RE:Gold Notes Info If it can help you , i would add few points :
1) buybacks have never been the cup of tea of gcm . From memory last month was the 1st substantial repurchase they made since inception. All'is said.
However the cancellation of 350 k each Q is very probable .when ? Only on weakness , i.e. below the 200 dma . Surely more in case of a dive of the markets .
The september repurchase was made At 6 cad in average . It gives you a landmark .
All in all it would make 1.5 mil less each year from which you have to substract the stock op issued . and coming .
This hypothesis represents 9 mil cad or a well 7 mil usd . This is not pocket money . For me it's a maximum .
2 ) why to keep all that cash at very very small interest ?
a) the past . They were close to be bankrupt 5/6 y ago . They learnt .
b ) gcm is a serafino company . For 3 y more , gcm will be the only star of the galaxy able to make and provide cash ( if necessary ) for the others stars .
3) the stock is unable to outperform the gdxj .
A possible reason is purely accouting . Last q , gcm released a very bad negative earning per share vs peers because of tax. This Q we could have the best ever seen . So ....
4) i will add something never discussed here , and may be without real foundation ( but it's observation ), is charting .
Although gcm is a complete different company now , the algos , the new investors ... do not make the difference , and keep the old resistances as effective . For ex we are unable to take the 7.5 cad resistance all theses past months , which was a big high in may 2016 . ( you can find others ex lower)
The good news , is once the 7.5 passed , the next one is ....24 . -)
I do not bet too much on , but it's at least intruiging .
Glty .