RE:RE:RE:RE:RE:Spoke with IR
I had no trouble getting through to IR. I called Cathy, who has taken over since Jeannie left. Jeannie was offered a better job. IR is as frustrated as we are at this point, and I sense they are trying to stay on side with the regulators by not pushing things when we are this close to news. This is always the most difficult time and silence from the company means either we are close to positive news or negative news. You decide which one you want to bet on.
I'm betting on the positive. The company has issued a press release that commits to a specific time for the PEA (completed by lab by end of January). Jeannie spoke directly with the lawyer who told here they might need up to a month to review the PEA. I'm sure we will hear something before that time, but if things are stretched to the limit, it means at the latest, we hear something by the end of February.
These are the facts that we have in hand until proven otherwise. Everything else is speculation. Of course, we can expect a flurry of bashers to appear as this always happens this close to a significant news release. Most of us have waited for the better part of the year for this play to mature. We're almost there.
At this point, western institutional investors haven't awakened to the gold market. They will probably begin to pay attention after gold clears $1340. Anyone who has been in this market for a few decades knows how emotional gold investing can be and how violent its moves can be to the upside and to the downside. My advice to all you guys who are worried is to check your emotions. Decide if you believe the official story or not and if you do, then sit tight for a few more weeks and see if your gamble is going to pay off or not. Also, it helps to be diversified.
After trying several approaches, I have determined that the best way to trade the gold market at this particular time is to hold a group of stocks that will each respond at different times to their own internal news or to circumstances . Golden Star, for example (GSC), which is highly leveraged ot the price of gold, was clearly oversold because of delisting from one of the indexes. It has travelled from $.20 to $.45 in one month without any material changes. There are dozen of stories like that out there. When EGX gets a little closer, it will become the big story of the month and hot money will return just as it did in May. Just because we're following this story, it doesn't mean anyone else is with over 500 gold stocks to choose from.
Here's the monthly summary of trading I posted on Friday It tells me that we had 14 net buyers last month and 6 net sellers. I take that as a very bullish indicator.
House Positions for C:EGX from 20141226 to 20150123
| 2 RBC |
674,567 |
38,977 |
0.058 |
147,500 |
9,002 |
0.061 |
527,067 |
-29,975 |
| 85 Scotia |
503,700 |
30,976 |
0.061 |
77,700 |
4,562 |
0.059 |
426,000 |
-26,414 |
| 9 BMO Nesbitt |
542,000 |
30,760 |
0.057 |
237,326 |
13,205 |
0.056 |
304,674 |
-17,555 |
| 124 Questrade |
319,000 |
20,214 |
0.063 |
36,200 |
2,358 |
0.065 |
282,800 |
-17,856 |
| 80 National Bank |
216,830 |
13,265 |
0.061 |
71,900 |
4,559 |
0.063 |
144,930 |
-8,706 |
| 15 UBS |
111,000 |
6,660 |
0.06 |
0 |
|
111,000 |
-6,660 |
| 19 Desjardins |
261,600 |
15,507 |
0.059 |
165,500 |
9,972 |
0.06 |
96,100 |
-5,535 |
| 79 CIBC |
136,800 |
8,118 |
0.059 |
57,000 |
3,485 |
0.061 |
79,800 |
-4,633 |
| 58 Qtrade |
20,000 |
1,300 |
0.065 |
0 |
|
20,000 |
-1,300 |
| 28 BBS |
15,000 |
825 |
0.055 |
0 |
|
15,000 |
-825 |
| 39 Merrill Lynch |
18,000 |
1,090 |
0.061 |
5,000 |
325 |
0.065 |
13,000 |
-765 |
| 143 Pershing |
10,000 |
600 |
0.06 |
0 |
|
10,000 |
-600 |
| 99 Jitney |
21,000 |
1,260 |
0.06 |
16,000 |
1,010 |
0.063 |
5,000 |
-250 |
| 89 Raymond James |
16,626 |
995 |
0.06 |
16,301 |
1,009 |
0.062 |
325 |
14 |
| 13 Instinet |
0 |
|
11,000 |
715 |
0.065 |
-11,000 |
715 |
| 33 Canaccord |
0 |
|
35,500 |
2,097 |
0.059 |
-35,500 |
2,097 |
| 88 Credential |
5,300 |
344 |
0.065 |
65,000 |
3,575 |
0.055 |
-59,700 |
3,231 |
| 36 Latimer |
71,454 |
3,957 |
0.055 |
153,000 |
9,180 |
0.06 |
-81,546 |
5,223 |
| 7 TD Sec |
1,740,050 |
100,756 |
0.058 |
1,867,000 |
109,145 |
0.058 |
-126,950 |
8,389 |
| 1 Anonymous |
570,000 |
33,015 |
0.058 |
2,291,000 |
134,420 |
0.059 |
-1,721,000 |
101,405 |
| TOTAL |
5,252,927 |
308,619 |
0.059 |
5,252,927 |
308,619 |
0.059 |
0 |
0 |