"BIG MAC buys 25k shares on the open market.
IMO, BIG DEAL - not exactly a vote of confidence."
Vote of confidence or not, such a purchase at least says Mr. M thinks CGR is undervalued. Admittedly, a token amount but when was the last time he purchased shares on the open market? It says a lot imo.
Job numbers came in less than expected that suggests more stimulus by the FED of which helps offset those min. notes of no more stimulus released this past week. Also, the strike ended in India of which bolsters renewed gold buying over the near term. Toss in the fact that Mr. M actually bought some shares and OMG, CGR just might trade above $1.00 next week! :)
thinks the Fed is going to introduce QE 3 when the market is reaching these highs lately. Heck to the NO!
The Fed is playing games, that's all. One week hinting of QE and one taking it off the table. This will probably continue until after the election or the market goes into a tail spin.
Until QE 3 we are screwed. We may get an oversold bounce but I see continued downtrend in miners until end of the year.
So -- that is why you need cash on the side now.
yeah, we are under the bus, no surprise, if i didn't think the stock was so undervalued i would have sold more of it
we aren't the only extremely undervalued gold junior, BRD closed the day under 72 cents, and they mined over 16 AU oz last quarter, meeting their self-imposed production targets, they seem more oversold than Claude to me, truly no love out there for BRD.
I sold some CGR the other day and bought some BRD, they have both dropped since i made that trade, i'm still OK with holding both, because i don't like holding a lot of cash - i guess cash can't go down quite as fast, but the inexorable demise of fiat is something to i'm trying to avoid
And Scorpio is a junior silver miner that I got in last week, it is getting trashed like all the rest, but it bounced back a bit today. I think Scorpio will bounce back quicker than BRD, and both will probably fare better than CGR over the rest of the year.
I was thinking to buy more CGR if it dipped under a buck, but now I think I'll just hold onto the Claude shares I have, and buy more later if my other stocks outperform.
Eventually folks will see that the Fed is printing like crazy, and they are propping up everything, even if they don't want to admit as much. The two parties are still miles apart, and monetizing debt is the only option.
What comes to mind while on the Grand Canyon floor is BIG MAC sure put his shareholders between a rock and a hard place. Hope he has good news before the General Shareholders meeting or else be prepared for pin the tail on the donkey games to begin. Knowing him, he'll probably convince shareholders that it'll take a donkey to make the ascent from the Grand Canyon floor.
I wouldn't get too confident that you're standing on the canyon floor.
This summer is going to be very painful for most miners. I see the floor being reached by autumn. Could CGR be different? Perhaps but I don't see any reason why it won't follow its piers into bloody hell.
I plan to stay long and ride the next wave down in my core holdings. I'll add to my positions once the floor is finally reached. That will be when all hope is gone.
Wolf: It's beautiful down here on the Grand Canyon floor.
Every few feet, I find coins on the ground that tourists must have tossed down from up top. We might have to delay the ascent until I fill my pockets and backpack with all this loose change.