It just keeps getting better for the miners. That will be $9bn in writedowns in 6 months.....Too funny
"Barrick said initial analysis suggested that it would take an after-tax asset impairment charge of up to $5bn in the second quarter for the project, and that it was reviewing the price of its other assets."
lol @ ultraific2....Did someone go all in on his 10th try at averaging down and is now completely tapped out??? Show me with your superior reading skills anywhere in my message where I said GG "is" going to have a writedown. This is what I said "It's looking like Mr Market doesn't like this news and is expecting writedowns from GG & NEM as well." Perception is reality. That is something you should learn.
Hinting at the possibility is one thing but coming out and stating it is another. So again, show me where I said GG was DEFINITELY going to have a writedown. I'll make it easy for you - you can't. Take your teenage girl emotions and exit the stock market as soon as you can because you clearly don't have the constitution to play with the big boys, or any boys for that matter. Also, take a look at my posting history before you make a complete fool of yourself and challenge me on anything again. I have been right every step of the way down to where we are now because I was short and was not foolish enough to try and catch a falling knife on the dips.
You also said "gold stocks are undervalued". Really.....Massive writedowns at so many miners and horrible earnings reports to come later this month with the collapse of gold so far this year. Earnings will be almost nil and I would submit you are going to see some miners report losses and yet you have the audacity to say they are undervalued? By what metric? If there are no earnings then fair value is 0, nothing more. What color is the sky in your world? Betting on something because of what you think the future price of a commodity will be is a very dangerous game, as I'm sure you're finding out now. Just stick with the here and now and you'll be better off since the miners have no control over the future price of gold and their mgmt teams have proven they have no skills in managing their businesses.