::::::::::::::::: OXUS GOLD 2005 :::::::::::::::::

I'm a long term holder (bought my first lot in the 20s and have added several times since) of OXS, with a long term view. I bought it as a simple play on the gold price, principally for 2 reasons.

First, historically, no paper currency has done anything but collapse (some faster than others) when not backed by tangible assets. The assets backing the US dollar, in that they exist at all, are increasingly in non-US hands.

Second, because there is a high intrinsic consumer demand for the metal for its own sake in the two fastest growing economies over the next 20 years, China and India, at a time when supply has not been increasing.

It seemed to me to make sense (as part of a balanced portfolio) to hold a stock with a proven first rate management, the ability to mine good quality metal at a cost significantly below both the then-current market price and that of its competitors. In return for that, of course, I have to accept a higher level of political risk than I should idealy like.

Whilst the price has fluctuated considerably recently, I see nothing to change my overall view on that and will continue to hold.