Eldorado Gold: Back On TrackRead this carefully;
Summary
Revenues were higher than I had expected this quarter at $255.92 million, up from $173.68 million the same quarter a year earlier, and up 25% sequentially.
Production for the second quarter of 2020 was 137,782 Au Oz, up 66.6% year over year, and up 18.9% sequentially.
It is time to look at EGO as a long-term investment potential.
Highlights:
I believe the combination of more efficiency in the mining segment and a massive boost in the gold price did have a beneficial and long-lasting effect on this gold company. Thus, it is time to look at EGO as a long-term investment potential.
Now, the question is what to do next?
It is not an easy question to answer. Gold price is still high and is now flirting with $2,000 per ounce.
However, I am wondering if we are not at some sort of top now? If we look at the 10-year chart for gold, it is clear that we are forming a cup & handle formation, which would suggest an imminent retracement before the uptrend can resume.
Thus, it is imperative to trade EGO assuming that we may have reached an intermediate top. However, nothing is guaranteed, and the best strategy is to take some profit off the table in an orderly method.
If the link gets hijacked - just copy and paste to your browzer;
https://seekingalpha.com/article/4364345-eldorado-gold-back-on-track
Cheers to the patient investors