The only reason we are down at these levels is fears of the metal boom being over with a tanking DOW. Your "brilliant" TA skills did not pick this up. You were a lucky gambler.
Base metals are tanking, which is putting concerns on the Chinese demand for iron ore in the short to medium term. Just take a look at MGX, FMG for pure plays. BHP and RIO - totally smashed, and OZL is a pure base metals, OUCH!!!
You must consider GBG's cash backing and the "need" for Karara to come online for a significant steelmaker, Ansteel. 90cents is a steal, I don't see your original 54 cent target ever happening. Its not to long to October, and we will have about $400m in cash, our 1.2 billion CDB loan, and $160m odd loan from Ansteel. Hopefully the market has calmed, and we are over the worst of it by then. You can find bargains in every type of market climate, IMO GBG is one.
GBG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
