I am just wondering - how bad it is here with all the beaten up longs. This stock is down so much - it is beyond belief. $2.5 dollar stock in 2011 is now down over 90 percent! I see a lot of shorts advertising the idea of bad management - when in fact it is all about energy and labor cost and the ore grade. They can't make profit at the current gold price and that's it. Instead of whining and complaining - think what opportunity this creates. Suppose this stock makes a bottom here and suppose gold goes to $2400. Where do you think CGR will be? Let's say for example you buy 10k shares a day for an average cost of 20c for 20 days and get 200k of shares or so for $40k. Lets make an assumption the gold goes to $2400 and CGR goes back to $2.5. You just made yourself almost half a million dollars. Double that and make a million.
People - this isn't a stock like GBRIF - where the management REALLY drove their company into the ground. This one is different. You are being presented with a huge opportunity here. It is true it can continue like that for another month and fall down to say 16 cents. Anything is possible. But with GOFO rate negative don't count on gold being lower than now. We are at a turning point.
The resources sector is just like that - you want to pick a bottom in gold and get a borderline company like this - where gold price matters a lot and the gold increase will dramatically improve the financials.
DISCLOSURE: GOING LONG everyday in small increments.
After today I would like to see faces of those suckers who sold us their shares on the 11th of July at the lowest price print since November 2008. It was just unbelievable.
Sentiment: Strong Buy
Look at the 3 month, 6 month, and 2 year charts for CGR. In the last 2 years, if you tried to pick a good entry point into this stock, you were sadly wrong. Picking a bottom has never been my strong suite, but reading chart trends I'm good at. Looks like gold and CGR are going lower. At .15 cents you are another 30% down. Most miners have similar charts, not just CGR. Buying here is a little risky for me. Gold could easily go to $1100. / ounce if the Indian market remains depressed. If that doesn't hold, mines will start closing. Good luck bottom feeders!!!!!!
CGR has been a the perfect example of a falling knife. there's been no good entry point b/c it seems like it then heads lower. the herd of hedge fund managers agree on 2 things: gold is going down and jr. miners are the must vulnerable way to "play" gold's decline. there's no way to know when the herd will turn around but CGR does seem poised to bounce back when that happens. gold needs to reverse and then CRG needs to prove that it can operate profitably. management needs to show it can cut exploration and operating costs in response to the recent drop in gold prices. the recent debt round and line of credit wasn't done at a bad rate, but they need to avoid any further debt. gold doesn't need to go to $2400 for CGR to make money but we do need the paper market in gold to reflect what is going on in the physical market. that will have to change soon. if you follow the supply of physical gold at COMEX, that exchange looks like it will hit a breaking point! then, we'll see some turn around in gold - maybe not $2400 but certainly back to $1500 -
Yep, the way to make money on CGR is to buy it cheap, and so it is probably a buy here honestly, but I like it better a little lower, so maybe wait until they miss their self-imposed target production numbers and buy the stock even cheaper than current levels
the bonanza grade find at santoy makes the story here a more interesting, and the line of credit they got lined up means the company survives, the real trick is timing it...
it has the makings of a turn around story, but the stock needs to be hit with a frying pan in the head and taken out back and shot and then have its body pissed on
we've been hit in the head and taken around back and shot, what we are waiting on is for the body to be pissed on or dismembered, the final savage act, that's what is in store here, just my best guess, who knows, man it's sad, but oh well
Sentiment: Strong Buy
I agree the gold will go to 1500. I think it is not only very probable - but if fact I believe it will go there quickly. Other than that I never ever lost money purchasing a stock with LESS THAN 0.2 book value.
Yahoo says it is a $1.11 per share book value stock. It makes it 0.19 or so P/BV.
If gold turns up - there is just no way to lose on CGR.
That is - if you believe the gold will turn up.
I believe so - after reading opinions about the Bundesbank bars showing up in Hong Kong for melting. That is how this world runs - you buy rumors to sell the facts. When it becomes a public knowledge - you won't be able to buy gold bellow 2000 an oz.
It is hilarious there are still people believing in gold at FED.
We are surrounded by them. I find it amusing. And I BUY CGR.