Actually, right now the downgrades are the most bullish thing. It is a contrarian indicator. Think about it. No financial institution puts an unsolicited downgrade on a stock unless 1) they are looking to get in at a better level and want to manipulate the market down, or 2) they are short and looking to cover ( doubt the latter). That downgrade "by Analysts at Scotiabank" is probably why the stock held at $5.30. Someone was buying massive volumes of shares at the $5.30 level today. They were sucking up every share they could get around that level. Today was an encouraging day in this stock. If gold dumps then that is a different story of course.