Ooops RGLD board :-) Anyhow holding 15,000 shares of GSS. My cocst basis is $3.61. I can only pray patience with this security. Lot of tax selling. If GSS shows modest operational improvements, at the current gold price GSS is worth between $5-$6. Presently, I think GSS is the best buy in the sector. Also holding 3,000 shares of RGLD that I bought yesterday for a trade.
Like to trade the oil. My only position is KMG which I own just below $58.
Have positions in KO (5,000 shares) and LWAY for (1,000 shares) for technical reasons.
Not a bad day. Still puzzled by the depressed price of GSS but not adding to my position.
Best of Luck,
Dr. Blackcat and Traveltrader trade the oils. I just don't have the ram to open that many windows at once.
Gee, they really get annoyed when the bid comes up, let's hope for volume all across the sector and convince the shorts today that the pattern has changed. Better to have a good up day on a Thursday rather than Friday. They need the weekends to create counter spin and we may catch them off guard here. I'm looking for an up 8 - 10% day when they see god.
Yeah, it's absolutely frigging unbelievable how many shares are out there to be sold at these levels... Sounds to me as if there's some tax-loss selling going on due to some 'hyped' purchases at $5-8/share... Those of us who remember the days when this traded at $1.5/share don't mind a little volatility... Only wishing I had more WTZ!!
I don't know if Mackensie will be right in his correction-thoughts, but I sure feel it's worth merit... I usually trickle some of my profits into a good value-based fund like Hussman's, that way I never look nor worry about it...
Am looking to dabble back into oil as well, but my nat. resource funds are covering that for the moment I guess.
Yeah, the dollar is on a slippery slope, and under its 200dma last time I checked... Although I agree it's oversold, that opinion is getting way too popular the last 2 weeks, almost to the point that the ultra-contrarian thought in my head is that they're way wrong!
Surprises will cost a lot of people money in 2005 I believe... I have plenty of powder available should anything get too attractive...
These so-called experts with all of these letters after their name are non-sense, I know so many more "commoners" that are better investors... GSS will recover, just a matter of when... Fundamentally speaking as a company, it will be profitable and have cash flow, that's what really matters, imagine if Intel could sell their chips for an extra 15% next year, GSS can increase their revenue with the price of gold.
Sounds like a good strategy Mike. My style is similar, only a few gold stocks with large positions. I don't trade any other sector or diversify either. I will likely sell them all on a convincing pull back but not until they have rallied. No action for a year and $100 price rise in gold is still not reflected in the HUI.
Hui is at the resistance +/- 221.60 that signaled a top failure to the many funds who are short the sector. This reversal we see today, if it breaks above 222, should signal to them they were early. Then the short covering alone ought to take the index to new highs.
until then, some fat ass is putting gss up for sale at the next price point above any bid irregardless of the last price.
I think Mackenzie is right about the 550 level, but predicting what will happen after that is very unknowable. Like you say, what would cause such a sell off back down $120?. Only $ salvation but that would require policy change. So if Gold hits 550, with no foriegn policy change in the US, there will be little to help the $ IMO.
I believe the US $ has another 50% to shed before it gets the attention of Bush and the policy people. And then what will they do? They will wait until something else forces their hand because they really believe they are on the right path.
Re: GSS and Wassa. Wassa is a gold mine(open pit) in Ghana, where the rest of GSS's production is located. It was supposed to start production in the 1st Q of 2004 and be producing something like 100,000 ounces of gold per year by now. Instead, it has been a stream of difficult to believe excuses, the kind one would expect from a Vancover exchange micro junior with no capital. GSS is cash rich.
Re rgld: They have good cash flow from Pipeline. Why don't they take that money and use it to line up more NSR's(net smelter royalties). There are a lot of late stage juniors out there that are diluting the f-word out of their stock floats getting financing to drill, start mines,etc.. I bet rgld could get very good terms. But like you say, perhaps they are asleep. IMHO, pipe
I understand your vantage point as well... Personally I don't know if Mackensie will be right or not (he's got a decent record), but for my own strategy I will likely sell 25% or so of my holdings around $550 gold (if we get there fast), and put it into something more steady just in case of a severe dump. I will not, however, liquidate every position and don't know that an 18 month correction is in place, but possibly 6-9 months, we've seen those plenty of times...
Currently i'm trying to focus on holding quantity of 3 gold stocks... Let me know your favorites, as you know GSS has and will be on my list!
Thanks for the response... <As for the interest rates, when EVERYONE is screaming up, they'll likely meander lower, until the consensus starts talking deflation again!>
The everlasting offers are being set up at every price point. Do you think these are short sales? I do. I cannot imagine someone selling a long position for less than they could get for it and ther is plenty of buying pressure, has been for days but has been balanced by one large seller.
I missed the chatter that was on topic because I just don't have time to sift through the non-sense. Please tell me about Wassa.
As for rgld, the only news worth noting is that the short position remains at 13% with no explaination from management. They think it "is normal" so they are way out in left field. Unfortunately, they lost a board member to death. My sympathies to his family.
Someone really should poke around to see if the rest of them are dead too. I will only short Rgld until they fire the Chairman of the board and the CEO- no point in fighting the largest share position which has a solid 2 year old bet against management and shorted more than they hold. When I sell my other long positions, I will agressively short this stinker but not yet.