It must be Crunch Time soonI have been reading all the posts here for the last week and congratulations to almost all of you for keeping a sense of reality in your reading of the prospects. If the first assays are from the top 2000m of drilling then they shouldn't be that exiting and no doubt the stock price will take a minor hit. I have no idea when the assays from the 'Happy Rock' will start to appear but that is 'Crunch Time' in my view.
The general state of the world financial system and the Stock Markets seem to continue to be impossible to predict. As many have said the Central Bank money printing machines are going full tilt, it seems that the Chinese have several trillion dollars worth of US debt on their books, the major currencies seem to have little sense of direction and the price of gold and silver(plus the other precious metals) seems to be attached to a yo-yo although on balance its heading north. We are in new and unknown territory, gentlemen, and whilst CYP/SYH is only a little fish in a huge pond the general international factors do have an impact. Without the credit crunch CYP would probably be trading at 75 cents plus because the NR's have been positive if a little vague. Whilst gold remains the No 1 hedge against paper money I don't see the position being reached where it replaces paper money and whilst any holder of shares in Gold Orientated companies would hope for that I don't think it will happen. The financial wizards who are predicting $2000 gold price this year are the same crew predicting $200 oil by now in their forecasts about 9 months ago, and look how accurate that has been. Stockmarkets have risen in the last couple of weeks and some profit taking seemed inevitible, maybe that is what has happened today in the States and elsewhere. We may have reached a floor internationally but is this the end of the Bear Market, maybe, but its too early to tell. The Chartists say we are the bottom of the 4th leg down in a five leg cycle, they say the Dow and S&P have another 10/15% to go before a long term bull market takes hold. Gold is different and doesn't follow trends in the Stock Markets and economies closely but it is still controlled by supply/ demand factors and is also affected by manipulation from Central Banks and other sources.
I though that CYP would be at 26 cents by now so 29 is a good result. I know the TSX-V has had a pretty good week so in some ways it could have finished at over thirty cents.
Volume of 'reads' has remained pretty constant on this board this week which I consider a good sign. Have a good weekend, all of you, just back from the Pub where they have thirty different Scottish malts. There are some advantages to being near to Scotland, so I am told, but apart from the Scotch I am finding it difficult to think of any just now !!
GLTA