It is disappointing to see so much selling at such low prices, but as I said before, all that really matters is operational progress and a strong gold price which has crept back to the $1,200 level. 820 tpd average for July is a really good number, and we are probably now cash flow positive from Lamaque. To reach the 2011 production targets, we only need to get to 1,200 tpd by the end of the year, and that is looking to be a near certainty.
6 comments:
How many think that PK's departure was premeditated? How many think that PK has been unloading some of her millions of shares into the market? OR is this just shareholder fatigue during the summer doldrums. I am hoping we can see some interest picking up once Q2 is reported.
Market is scary for many. Maybe
the question is who really needs money? Could it be he who injected cash through warrants and now selling those shares (no hold period).
Peter
I don`t think it`s PK selling. Her and Ross normally use Wolverton. I don`t recall seeing a lot of Wolverton transactions lately, and I don`t think ``Anonymous`` transactions have been extraordinary over the past few days either. A lot of the selling is from BMO, RBC, TD, CIBC.... (heavily used by retailers).
I think the selling is from some long time retailers (with large positions) that are throwing in the towel, and hope to jump on opportunities elsewhere. They probably had enough after years of suffering. Some maybe thought that PK out of the way was the solution to the share price problem (and were expecting an immediate share price revaluation). Some perhaps do not appreciate the secrecy (less transpirency) approach of new management. Some perhaps just do not feel comfortable with (or simply do not trust) new management. Some perhaps just want to simply reallocate funds into other investments to try to take (what they view as) better advantage of the expected gold price increase in September and the fall (with some people expecting share prices for gold companies to benefit also).
Thanks for the comments P05 and Peter. Yes the tale of CMM and PK are very long in the tooth and many are experience a HUGE case of shareholder fatigue. I am also one, but I am hanging in there knowing the SP will get its re-evaluation once the next couple of Q's are reported. GL.
Cease trade order, then CEO resigns. Then all is quiet. What's not to like?
If we look at the gold cycle, it clearly shows an annual bottom in mid-August. Bottom-line: This is not the time to sell regardless. However, for an opportunist given the upside potential of Century this is the time to buy.
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