I don't think the tsunami of shares has really started yet. MJNA needs to lower the bid or they'll be stuck for a while to come. When they really need a fresh $1M then we'll see real volume and down in the 2s
I may have mistimed this originally in the q3 last year but when JPM downgraded AUY, a $1.60 stock at the time, I told all my FB network to buy in if they believed gold had been kept low and that it was time. They are up very nicely I told them all take the money or don't cry but I don't have to tell them I'm still in....
Oh my, I certainly wouldn't say "nobody."
"“Nobody saw this rally coming and a lot of funds missed it. They are desperate to get in and will be buying on dips,” said Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the In Gold We Trust report."
Re: "Even If Gold Corrects Next Week, The Rally Isn't Finished Say Analysts"
Search the interwebz, news out 3hrs ago.
"Miners struggling to cut costs amid plunging metal prices just got some help from Argentine President Mauricio Macri, as he announced the government has revoked a 5% tax imposed by the previous administration on mining and energy companies."
5% right to AUY bottom line
They are returning to their desks froma long holiday week, to fidn their gold has enhanced their wealth in CNY terms dramatically. They will tell their friends. Their friends will buy more gold. Some big bank will be downgraded, they will buy more gold. All the while Islamic Finance is finalizing their gold currency rules and standards.
Concerned about a Japan devaluation messing with our plans short term over the weekend. Maybe they are realizing it won't work but for a week or two...
Sub-$2 holders that wanted to take their profits did so yesterday, making it even more amazing we are holding up so nicely, even trying to edge out an uptick on the day. If gold jumped $10 right now we would probably hit $2.80
Trading nice this morning against some consolidation in the spot gold market.
It looks as if AUY is looking for any excuse to go higher, a very refreshing change!
Isn't it amazing, we have 3 institutions accumulate over 5% stakes in AUY all the while shares for sub-$2 and sub $2.50 without spiking the price. It is amazing how many are so willing to keep pushing out shares. Almost looks like AUY itself had been diluting but I don't think so.
Not only are the Chinese encouraged to buy gold, after their holiday week they can return to Shanghai for a 17% return on their gold to $CNY. I suspect the Chinese will still be selling Treasuries and buying gold to encourage the transfer of $USD debt to physical gold for some time to come. They are talking 4x worse than USA subprime mess with China banks about to unfold. No one has that kind of money not even the Fed and if they try to print out of it again we will start seeing all this massive capital buildup held at the banks go to work making international acquisitions and that will not stand I promise, it will further weaken perception of the value of the greenback. The $USD will fall side by side with all currencies and gold will not be the only beneficiary.
I don't think this is likely but if we have gold up another $20+ at 9:30 tomorrow morning someone is going to be stuck on a lot of AUY $2.60 commitments, nothing would make me happier than to see it.
Yes and if I am correct, MJNA (or rather their proxy) is refusing to lower the bid which means there is some kind of payment or covenant coming due and their hands are tied unless they release substantial new shares ahead of schedule which could undermine their cash flow. I think most of us longer term followers would have expected MJNA to be diluting around $0.05-$0.07 but their (non-)earnings report was so god awful and I wasn't the only one that made a very big stink about it.
To this point you are correct. once the street gets cozy with $1200+ gold, the upgrades for AUY and the whole sector will start flowing in.
AUY really struggling here. Tomorrow, if gold drops $5, AUY will fall 11% just watch
Someone making a very great risk sitting on the bid so hard
In my experience the stock usually isn't moved by earnings reports, so this is my concern that AUY is so muted relative to gold's (rather significant) price action today...