A big step toward peace in the southern Philippines with a peace deal finally formally signed after 17 years.
As far as I could find out (and according to management), the situation before this peace deal never affected MML.
However I'm sure it was always seen as a risk that must have had some discount applied to MML's sp for political risk.
This peace deal was 17 years in the making so hopefully some of that discount comes off MML's sp immediately.
“The Moro Islamic Liberation Front rebel group in the Philippines has signed a peace deal with the government that brings an end to one of Asia's longest and deadliest conflicts. President Benigno Aquino and rebel leaders attended the signing ceremony at the presidential palace in Manila. Thousands of people have been killed over four decades of separatist fighting in the south of the country. Talks on the deal began in 2001 and a ceasefire has been in place since 1997.”
http://www.bbc.com/news/world-asia-26766215
Also good to see that despite POG moving lower again, the HUI, GDX and GDXJ all gained last night. The GDXJ which MML is in, was up 3.5%. The gold stocks have either been oversold or are taking the lead in anticipation of gold reversing course very soon. I suspect the latter. MML with its very low costs and therefore lower leverage to gold would certainly fit into the category of being oversold at spot gold.
For most of Jan MML averaged in the 2.20’s while POG was still near its lows at $1240 and still too close to the $1180 low for anyone to be confident a double bottom had formed there. Gold was also still well below what was considered by many to be strong resistance around $1270. Now gold is at $1290 and MML is below $2 despite a STRONG ramp up in production through to Feb/Mch. Now with all gold indexes up last night despite the lower POG last night, we have our first significant sign that we may be close to a turning point after a strong correction.
I'm assuming a lower open thanks to lower POG but any strong early sell-off might be good buying.
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