Review1

I seem to have managed to make 24.5% this year - about 3% above the FTSE-All Share. No great shakes compared to past outperformance. Interesting, I passed the landmark of a 600% gain since 1 Jan 1999 a few weeks ago. Life is a lot easier with a portfolio 7 times its former size.

Off to Spain for a few days ... will supply more detailed reviews over the next few weeks.

Transactions: none this week (at least that means no stamp duty for our greedy Chancellor of the Exchequer .... actually he's a greedy miserable Scottish puritan ... except when it comes to wasting the money of British taxpayers)*.

Questions: how much higher can gold go and will there be the same lagged response in the shares of gold miners as last time?

* Guess when our smart-arse Chancellor sold most of the UK's gold reserves - at the top or the bottom of the cycle?

As 2005 draws to an end

Well a couple of days to go before the market shuts for the end of 2005. My total gains (net of tax) so far this year are:

£73,500 ($128,000)

which has only beaten the FTSE all-share index by about 2.5% .... so nothing like as strong as in the previous three years.

Most recent purchase: addition of more MSB after its recent plunge following its profit warning. Rather contrarian .. the management need a good kicking ... I'll certainly vote to support their removal or accept a reasonable bid.