I agree. The "sky is falling rhetoric" as of late was just a buy signal. I bought in 3.80s, so I am still up. It has been one hell of a roller coaster though. I am holding for long-term. Gold will turn up. It is being artificially deflated right now. IF market forces were allowed to take control then gold would easily be $2500 range...as they should be. The world has committed many inflationary acts. Just the idea of having standard cost of living increases should make gold rise accordingly...despite any macroeconomic forces. I am looking for $10 near term....this year.
I get this investment letter called Investec extremely conservative but over the long term has beaten the market and preserved capital. They don't speculate and have strong guidelines before purchasing any securities. He was saying when gold was heading toward 2000 that the intrinsic value for gold was between 1000-1100 from his analysis. He got some pretty nasty letters but now where at roughly 1300. So let me ask you this if gold gets down to the 1100-1200 level will ANV make money? As the 49niners said, there's gold in them there mountains. Good luck I was really thinking of buying shares but I think more money can be made elsewhere over the next 12-24 months. 4 to 8 would be a 100% so who knows
I suppose I'd be even more impressed had (investec) while GOLD was still under 1,000, to have called GOLD to 2,000. Pretty easy to call GOLD back down after a massive run up wouldn't you agree?
Mining companies across the sector are cutting costs where they can, by either closing mines, reducing production and halting expansion. I've done extensive DD in the sector and most mining companies are losing money, or barely breaking even.
After GOLD & SILVER finally found it's first support, I picked up SSRI and made some great gains, but then came across ANV and it's become my favorite in the sector at least for now. While ANV has trimmed costs and expansion considerably, it's continues to make a net profit albeit under pressure and may end up with a loss if GOLD & SILVER continue down.
Self proclaimed GOLD & SILVER guru's like Mr. David Morgan, said earlier this year ANV was one of his favorite buys and picked up shares in the double digits. About the same time, so called SMART MONEY investors decided to buy 14,000,000 shares of ANV at $10.75 per share in May, netting ANV $142.2 MILLION.
I'm no guru, but I'm feeling pretty good about my very low 4 per share average here and will continue scaling in my long position here on any further weakness.
ANV is also a very attractive buyout, especially given their massive proven reserves.