GREY:RNKLF - Post by User
Comment by
wiseyoungmanon Oct 11, 2018 4:15pm
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Post# 28783961
RE:1200% already!
RE:1200% already!BigGoldleaf2400
You are 100% right. I sold 1/3 of my position this past week. I was lucky to have bought in at high 20's and 30's. I will not add a single share. I will sell a bit more if need be and I have already done very well here.
It took the "market" some time to digest this story, however the big boys have the $50M priced into the stock. The problem here is that there is great uncertainty over the level of gold resources which can be mined. The market acknowledges they have several hundred thousand ounces, however that only supports the current market cap. There is a very large float here with about 477M shares.
The Company needs to demonstrate they have 1-2M ounces which is a lot more difficuult. That could happen however 1000 ounce slabs do not mean anything. 1.5M dollars works out to $0.003 cents a share in value. People here ranting about this taking off have no idea. It could happen, however smart money has taken profits.
I would rather buy at $1 dollar or even higher if there is more clarity on whether this can be a sustaninable mining operation. I am sorry for those who got caught in the hysteria, however the valuation was not overly difficult. I posted over a week ago that I believed the FV of the SP was between $0.70 and $1.25 based on what we know. I stand by that however believe it is more closer now to $0.60 to $0.85.
I am LONG however now have 130K shares left down from 200K. I would caution the folks lucky eneogh to have gotten in when I did or even before under $0.20, do not bet the farm here. I have invested in mining companies a long time and when the big boys leave the party, there is always someone left holding the bag. Think but do not dream. GLTA.