Today's market actionKL like many other gold & silver stocks got pounded on a day when there was very minor change in bullion price. Its as if some invisible hand was directing this action.
Listening to Sprott's weekend review he says that selling into this market is a flag for the high frequency trading algos (HFT) to go crazy and drive the price down. I believe it was national Bank who recently revised KL's price target by increasing it to $25.50 and many others have it in the $22 to $23 range so today's price smackdown seems pretty strange....just seems to me that G&S stocks are getting pushed down far more than bullion change warrants. Next week will be critical in respect to where we go from here.
Bottom line for me is that KL, unlike many other mid tier gold stocks, has so much going for it in respect to cash on hand, very low AISC, and growing resource and mineral grade. Once these numbers get published this stock should catapult to the price level where it belongs. From holding data it seems like the vast majority of the stock is held by institutions and mutual funds.
https://apps.cnbc.com/view.asp?country=US&uid=stocks/ownership&symbol=kl-T&country=CA