Yep, it's definitely the ugly duckling but I'm more interested in were it closed today. I had a buy order in yesterday morning which didn't fill. We'll see.
Worst miner today out of the 30 or so I track with a minimum market cap. Trading like a bloated pig that is incapable of moving more than a few pennies, when in reality we are still trading at less than .32x book value.
"TORONTO, April 28 (Reuters) - Barrick Gold Corp's shareholders have voted to reject the gold miner's controversial executive compensation plan, Barrick Executive Chairman John Thornton said on Tuesday.
Although the final tally of votes on the non-binding say-on-pay vote is not yet in, Thornton said early indications are that some 75 percent of shareholders who voted rejected the pay plan.
Although so-called say-on-pay votes are not mandatory in Canada and companies are not required to take any action on the outcome, they are an important barometer of investor attitudes."
Didn't seem to mater much to the market as lee said they maintain their 2015 targets. Also note they said in their PR they will be cutting even more Capex in 2015 and will pay down 3 billion in debt. So while IAG and the genius' there are shopping for assets others are selling them (ABX, Anglo...). There will be a lot of assets for sale since 3 billion worth isn't chump change. None of those assets are likely to be high quality like Letwin now says he wants!
as it did yesterday after underperforming its peers all morning, I'd say that is a clear sign that the weak hands have already sold and anyone who wants to buy is having to chase the stock for now. We'll see.
Yeah, what surprised me was that they maintained their FY2015 targets..... I guess that's why the stock is still up today, regardless of their pretty big miss.
Gold regained its sheen with the price surging by Rs. 305 to an over 7-week high of Rs. 27,355 per 10 grams at the bullion market here on Tuesday, tracking a firm global trend along with brisk buying by jewellers to meet wedding demand. Silver also rose by Rs. 1,000 to Rs. 37,500 per kg on increased offtake by industrial units and coin makers. Bullion traders attributed the sharp rise in gold prices to firm global cues where it rebounded from five-week low. Speculation that the Federal Reserve may wait longer before raising rates weakened the dollar to a seven-week low, boosting demand for gold.
Not without gold going to 1300. I think IAG hit around 3.22 in January (when gold was around 1300) but that was before the hedges were announced and it was when there were high expectations that a low AISC producer would be acquired or IAG would be bought out.
Last Q $1,021 but guidance for 2015 is between 1050 & 1150. Not sure why they cannot at least maintain $1,021 throughout 2015 but they will need to report at least that # next week, otherwise the pps will tank!
They run from $500 to a grand. Depends on how many words and how wide spread they want it published. Since they use two every time figure at least $1,500 IMO.
$2.22 is being tested again with gold @1,200.
Any idea how much these PR's cost?
I've noticed many pertinent PR's being released after market hours recently, such as the Essakane/Boto update. I am guessing this is due to one of three reasons:
1. They get a discount for releasing PR's on weekends/after hours
2. This is in line with IAG's strategy of suppressing the stock price
3. Bob Tait is stupid
weird action today. gold up nicely but the miners are acting pathetic. RGLD should be up 3-4 pts on a day like this. GG should be up $1+. still think IAG goes to $3 shortly.
DXY is off a bit....
PMI was a bit weak but certain components were positive for economy
China hints at QE..... buy gold is denominated in USD, not Yuan (I know, any currency devaluation is good for gold but..... 30 bucks in USD)
I supposed it's the China QE "hint" more than anything else but I believe a very big chunk of that $30 increase is short covering. POG will likely pull back under 1200. Then we'll see if it can get back above with just buying over the rest of the week. I certainly hope so.
Percentage wise IAG is doing better than gold today... until gold gets up about 1250 or 1300 I'm afraid IAG is dead money....
Well, that and Bob Tait's genius putting out a PR on Sunday night about something as tragic as it is has nothing to do with the company as it wasn't a blast this time that killed someone. What a waste of money and dumb thing to put out there. Give the money to the family as a condolence instead of putting out the PR and probably telling the world before half the family is notified!