, infrastructure & communities matter 🚧 Junior mining = high risk by design 🎢 Even experienced operators fail 📢 Events & deadlines Power Hour – 19 February 🕠 17:30 | 💻 Webinar or 🏢 Rosebank Tax-free investing beyond TFSA ETFs, income strategies & Reg 28 Important reminder ⏰ Many providers have early contribution deadlines Don't leave Reg 28 or TFSA top-ups to the last minute 👉 More info: justonelap.com/events 🙌 Wrapping up CapEx boom isn't over – but cracks are forming AI demand strong, real ROI still unproven Junior miners remain speculative and unforgiving Stay cautious, stay curious "Look after yourself — and if you can, look after someone else too." ❤️ Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

🌍 Worldwide Markets – Episode 664 📅 Recorded: Tuesday midday | 🎙️ Host: Simon Brown This week on Worldwide Markets, we unpack a wild ride across commodities, central banks, tech titans, and global trade — with gold stealing the spotlight once again. 🟡 Has Gold Bottomed? Gold went vertical — and then snapped back hard. 📈 Ran from around $4,300 → $5,600, before a brutal sell-off 📉 Dropped to $4,600, now stabilising near $4,900 🕯️ That giant red "kangaroo tail" candle looks ugly — but… The bigger picture hasn't changed: 💵 Debasement trade still intact 🌍 Central banks bought ~800 tonnes last year 🏦 ETF investors were big buyers again after selling in 2024 ➡️ Verdict: Likely consolidation, not collapse. Sideways is the base case. Gold |Weekly | 03 February 2026 🧱 Commodities Ran Too Hot It wasn't just gold: 🔩 Copper, silver, platinum, palladium all surged 🛢️ Brent crude nearly hit $70 🪨 Aluminium hit US record prices, creating transatlantic arbitrage Nothing goes straight up forever — profit-taking was inevitable. 🪙 What About Silver? Simon stays honest here: ❓ Industrial demand and price dislocations matter ⚠️ But silver remains complex and opaque 💡 Portfolio stance: ✅ Holding gold miners ✅ Holding gold ETFs (local & offshore) ❌ No silver exposure — and comfortable with that 🏦 Fed Drama: Enter Steve Walsh Trump's Fed chair nominee spooked markets — but context matters: 🔄 Walsh is not a hawk, more a rate flip-flopper 🗳️ Previously opposed rate cuts… until Trump won 📉 Trump wants lower rates — Walsh says he'll deliver The challenge? 🧠 Convincing the rest of the FOMC 🪑 Jerome Powell still has influence for now ➡️ Expect noise, not an instant policy pivot. 🚀 SpaceX + xAI = Trillion-Dollar IPO? Big Elon energy this week: 🛰️ SpaceX acquires xAI 🧠 Grok + data + power + space = big ambitions 📊 IPO rumoured for mid-2026 💰 Valuation likely north of $1 trillion Simon likes SpaceX… less excited by the social-media side. 🚗 SA Vehicle Sales: Still Strong January numbers surprised again: 📊 Sales near levels last seen in 2019 / early 2022 🏆 Toyota leads, but Chinese brands keep climbing 🇨🇳 Chery, GWM, JAC & friends reshaping the market Consumers are still buying — despite high rates. 🤝 US–India Trade "Peace"… Sort Of A deal was announced, but details are fuzzy: 📉 Tariffs reduced (somewhat) 🛢️ India supposedly to stop buying Russian oil (👀) 💸 India to buy $500bn of US goods (timeline unclear) History lesson: 🌮 Trump tariff threats turn real only ~20% of the time ⚖️ Supreme Court still deciding if Trump even has the authority ➡️ Lots of headlines, fewer guarantees. 🎓 Upcoming Event: Power Hour 📅 19 February 📍 Rosebank (in-person) + webcast 💡 Topic: Tax-Free Investing & ETFs 👉 Book at justonelap.com/events 👋 Closing Thoughts Markets are noisy, emotional, and fast — but the big-picture trends still matter more than the candles. Until next week: 🤍 Look after yourself 🤍 And if you can, look after someone else too Cheers! 🍻 Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

🎙️ Worldwide Markets – Episode 663 📅 28 January | Recorded late Tuesday afternoon Host: Simon Brown Powered by: Standard Bank Global Markets & Shyft – the global money app for travel, shopping, payments & investing 🌍💳 This week a quick look at gold and the Rand, both did what was expected over the year in the first month. Then picks for the Cristal Challenge 2026 and the Moneyweb Investor Challenge. Three bankers that go into each challenge. Then four floaters, two per each challenge to mix it up a bit. Best of luck to all who enter :) Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

For the thirteenth year in a row Keith McLachlan, Marc Ashton and Simon Brown kick off the new year with a predictions show. First they check in and mark what they said last year. Then they each offer three predictions for the year ahead and a view on the Top40 and Rand/ Find last years show here.

🌍 Worldwide Markets — Episode 660 🎙️ The Best and Worst of the JSE in 2025 📅 10 December 2025 🎧 Final episode of the year — back 14 January 2026 💼 Powered by Standard Bank Global Markets & Shyft 🏁 Opening Thoughts Last podcast of 2025! 🎉 A huge thank-you to listeners, watchers and everyone who engaged across the year 🙏 A wild year for markets, but a great year for returns 📈 Wishing everyone a restful and safe festive break ✈️🌞 🎥 Power Hour Recap — Position Your Portfolio for 2026 📌 Highlights included: 🔙 Looking back at 2025's predictions (keeping it honest!) 🤖 The state of AI: spotting bubbles, when to worry, triggers to watch 💰 Gold & commodities outlook 🛍️ Local retail — opportunities & risks 🚀 IPO environment 🧭 Positioning for 2026 Watch here. 🥇 Best Performers of the JSE in 2025 🪙 1. Precious Metals: The Dominant Theme of 2025 Gold & PGM miners absolutely owned the market this year. If you weren't in them… your portfolio lagged the benchmark. Top returns (total return to 8 Dec): 🥇 Sibanye-Stillwater* — +258% 🤯 🥈 AngloGold Ashanti* — ~+240% 🥉 Northam — +214% 🏅 Gold Fields — +195% Implats — +153% Thungela / Valterra / others — 130–140% range Harmony — +119% 📌 Why the boom? Gold price exploded early in the year 🌕 Safe-haven flows amid tariff drama, budgets, DeepSeek shock Strong production + not-yet-expensive valuations 💬 Simon: Still bullish on gold miners — not expecting another double, but valuations remain attractive if gold holds current levels. 🎓 2. Education Sector Winners 🎓 Stadio — +89% 🧑‍🏫 Killed it with distance learning demand and tertiary approvals 📉 Curo delisted; ADvTech* solid with +20% 🟣 3. Purple Group* & EasyEquities +87% 🚀 Bull markets = busy brokers Results were slightly soft in H2 (bonuses cycle), but long-term story intact 📡 4. Telcos Roar Back (From a Very Low Base) 📱 MTN — +76% 🔵 Blue Label — +73% (Cell C momentum) 🔌 IOCA — +65% ☎️ Telkom — +60% 🟥 Vodacom — +38% 📌 Simon sold MTN a decade ago during the Nigerian fine panic — and never re-entered. Lesson: When it's time to panic, panic fast. 💰 5. Standout Financials & Miscellaneous 🟪 Sygnia — +72% 💻 Datatec — +70% (surprise performer) 🍗 Astral — +49% (thanks, cheaper maize!) 🐓 Rainbow Chicken — +43% 🏢 Growthpoint — +48% (big dividends) 🧱 Property sector broadly strong again: Redefine, Octodec, etc. 🏦 PSG Financial Services — +40% 💼 Capitec — +29% 🏦 Standard Bank — +31% — notably ahead of Capitec 🟧 Naspers — +25% (Simon sees opportunity post-share split) 🛢️ Sasol — +25% (still not a favourite) 🛒 6. Retail: The Year's Big Disappointment 🛋️ Lewis — +22% (but deep down the list) 🥩 Spur — +15% 🍗 Famous Brands — –16% 🛒 Shoprite* — –4.6% (value emerging) 🛍️ Pick n Pay — –17% (slow turnaround) 👗 Mr Price* — –26% (Simon still sees value) 👟 Pepkor — weak, but potential for recovery 🔻 Worst Performers of the JSE in 2025 💥 Biggest Losers 🚨 Nutun / Transaction Capital legacy — –52% 👗 Foschini* (TFG) — –50% 📄 Sappi — –46% (ongoing structural challenges) 🧱 Afrimat — –43% (Lafarge integration still tough; Simon sees opportunity) 💉 Aspen — –43% (lost sterile facility contract; utilization still weak) 🔧 Cashbuild — –37% (SA consumers tapped out) 📺 eMedia — heavy selling post-unbundling 🛒 Retailers Under Pressure 🥀 Spar — –28% (competition from Boxer + Shoprite* + Pick n Pay) 👖 Mr Price* — –26% 🍔 Famous Brands — –16% 🍩 Life Healthcare, Renergen*, ArcelorMittal SA — all struggling 📉 Macro, Risks & 2026 Outlook 🌱 Green Shoots in South Africa Early signs of improvement appearing Fragile but real: improving volumes, some recovery in SA Inc, stabilising consumer pockets REITs & banks starting from low valuations ⚠️ Risks Moody's kept SA unchanged; risks tilt to the downside A global AI bubble burst would hit emerging markets hard External shocks more dangerous than local issues 📈 Global Watch: The Mag 7 & Market Signals Bubble warning model: Two giants below the 200-day MA Meta dipped back below — but still only one of the seven triggering Nvidia chart still healthy Gold still bullish Oil looks very weak 🤝 Closing the Year Simon wraps 2025 with gratitude and optimism: ✨ "It's been a year — a wild one — but at least we got returns." ❄️ Be safe this festive season 🙌 Special thanks to those working through December (retail, hospitality, logistics) 🎙️ Back 14 January 2026 with the annual predictions show featuring Keith McLachlan & Marc Ashton — and, as always, they'll mark themselves before forecasting ahead. 🔗 Powered By 🏦 Standard Bank Global Markets 🌍 Shyft – the global money app 💸 Cheapest Forex rates, anywhere, anytime Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order  

Worldwide Markets – Episode 659 Show Notes "It's Been a Year… But Markets Loved It" 📆 3 December 2025 🎙️ Host: Simon Brown 🏦 Powered by Standard Bank Global Markets & Shyft — the global money app. 🌍 Opening: A Wild Year That Somehow Ended Beautifully Despite chaos from January to April — tariffs, collapsing markets, surging yields, rand at 19.90 — markets still delivered a stellar year. If you had gone on holiday 1 Jan and checked your portfolio today, you'd think it was a boring year… but Yowza! It was anything but. Reminder: Wall Street ≠ Main Street — markets often move ahead of economic reality. 🤖 AI Chaos in January: DeepSeek Shakes the Market Chinese model DeepSeek stunned the AI world, training for ~$6m vs OpenAI's multi-billion dollar spend. Raised questions: cheaper API access, open-source surge, China's rapid AI emergence. Set the tone for a year of AI leapfrogging between global players. 🇺🇸 The Trump Factor: Tariffs Everywhere Trump sworn in (20 Jan) → tariffs on Mexico & Canada within days. Tore up the post-WW2 geopolitical playbook → raised questions of US reliability going forward. Triggered global uncertainty but markets... shrugged. 🇿🇦 Local Madness: The Three Budget Attempts SA tried three times to get a budget passed. Rand collapses into "Liberation Tariff Day", hits 19.90 → quickly followed by "90 deals in 90 days" promises. Only three months in and the year was already unhinged. 📉 April Market Meltdown… Followed by a Stunning Recovery US 10-yr at 4.5%, US equities down 15%, local markets collapsing, bonds selling off. By December → Nikkei near highs, Europe at highs, JSE powered by gold, US pushed by the Mag 7. Markets looked glorious by year-end, despite everything. 🎙️ Upcoming: Best-Performing JSE Stocks of 2025 Spoiler: Gold miners will dominate. Full breakdown coming next week in the final show of 2025. 🖼️ NanoBanana & Gemini: AI Image Tools Blow Simon's Mind Simon has used DALL·E heavily for two years — but: ❌ slow ❌ bad at text ❌ struggles with edits NanoBanana + Gemini 3: ⚡ insanely fast 🔠 perfect text edits 🎨 clean output Alphabet has: 💰 massive free cash flow 🌐 billions of users 📢 advertising infrastructure → Giving them a potential edge in AI monetisation (for now). 📈 AI Stock Bubble: Is It Popping? Nvidia chart not bearish — holding support around 165–166 and bouncing. Mag 7 vs 200-day moving average: ⬇️ Only Meta is below. Microsoft, Amazon still comfortably above. Conclusion: 🤯 We are in a bubble… but it's not bursting yet. More insights coming in the Power Hour. [caption id="attachment_55081" align="aligncenter" width="849"] Nvidia weekly chart | 01 December 2025[/caption] 🪙 Bitcoin: The Chart Looks Ugly Trump is the most pro-crypto president ever, but BTC isn't reacting positively. Peaked at $126k in October → now around $87k. Breaking support levels: ⚠️ If current zone doesn't hold → sub-$70k likely. Gold vs Bitcoin comparison: 🥇 Gold behaves like a hedge. ₿ Bitcoin remains a speculative asset, not a store of value or inflation hedge. [caption id="attachment_55082" align="aligncenter" width="849"] Bitcoin weekly chart | 02 December 2025[/caption] 🇿🇦 South African GDP: Some Bright Spots Q3 2025 GDP: 📈 +0.5% QoQ 📈 +2.1% YoY 🚧 Gross fixed capital formation +1.6% → first strong rise since Q2 2023. Means: building → roads, dams, solar, infrastructure — very positive. 🏦 Banks Benefit Most Reasons: 👍 GDP uptick ⬆️ Credit upgrades ⬇️ Lower expected inflation ⬇️ Lower rates coming 🟩 Off the grey list Valuations: Price-to-book: 1.0–1.5× Yields: high single digits Winners depend on style: 💸 Deep value → ABSA, Nedbank ⚖️ Balanced → Standard Bank, FNB 🦄 Premium → Capitec (always expensive) 🏢 Shaftesbury (UK REIT): One to Watch Formerly Capital & Counties. Own Covent Garden & key West End locations. Never recovered from Brexit: from £4 → now £1.42. Fundamentals: 💰 Single-digit PE (~8) 📉 Yield 2.7% 📊 Analyst range: £1.48–£2.10 Not a buy yet — but on the watchlist due to prime assets. 🏘️ SA Property: The Easy Money Is Gone SA REITs had: 🚀 Huge 2024 📈 Strong 2025 Many now trade around NAV: Storage, Spear, Vukile → at/near NAV Octodec → still at discount Simon prefers 15% discount to NAV before buying. Markets have closed the gap — valuations now full. If REITs move to 10–15% premiums, Simon will run. 🔮 Next Week: Final Show of 2025 Full list of best and worst JSE performers of the year. Small caps that surprised everyone. Then → back week of 12 Jan with Marc Ashton & Keith McLachlan for the annual predictions episode. 👋 Wrap-Up A shorter show this week, but packed with market insight, AI breakthroughs, Bitcoin trouble, UK property opportunities, and SA's slow-but-positive GDP recovery. As always: 💙 Look after yourself. 🤝 And if you can, look after someone else too. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order  

dd 🌍 Worldwide Markets – Episode 658 📅 26 November 2025 🎙️ Hosted by Simon Brown 💼 Powered by Standard Bank Global Markets & Shyft 🔥 This Week's Big Themes 📊 JSE 10-year returns — miners dominate! 💽 Nvidia results: great numbers, strange market reaction 🥇 Harmony goes big on copper 🛠️ SA Inc sleeper stock ready to run with GDP recovery 📦 Process/Tencent update: super-app dreams + buybacks 🧠 Standard Bank launches new AI structured product 🎯 Power Hour: Position your portfolio for 2026 (8 December) 🏭 Invicta Results — A Deep Value SA Inc Play 🏗️ Capital equipment group with exposure to SA, EU, US & Asia. 🌍 Tariffs hit their China → US shipments. 💰 Valuation extremely cheap: PE < 5 Dividend yield > 3% Price-to-book: 0.7 🚧 SA's weak GDP is the drag — but a recovery to 1.8% → 2% → 3% could turn this into a major SA Inc winner. ⚙️ Manufacturers sweating assets = more parts sold = small cyclical buffer. 🥢 Prosus / Naspers / Tencent — Cash Flow Turns Positive 💵 First positive free cash flow ever → +$59m vs -$104m. 💰 Billions of $ in cash reserves. 🍔 Food delivery (iFood, etc.) gaining scale + working toward a unified "super-app" model. 🧧 Still overwhelmingly driven by Tencent, but: 🎮 Tencent Games 🎵 Tencent Music 📺 Online ads 📱 WeChat ecosystem 🎥 Epic Games stake 🎞️ TikTok-style platforms 🔄 Ongoing share buybacks funded by selling Tencent into Hong Kong. 💻 Nvidia — Big Beat, Yet the Stock Falls? 📈 Beat on revenue, profit, and guidance — classic Nvidia. 🤔 But inventory jumped 32%, raising questions about demand visibility. 🏭 Meta reportedly exploring Google chips, with Amazon & Google also pushing their own silicon. ⚠️ Non-Nvidia chips = slower + higher power usage → still "B-grade". 📉 Technically: Support at ~$180 Next support ~$166 Further support ~$150s 🎈 Bubble chatter now turning into "yes, it is a bubble" — but bubbles go UP before they pop. 📉 Mag-7 200-day MA signals: Only Meta sits below (-10%). Microsoft almost there (+1.5%). Amazon also soft (+5%). 🥇 Harmony — From Gold to Copper Giant? 🪙 Buying + building the Eva copper project in Australia. 🧱 Production cost: $2.50/lb copper (vs spot ~$4.50–$5.25). ⛏️ Harmony is shifting from pure gold → gold + copper, diversifying earnings. 🎙️ Jimmy Moyaha's view: ✔️ Good blend of cyclical exposures ✔️ Some risk hedging between metals ⛏️ Deep SA gold mines = harder + costlier → copper is a logical hedge. 🔌 Copper = "metal of the future" (again) due to electrification & green tech. 🧠 Standard Bank AI Structured Product (Now Open!) 🧺 Basket: 🇺🇸 US Tech (NASDAQ) 🇨🇳 China Tech (KWEB) 💸 Auto-call feature: Year 1: If both indices are positive → 16% payout If not, each subsequent year with positivity → 16% per year Max 5-year horizon = up to 80% 🛡️ Capital protection: 100% capital back if indices not more than 30% down at maturity 💵 Minimum: R25,000 (+ R1,000 increments) 🗓️ Closing: 3 December 2025 📍 Available via OST or your stockbroker. 📈 10-Year JSE Winners — The Miners Dominate 🥇 Top Performers (per-year returns, excluding dividends) 🥇 Harmony Gold — 43.5% p.a. (3600% total!) 🥈 Gold Fields — 37% 🥉 Kumba Iron Ore — 33% (42% incl. dividends) ⚒️ Exxaro — 28% + 12% dividends ⚙️ Northam Platinum — 28.5% 🇬🇧 Argent — 27% (first non-miner) 💼 African Rainbow Capital / Valterra — 25% 🏦 Capitec — 22.5% + dividends → 24% total 🛠️ Bell Equipment, Merafe, Sibanye — strong ~19%+ 🌐 Datatec — 19% + 17% dividends → 37% 📉 Big Losers (per-year declines) 🪓 Eskom (ELI / ACO) — -26% 📦 Nampak — -18% 🛏️ City Lodge — -14.5% 🧪 ArcelorMittal — -14% 💊 Aspen — -10% 🛢️ Sasol — -10% 🏘️ Balwin — -7% 🍔 Famous Brands — -7% 🧱 PPC — -5% 🛒 Pick n Pay — -5% 🏥 Netcare — -4.8% 🧺 Woolworths — 2.4% p.a. (only 1.4% incl. dividends) 📊 Top 40 — 10-Year Benchmark Performance 📈 118% total return over 10 years 📉 CAGR: 8.2% (≈10.5% incl. dividends) 📌 Best period: 11.6% (2019) 📌 Worst: ~3% during crisis 🎯 Real return (CPI ~5%): ≈7% — very respectable. 📣 Call to Action 💬 Tell us in the comments: Which 10-year winners do you own? Which stats shocked you most? What's your best-performing JSE stock of the last decade?  

Worldwide Markets — Episode 657 (19 November 2025) 🗓️📈 🔥 This Week on Worldwide Markets Good things are happening in South Africa 🇿🇦, bubble-watching on global markets 🎈, fresh ETF listings from Ninety One 📊, strong local results (Astral 🐔, WeBuyCars 🚗, Ninety One 💼), and the Year-End Power Hour opens for bookings 🎤✨. 🎈 Bubble Talk: When Does It Pop? Guest Insight: Citigroup's Dirk Willer (via Odd Lots podcast) Definition: A bubble = asset prices 2 standard deviations above the 1-year average. His exit rule: ➡️ Identify the drivers — the Magnificent 7 (Alphabet, Tesla, Nvidia, Microsoft, Apple, Amazon, Meta). ➡️ The bubble pops when 2 of the 7 fall below their 200-day EMA 📉. Current Status: Meta: 12% below the 200-day ❗ Microsoft: +5.4% above Amazon: +6.5% above Others still safely above. 👉 So we're halfway to bubble-popping territory. 👉 But: bubbles make money on the way up — timing the exit is the key. Fun fact: Alphabet has negative net debt (more cash than debt) 💰. 📊 Ninety One Lists Two Actively Managed Income ETFs Two new AMETFs hit the JSE: 🇿🇦 91DINC (Local Income ETF) Quarterly dividends TER: ~0.25% (incl VAT) Tax-free account eligible ~20-year unit trust track record 🌍 91GINC (Global Income ETF) Accumulating (rolls up dividends) ~9% USD yield target Pays in ZAR on the JSE ~4.5% current USD yield Full explainer webcast here 🎥. 🇿🇦 Good Things Happening in South Africa Yes, things are still tough — but several green shoots 🌱: 1️⃣ Greylist Exit SA officially removed — major reputational win ✔️. 2️⃣ Medium-term Budget Positives Debt trajectory stabilising (may not hit 80%). Primary budget surplus — only ~6 countries globally manage this. Bond yields down ≈2%, reducing future borrowing costs. Precious metals boom boosting revenue 🪙⬆️. 3️⃣ New Inflation Target Formalised 3% target, with a 2–4% band 🎯. Helps competitiveness for exporters like citrus 🍊. 4️⃣ MPC Outlook Inflation at 3.4% — within band Simon expects a rate cut on Thursday ✂️💸. 5️⃣ Credit Rating Upgrade S&P: Upgraded SA from 3-notches Junk → 2-notches Junk. First upgrade in 16 years ⭐ Positive outlook — another upgrade possible. Moody's review coming in December. 6️⃣ Load Shedding Gone (for now) Effectively no load shedding for months ⚡😊. Operation Vulindlela turning to Transnet next 🚢. 7️⃣ GNU Functioning Smoothly Budget passed without drama Coalition politics fading into the background — exactly where they should be. ⚠️ But: Chronic unemployment (31%+) 😔 Inequality, poverty, crime remain severe issues → Growth is the only way to tackle these sustainably. 🎤 Year-End Power Hour — Book Now! Theme: Position Your Portfolio for 2026 Limited in-person seats Webcast available Simon reviews last year's predictions (and mocks himself 🤣) Then looks at 2026: gold, rand, upgrades, tariffs, etc. 👉 Book here 📈 Company Results Round-Up 🐔 Astral Foods A horror first half… turned around: What improved: Avian flu mostly gone; vaccination up to 30% Power issues stabilised Independent water supply Yellow maize prices lower 🌽⬇️ Pricing back to Dec 2023 levels Outlook: CEO Gary Arnold expects a strong FY to Sept 2025. More upside if maize stays low. 🚗 WeBuyCars Trading update spooked the market — PE dropped from mid-20s → high teens. Pressures: Cheap new Chinese cars (R300k range) compete aggressively 🇨🇳 Slower earnings growth (~mid-teens) Their response: Lower buying prices in segments competing with Chinese brands Future tailwind: cheap Chinese cars will enter second-hand market soon Record 16,000 monthly sales Scale still growing Valuation: Simon sees value emerging in the low-40s 👀. 💼 Ninety One (Asset Manager) Strong numbers; bull markets = good for AUM Market sold it off (priced for perfection?) PE ~11, DY ~6% — cheap metrics Analysts: 2 buys, 2 holds, 1 strong sell Price target avg ≈ R47.34 (around current price) 🏛️ Coronation Last year's SARS case win inflated the base → No repeat special dividends → Lower YoY numbers expected. 💱 Rand & Commodities 🇿🇦 Rand Broke below 17/USD last week (first time since early 2023) Now back around 17.20 Trend still strengthening — more in the Year-End Power Hour. 🪙 Gold Holding firm, not running Key levels: Support: ~R39,20 Risk: Lower highs + lower lows if it breaks Currently steady around R4,050. 📉 Markets & Crypto S&P drawdown: ~3.5–4% Nasdaq: ~5–5.5% → Much panic for not much movement 🤷‍♂️. ₿ Bitcoin Looking rough under R90,000 ⚙️ Nvidia Earnings — Wednesday A major market catalyst. Bad numbers could turn sentiment quickly. 🔭 Coming Up Next Week Simon looks at JSE top performers over the last 10 years 📈 (Spoiler: several gold miners… but almost all gains from the last year.) Then it's December wrap-ups → and back in January. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order

Worldwide Markets – Episode 656 (12 November) Powered by Standard Bank Global Markets and Shyft – the global money app that puts travel, shopping, payments and investments in the palm of your hand 🌍💸 1) JSE Under Pressure 🏛️⚖️ Two issues in the spotlight: a) Competition Commission Complaint A2X alleges JSE is being anti-competitive around BDA & settlement. This could have a long regulatory process. No quick outcomes expected. b) Matengu Allegations Matengu alleges share price manipulation and claims to have emails implicating JSE directors. JSE has fired back and asked: Produce the emails. There is also a clear seller overhang (ex-director wanting out), which explains the price pressure more plausibly. Takeaway: Overhang selling often looks like manipulation. But without proof, it's just selling pressure. 2) Should We Scrap SENS Announcements & HEPS? 🤔📰 The JSE is consulting on two potential changes: Reduce some SENS announcements (e.g., administrative ETF notices, floating rate resets, etc.) Possibly remove HEPS (Headline Earnings Per Share) Simon's view: 🚫 Do not remove HEPS. HEPS is invaluable as an adjusted earnings measure, especially in SA where one-off corporate events are common. The process cost argument doesn't justify removing a critical metric. 4) Don't Fight the Trend 🟢📈 Two strong trends right now: a) Gold 🥇 Back above $4,100/oz after two brief red weeks. Long-term trend still strongly up. No point trying to call tops – enjoy the trend while it runs. b) Rand 🇿🇦💪 Strengthening since the "liberation blowout" in April (~19.90). Now around R17.14 – and trend still down (strengthening). This is not just USD weakness. Big inflows into SA bonds + stronger commodity prices supporting. Next key level: R17 → If broken, expect move to low R15s. 5) Results Round-Up 📊💼 Company Sector Key Takeaways Outlook Stor-Age* REIT / Self-storage SA strong, UK okay. Trading near NAV (R17.77). Yield ~7%. Fairly valued, solid operator. Premier Group Bread, food manufacturing Revenue +6%, HEPS +27%. Efficiency gains + declining input costs. Not cheap, but high quality compounder. GE Aerospace (formerly General Electric) Aviation Engines & Service 75% of commercial planes use GE turbines. Service business = high margin recurring revenue. Trend beneficiary as global travel grows. Expensive, but maybe deserved. 6) KAP (PG Bison, UniTrans, beds, auto aftermarket) 🛏️🚚🛠️ Earnings slump → PE looked blown out, but forward expectations show return to single-digit PE once capex is absorbed. Small-caps remain deeply unloved. Worth watching, but needs a catalyst. 7) Gold Miners – Pick Your Favourite ⛏️✨ If gold keeps running, most producers will make serious money. Simon's preferences: AngloGold Ashanti* (ANG) – strong price action, holding trends well. Pan African (PAN) – up 7x since Oct 2022. Others: Harmony – now has meaningful copper exposure. Sibanye* – gold + PGMs. ETF option: Satrix RESI* – doubled this year (helped heavily by gold). ⏳ How long to hold? While gold trend remains intact. Events & Dates 🗓️ Monday 17 November @ 10:00 – 91 Income ETFs webcast Book: justonelap.com/events Friday 8 December – Final Power Hour: "Position Your Portfolio for 2026" Bookings open next week. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order