Interpretting this selling isn't easy I guess as you do not know the motives of the sellers;
- did they need the money? - did they exit due to resistance at 20c - do they fear a sudden correction in the market
I'll tell you something I found interesting, we had 122k shares traded only in the first hour. It showed me that a move down or up could easily be manufactured, more so down. Once some heavy dumping occurred some more soon followed.
It's no great concern to me. Firstly it's only 2.8m shares traded and the sell side doesn't look too heavy up to 19c.
This is what it's about when you're planning to hold long term, you will get those nice days when everyone is backslapping each other and you get your sell off's.
I believe gold hasn't reached it's peak yet IMO and I also believe that MYG will find a lot more gold on their lease IMO.
I have made MYG my no.1 gold play. I'm not suggesting anyone else should, it's just the way I have gone.
Everyone must have their own exit strategy. I don't want to paint a rosey picture and it doesn't end up being there. In times like this I would offer this advice, go back an re-read the announcements and then remind yourself why you bought in the first place.
MYG Price at posting:
15.7¢ Sentiment: LT Buy Disclosure: Held
