RE: News NOT good...going lowerYes thats not a good news release.
However, I just experienced similar circumstances with Fortuna Silver. News reports were just as dismal, Casey research issued the the following while that was occuring.
| Fortuna Silver Mines (V.FVI) | Chairman | Mexico, Peru | Silver, Gold, Lead, Zinc | C$83M | C
.90 |
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| ?Fortuna’s Q209 financials reported a 22% increase in silver production, reaching a new record level for the company. Further, the Caylloma mine in Peru just reported Proven and Probable mining reserves of 20.3 million ounces of silver, a 404% increase. Meanwhile, the local government in Oaxaca, Mexico, site of FVI’s high-grade San Jose gold-silver project, has cleared out the protesters that had blockaded the mine site, but we believe the political atmosphere will likely remain tense until negotiations with the various interests involved can bring all concerned on board. We actually like this company a great deal, especially its People, but a lot hinges on San Jose. So, until we can feel confident that the political trouble at San Jose is well behind the company, we’ll be staying on the sidelines
It was very ugly there. I took Casey's advice and got out at 1.00 and broke even.
Well now....a few months later....its trading at over $2. It would have been a fairly quick double had I had the stones to stick with a company with great potential.
New Gold has a fantastic management team. Do you really think they are going to let that mine sit idle for long? They will do whatever it takes. I am sure we will get a damage control news release early next week. Tomorrow will be an interesting day.
Remember the UUU fiasco? Dropped from $4 to @ 1.80. People thought the this was the end of UUU. They recovered nicely in a poor U market.
NGD has a lot more going for it than this mine.
Lets not get too worried about this. Just another speed bump....on the way up.
Bought more today.....and will tomorrow if it takes another nice dip.
GLTA |