Well, you could be right if we get the liftoff today because the volume is actually quite heavy so far. The volume either speaks of a reversal or a collapse. We'll have to see what happens throughout the rest of the day. I think we are very near a bottom in price terms. Not sure it will happen today though.
Gold has 10% more to fall.
If IAG falls another 10%, it will be circling the toilet bowl at below 5.90.
Right now, IAG is seen as worst of gold stocks of its size.
I expect IAG to fall more than gold price.
If gold falls another 10%, IAG may fall another 15%-20%.
That puts IAG bottom in the range of 5.50-5.90. That is at least another $1 down from here.
The book value (which falls with decreasing gold price) and dividend no longer matter with the current stampede out the door.