Deja vuFew years ago i had very large position in Eld that was very green, then we got bad news from Turkey and I had to sell at appreciable loss that wiped out my gains for the year. This time Too I had a position if small but I avt differently, I sold all early at 6.35 and from the past experience put a bid for same number of shares at 5.75 and 5.65 and went away to come back and find that both orders got filled and the share rebounded greatly reducing the loss. Did not think at the time the share will go below 5.50. The day was great despite Eld as all other holdings rose very nicely.
I do not think we will see a sustained drop in Eld below 6 if gold holds and I think we will see close to 7 or may be more if gold rises further although may average about 6.5 for a while till we get more news. This could drag for weeks before a resolution which I believe will entail Eld promising some carrots hust to let the minister score some points and save face after such strong statement.
Even a total loss of that mine will not keep Eld below 7 for long if gold rises and Eld delivers on cost cutting.