RE:RE:RE:RE:Anticipating a drop into the 80s tomorrow? Weak hands panicking and dumping their small holdings into a small market. The bigger retail and institutional investors can see the Tier II and know there’s more to come so they just wait until this plays out. Currently there are 68000 with Asks between 0.90-.94 and over 530000 between 99-1.00 They will watch to see if they panic and start selling it down. Two people sold 21000 today at market and dropped it from .90 to.87. As fast as they can drop it, a significant buy will raise it.
Anyone with significant skin in this game is holding as they know they won’t do better in the rest of the market than they will with LME. Whether it takes a couple of months or a year, where else can you get 1000% or better (way better). Even if the market has bottomed (I doubt it), the likelihood of a 30% return over the next year would be a best case but unlikely scenario.
Like Cynthia and the rest of the family and friends, those with experience are going to hold and accumulate for the buyout that will happen. Barrick CEO has said that they want to add to their Canadian holdings as they only have one mine in Canada. But that they would only pay a premium for an asset they could unlock a value from. He was critical of the GBR deal as they hadn't proven the reserves and didn't have permits or agreements with the First Nations. I think the writing is on the wall and the directors have read it and are going to prove it the right way with 43-101, scope study and a bankable study. With DRA , Rocher Mackenzie and Mira Geoscience for study's and Blue Heron for permitting we are doing everything by the book, to confirm the resources, in a strike 5 times bigger than originally estimated, for the buyers.
Cheers