Underwater Like many others, I am underwater on this stock, probably worse than most, with an average cost of $ 6.68. My problem is I don't really see any long term reason for this. True, Semafo is neighboring an unstable part of the world but not threatening to them as far as I can see. Sure, gold has declined but for reasons other posters have already voiced, I think gold is likely to go higher rather than lower, if not in the immediate term in the foreseeable future. Cash flows from operations are healthy, reserves are in good order, there is cash in the bank and the insiders hold heavy positions. I'd prefer to invest more in Golden Star, my favourite miner, but as I have a healthy position on that stock I am inclined towards buying more Semafo. Gold looks like it will be down today so I'm thinking that towards the end of the day an opportunity to pick up more Semafo at around $ 2.30 may present itself. If it does, I don't think I can resist.