... that this move up on 6X normal volume, in a scorned sector is definitely counter trend.
One has to wonder why. Remember that the original Sleeper AMAX mine was a high grade mine. Gold is where you find it. The claim base was expanded dramatically, and I think it is possible that another high grade zone is out there & could be found. The other theory is that PZG is being bot for the proven low grade reserves.
IMHO - Tomcat
Sentiment: Strong Buy
Well I just got a "thumbs up" on my "No Gold" post, which confirms and proves that the village idiot has arrived at the Sleepy mine.
FYI - Tomcat
The stock is up because it has been determined that there is NO GOLD in the claims. This could be interpreted as good news as money would not be spent on mine development!
VBG - Tomcat
P.S. I bet this post gets a thumbs up. Would make as much sense as my last post getting a thumbs down!
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This stock has done OK considering how the sector has fared, it's roughly at parity with EXK, which mines over 10M Ag-equivalent ounces per year, about 2 million Ag ounces each quarter to go along with 15,000 Au ounces. EXK also has a nice project they want to move ahead with in Jalisco, Mexico, and they have another big prospect in Chihuahua, Mexico. They are on track to become a major silver producer, a nice balance sheet, and perhaps most importantly, they have very strong management team. You might jump ship and buy EXK shares here. Just a thought. GLTA
Remember that with respect to the old PZG pps vs the new, there was a reverse split in the conversion. You didn't get 1 for 1. I think it was around 1 for 5.
I believe the smackdown in both PZG and CDE just part of the overall trend in PM'S.
until reality sets in not much will change.
look at it this way, with the Big Three ( US Gov't, Bullion Banks and Wall Street),
collectively knocking the $%@# out of PM'S it's a wonder the mines even exist.
the nonsense in the whole financial system will soon cone to a head as the world's
currencies are slowly devouring each other...it's just because they have no intrinsic
value, that most don't see the real carnage taking place.
THE END GAME IS SOON COMING AND IT WON'T BE PRETTY. JMO.
The simplest approach is to look at the number of outstanding shares now vrs before. Take todays price divide it by twenty and you see the pre 20:1 reverse split value of PZG. Not exactly what happened but it will help you realize why the pps is higher now than it was. I'm curious about the new management team and what this group will do. Think I'll stick around for a while to see what happens. To each his own on sell or stay.
I just do not get PZG - stock price was 1.7 range - after it was cut to pieces and 100K shares were cut to a blip. So I get CDE - easily - but what is the clarity on the minor number of shares we received and the stock price jumped higher than the old PZG was for 2 years? Don't want to dump it - but we were reduced to ashes and that is valued more per share? Does this not mean the old PZG was really under priced at the merger? All I would like to know from a brain larger than min - is are we now holding a minor number of PZG - but the market thinks it's value is twice what it was when it was much more company wise? CDE I have played a few times trying to chip away at the massive set back loss from being averaged so high in the old PZG - Someone shine some light on the new PZG - are you dumping or believing?
so one analyst rating so far for this newly pub traded co, at $3.70. that makes sense. first financials have to come in to report correctly on these sites? does anyone know? Market cap is 13MM with 10MM in cash. yahoo has to fix this by next reporting cycle.... someone weigh in...
MNGA is pushing hard for 80 RSI where it could trade as high as $1.13. That’s strong gain potential from current valuation and 64 RSI.
Update: I did contact my broker (actually USAA in this instance) and inquired why they did not subtract the basis applied to the spinoff shares before transferring the remainder to the CDE shares since this is a tax-free distribution. Their reply was that they perform basis calculations per the instructions of the merger participants and that subsequent corrections may be made if they discover errors were made or if instructed by the merger participants.
Translated: As it stands, it appears that my broker is treating the distribution as a taxable distrubution unless told otherwise. Oh well, if that is the case I will treat it as a juicy dividend and pay the tax on it next year while still in a lower bracket before cashing out stocks down the road. No worries really, investors will pay a tax either now or later anyways - just make sure your basis once taxed is properly maintained/tracked.
Mine are a little messed up (Optionshouse). It looks like my position was transferred 4:1 to CDE with a cost basis of $5.36 for CDE. My old cost basis for PZG was $1.13, but now $1.71, which doesn't make sense.
TD Ameritrade properly gave me basis of $1.60 a share (or $0.08 cents per old PZG share), however they failed to deduct that amount from the carryover basis on the CDE shares. I assume they will get it all figured out before 1099-B forms are mailed next year. Worst case scenario they are giving me credit for a little extra basis.
From my understanding this was a tax-free transaction because no $$ (other than a few bucks due to the fractional shares) was actually distributed to shareholders. The total basis of your old PZG shares should now be spit up amongst your new PZG shares and CDE shares.