It's a bit odd isn't it how IAG (IMG.to) is up today nicely, while we're gettin no love from the masses. It is likely because of our write downs and some side-bad news besides the price of gold isn't it.
In regard to the FDN deal has any body come to the thought that KGC just sued Ecuador for divorce .What other mining company will now go to Ecuador and pay one red cent for that property? Ecuador will now have to get back into bed with KGC or let their farmers/gold miners go into that property and pan for gold. We will see what revenue the Ecuadorean Govt. gets from that enterprise. It will be interesting to see what happens when Ecuador wakes up and realizes they stepped on their own tail.
This price action in the gold miners reminds me of the action we saw prior to gold dumping in mid April. The miners led gold down as if they were predicting the fall. Let's hope this is not a similar situation developing. Lucky, what do you think? You just got long this AM.
Market still digesting FDN I think...and gold still below $1,400. But yes, quite a nasty correction from last week. And the full 10% was to $5.69. So far that has been missed. Low today $5.77 so far. Definitely lousy.