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Metanor Resources MEAOD

Metanor Resources Inc is engaged in the production and sale of gold as well as acquisition, exploration, and development of mining properties. It projects include the Moroy Project and Barry project among others.


OTCPK:MEAOD - Post by User

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Comment by JRaffleson Aug 24, 2011 12:09pm
313 Views
Post# 18974997

RE: Gold....support levels

RE: Gold....support levels

looks like we're going to be testing support levels soon....as I type, we're testing the 10 day at ~$1807

Metanor would clearly increase its share price with a higher gold price. However, the following factors may indicate that this may be one of the volatile short sharp sell off’s, which may not hit Metanor as hard as others…..

·This week is option expiry week and the cartel is expected to use all tools at their disposal to reduce the gold price.

·Additionally, Bernanke will be delivering his annual Jackson’s Hole speech on Friday and the Fed will be calling in favours to hit gold in order to promote the general stock market and the “safe haven” UST’s.

·The “summer doldrums” for gold started on 1st June, when gold was was priced at $1,533. would anyone have believed that gold could have been even $1,600 in August, before the gold party starts in the fall …… then historically continues relentlessly until the year end.

·The key factors for Metanor are maintaining positive news on the lateral drifts from the shaft and particularly the grade in the feasibility study.

·Today’s gold price is not as material as the price when production starts in January 2012. Assuming JPM’s gold price forecast of $2,500 by the end of this year is achieved, then that will be more relevant than a short summer correction.

The technical observation below, from Etruscan on the Yahoo board, is interesting……

Re: The YEARS Roll on...and on.24-Aug-11 07:55 am

It looks as though, unfortunately, MTO delivered reassuring newsflow into a gold downdraft day which was unlucky timing. It happens, not managements fault. As a consequence the hedgies were given the opportunity to pour water on the news feed to kill any buying momentum so have bought some more time to exit. Note continued high volume days followed by a sudden likely lack of volume with both containing candle altering trades in the last minute or two of trading. Jitney and anonymous are likely one of the same and trading incestuously to paint the chart.

It makes little or no difference to where MTO is heading as the decision to exit shorts has been made but it would have been nice to bottleneck them out in a hurry. Life of mine and grades are the catalysts to get MTO way way over the dollar mark and both are coming.

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