When someone "paints the tape" down 13% at close,
you know there is some illegal manipulation going on.
By spoofing the price down over 10% they can get the
stoploss orders to kick in, and pick up shares for cheap.
Unfortunately, the feckless SEC is turning a blind eye.
Long term investors have lost 80% of their life savings, while executives have gotten filthy rich off of Bonuses.
It wouldn't be quite so bad if they had not Lied about Pascua Lama the whole time, and got away with it.
Now upper escargot mangement can all pat themselves on the back and give themselves multi-Million dollar bonuses for selling off parts of the company paid for with shareholder equity to pay off Investment Bankster Bondholders. I paid $32 a share for ABX in 2013, and now cannot get even a 1/4 of that "investment" while management has got paid $millions in bonuses for losing $30 Billion in shareholder value. Some investment. Sigh.
Use to be, if you had an asset which generated lots of cash flow, it was called a "Gold Mine,"
but now the term is used to describe an unwanted asset. I agree with you, how can a company with $40 Billion of minable gold in the ground be worth one Thousandth the value of Facebutt, which is made up from thin air?
Like a Zombie dropping off pieces of rotting flesh.
Production is dropping like a lead balloon. Levered Free Cash Flow: -704.28Million.
Dumasses are selling off free cash flow assets to pay down billions in debt on the white elephant Pascua Lama.
Almost all gold production goes to pay debt owed to Bondholders, as the stock price keeps falling. Soon, stockholders will have nothing. Seen this story many times before. Already know the ending.
Something fishy about the last SEC Form 8K filing: Change in Directors or Principal Officers, Submission of Matters to a Vote
Today's downward action on GFI seems excessive.
The other miners did not get hit this hard. I bought
more for the next bounce.
Get in at 12, out at 15 for 25% ROI.
They still have too much debt to be
a good long term investment. KKR
really loaded them down on Debt,
because that's how they do.
JP Morphin and crooked friends are reaching back into their bag of dirty HFT tricks after paying off stoopid Amercan regulators to look the other way. Crooked Banksters made Hundreds of $Billions in the LIBOR scam, and paid a few billion in government fines. The home owners and Savers hurt by this criminal action got nothing.
Granted, it's a big head, but looking at the 2 year chart, the characteristic bearish head and shoulders is well defined, with the next drop of the right shoulder pointing to 95. IMHO, this would be a good entry point, for the long-term investor, especially with the 2% annual dividend at that entry point.
I agree. With zero rate interest and QEx for eight years, everyone put every penny they had into the booming equities markets; pulling it out of the Western P.M. ETFs. Mining stocks suffered as a result, most 5x times the drop in Gold prices. When Gold does recover, which it will, those miners still paying out dividends will benefit the most. AUY pays 3.66% The clowns running Barrick (into the ground) shot themselves in the foot when they cut the dividend to 2 cents to pay off the crooked Banksters holding bonds.
Sell into these far and in-between Gold rally driven pops on the way down to $5/sh.
For every 1 day ABX is up, it down for another four. The chart is still pointing down.
This is a classic dead cat bounce.
Operating Cash Flow: 2.06B
Levered Free Cash Flow: -437.90M
No wonder the value of shares is dropping 50% every year. All the cash flow and more is going toward debt holders (Banksters). Shareholders are getting scrood. Shareholders can wipe their #$%$ with the 2 cent dividend.
This stock is a bloody joke.
It accurately reflects the company it represents.
Goldcorp, Newmont , Rangold, even Auy are all better than this feckless, limpdik stock.
If they sell off their non-core assets, and pay down on the $10 Billion debt burden, they might generate a positive leveraged cash flow for once.