Seabridge is about 12% above the recent lows. This is in line with the movement in other gold stocks, which have shown a sharp rebound after a 25-35% fall in one month. Prior to this, the stocks were becoming stable and the April / May lows were holding up. Seabridge had take support around $9.30. Now it needs to move around 10% above the current levels to indicate some level of positivity and stability. This will require several days of positive moves and some consolidation and grinding. Hopefully, this technical bounce will gather momentum and the smart money will begin to find more reasons to invest in the sector. Fears about reduced easing, strengthening of dollar etc. led a strong bout of selling in the already weak stocks. These reasons being given for the selling were already known as no on expected the QE to continue indefinitely. Still, the reasons had their impact and these stocks got hit. The development stage companies like Seabridge were hit more and it had fallen by more than 30% before making the recent recovery. Now most major producers are trading at a discount to book value and development stage companies like Seabridge, Pershing Gold (PGLC) etc. are trading at a discount to potential. More pain is possible, but one cannot ignore the fact that gold has already corrected significantly from its recent highs. Even Jim Rogers had stated that he would start buying gold around $1300 and buy more if it touches $1200. Marc Faber is expecting a strong rebound in gold mining stocks if the gold prices rebound. As per these investors, devaluation in currencies is expected to help gold make a comeback soon. The fact that cost of mining is now higher than the prevailing prices will also lead to natural adjustments in supply-demand. Still, it is important that the prices stabilize quickly to avoid further damage to sentiments. Next few weeks will be important.