Iamgold Corporation $ 2.59 unch 37,327,059
HL Hecla Mining Company $ 2.81 unch 33,669,493
AUQ AuRico Gold Inc. $ 3.29 unch 18,128,826
KGC Kinross Gold Corporation $ 2.89 unch 14,755,027
ABX Barrick Gold Corporation $ 10.90 0.07 ▲ 0.65% 13,021,006
AG First Majestic Silver Corp. $ 5.12 unch 11,505,841
AUY Yamana Gold Inc. $ 4.10 0.03 ▼ 0.73% 11,282,844
GFI Gold Fields Limited $ 4.36 unch 9,912,982
GG Goldcorp Inc. $ 18.38 0.10 ▲ 0.55% 9,099,148
AGI Alamos Gold Inc $ 7.45 unch 8,529,657
Thank the stupidity and lack of forward-thinking leadership in this industry that a bid wasn't placed on this issue when we were under $1.50. At least we'd get over 5 in a buyout at this level.
The action doesn't make sense, but one can argue that the shares should be trading much higher than the $2.55 price tag with POG near 1200 and $500 million USD on the way. One big spike to 1250 and IAG soars over 3. I have been adding in pieces from $1.49 all the way to $2.53 and will continue to do so almost weekly as long as we stay under $3. There is no doubt in my mind that IAG will pay off big within the next year to 18 months.
TORONTO • The chairman and co-founder of Iamgold Corp. has sold roughly 40% of his shares in the company this year, according to regulatory filings, continuing a long-term trend in which he steadily unloads his stake.
William Pugliese has dumped 1,475,000 Iamgold shares in 2014 at ever-decreasing prices, the filings show. He has been a heavy seller even though the stock has plunged 27% in 2014 amid weak gold prices. Shares are down a whopping 78% since the start of 2013.
Mr. Pugliese has been selling down his stake for several years. He owned 3.7 million shares as of April 2014, according to a proxy circular Toronto-based Iamgold filed at that time. The 2010 circular listed his holdings at 5.1 million shares, and he held 10.6 million shares as of the 2004 circular.
Iamgold spokesman Bob Tait said Mr. Pugliese’s insider sales are part of his “personal portfolio management.”
“He continues to be very bullish about the long-term price of gold and confident in the future of Iamgold,” Mr. Tait said in an email after speaking with Mr. Pugliese.
The sales could be met with disappointment by investors, who would prefer to see insiders showing a stronger financial commitment to their companies amid very rough market conditions.
Bob Tait, is his recent presentation, mentioned the possibility of the deal closing in December.
We saw a blow-off top at 2.82 on extremely high volume. Instant bagholders were born today. With POG plunging under 1200 once again, $2.82 looks very far away now.
If you want to put people in jail, start with William Pugliese. That slimy POS rat bastrd has been selling IAG all year at any price. He's the one who hired Letschit, who magically still has a job despite completely destroying this company. Then you can haul away the rest of the management team as they have done absolutely nothing to support this stock in years, making it very easy for a sniper to come in here and buy out the entire company very cheaply.
You are correct, I don't know their full intentions, but if they actually blow the entire $500 million on 100k/ounces per year, then this will go down as Cote Part 2 and shareholders will take another bath. I was hoping they were planning a more meaningful acquisition than what Mr. Tait's slide indicated.
Pretty straight-forward stuff. Sounds like Niobec could actually close this month.
Was a bit disheartened to hear that IAG is targeting a miner capable of producing 100k ounces/year with 1 million ounces in reserves. He didn't suggest this would be the minimum they would seek. For $500 million, that level of production seems rather low. I guess it depends on the total price paid, but if they actually spent the entire $500 million to increase production by a little over 10%, the CEO would need to be escorted to prison, and I guarantee the stock price would take a hit.
They better keep looking if the best they can do is 100k ounces/year for $500 million USD.
Smashed through that resistance with ease. With oil dropping and POG rising, it is the best possible for scenario for IAG. Unfortunately, I had another 10k earmarked for IAG that won't clear for another two days. Still view the current price as a steal.
The company is now worth almost $6 in a buyout. That price keeps rising because the mining industry is incredibly stupid and slow to react.
Oil's demise will help shave $50/ounce off IAG's AISC on an annualized basis if it were to stay right here.
You can buy here or wait until the analysts enlighten us to this fact when we are already over 3 and they start issuing strong buys.
Great article on ZeroHedge explaining the long Nikkei/short gold trade that has been going on for two years now.
The inverted charts are uncanny. If the short position is unwound in disorderly fashion, POG may go through the roof.
There's no way the BOD and Letwin make another Cote-type acquisition. They WILL get it right this time and the PPS will probably climb higher than anyone realizes.
If they can scoop up a couple of mines with AISC's ranging from $450-800, this company completely reinvents itself.
That would be a nice acquisition or 50/50 partnership.
7.27 million ounces @ AISC $448/oz. Mine life of 18 years, with production of $504k ounces per year in the first 8 years.
A few other Seeking Alpha articles recently profiled potential targets for IAG. Simply amazing how many low cost projects there are out there, and IAG, once flush with cash, blew its load on Cote.
I would say the way gold has been pounded over the past few years is DEFINITELY fraudulent. Especially in the face of relentless printing, unsustainable debt, and paper gold markets controlling a very tight supply of physical product. The fraudsters were able to bring miners damn near bankruptcy.
The timing of the turnaround today is very suspicious. It's as if an entire consortium of people picked TODAY, the day after Swiss referendum vote failure (which everyone knew was going to happen), to all go balls deep in gold.
It never should have dropped on the failed referendum in the first place. Every one and their toddler knew the proposal would fail. The manipulators, however, were able to take out all the stops all the way down to 1140 thanks to the 24/7 gold bash perpetrated by the fraudsters over the past few months, culminating with the analyst calling it a 6,000 year bubble the other day.
The next bull run in gold is about to begin IMO.
Nibbling is the way to go. I just added another batch of shares at 2.28 today. If we are lower late next week, I'll just keep adding cheap shares to my collection. There is no significant downside to IAG in the upper 1's/low 2's. I've now added close to 25,000 shares at an average of $1.76 since IAG became unmarginable.
Unfortunately, the masses always buy high and sell low. I will be scooping up another batch of shares tomorrow, and honestly, it really doesn't matter whether I get them at 2.20 or 2.40. They are still essentially free at this level.
Once the POG blasts through 1200, IAG will be off to the races again.