ManipulationNo doubt we're seeing quality gold companies being manipulated. The majors and intermediates like Yamana, Goldcorp, Agnico Eagle et al have been hammered all week despite au being at an all time non-inflation adjusted high. This manipulation has spooked many small time investors into selling their shares into low volume and price weakness.
CGG isn't the only company that has lost market cap because of this. IIROC knows what is happening but perhaps knows better than to challenge those entities that are far more powerful than any regulatory agency.
We're in the sweet spot where seasonality kicks in favour of gold (end of summer doldrums) and the "perfect storm" of US downgrading/default/debt further impacts gold price in US dollars. I have been adding quality companies to my portfolio including majors, intermediates and some very good juniors and micro-caps in the resource sector.
GLTA.