Harold Wareham and his curse:
Best possible answer to this that I have heard yet. Anaconda receives the $1million from its investment in Chile and the sellers come out in full force. Where is the logic...oh the agony! Meanwhile as the tensions in the Middle East involving Syria seemingly cool, a lack of risk aversion sends gold down approx. $44.80/oz to finish this Thursday the 12th of September 2013 at: $1321.00/oz.
Now here's the conundrum: While this is happening, HSBC has raised its 2013 gold price forecast to $1446.00/oz on the strength of physical demand alone, factoring out all of the other economic and geopolitical variables that could easily drive the gold price up. Simply put, gold producers have scaled back their projects and cutting production targets leaving a shortage of physical gold on the market.
Gold is like owning a roller coaster..one moment we are up and the next we are driving lower. What is the likely outcome for Anaconda to all of this? A great Company being shafted by purely speculative interests only. Does no one out there have any vision at all? Can't these sellers see beyond their immediate need for self-gratification? Are they so short-sighted that 2 pennies will make their day? What does a long-term investor do in the meantime?