RE: RE: HOLD! Interestingly, CIBC and NCP were both net accumulators on the day, although shortly after the resumption of trading I watched them hit each others' bids 1 penny down at a time to about 1.21. Of course that was only possible because there was no external demand to buy into the asks.
In any case, what the market seems to want me to accept today is that
- The new high grade discovery meant that the company with 4 million oz was worth 1.70/share
- However, now that they have 5 million oz, they're back to being worth 1.15/share eg, the confirmation of 1 million new oz has somehow reduced the value of the company
- When they had 2 million oz and gold was trading at 1000/oz, they were worth 2.60/share
- When they had 4 million oz and gold was at 1500/oz the were worth 2.00/share
- Now that they have 5 million oz and gold is at 1650/oz, and they have a new high-grade deposit close to the proven resource, they're worth 1.15/share
This is why I say the markets are either extraordinarily stupid and short-sighted, or extraordinarily manipulated, or a combination of both. Not that I'd advocate fighting them, I just don't necessarily believe what they're pretending to say.