In some ways this is the worst market in decades. During the depths of the GFC there were justifiable fears that the whole banking system could break down, and therefore it was understandable that shares were like poisoned chalices. However, now, whatever the woes of Europe, does anyone truly believe as they did 3-4 years ago? Surely not! It seems to me more a case of extreme nervousness, in part unwarranted, that is preventing sustained rises in stocks like AMX. In such a mindset it's hardly surprising recent buyers decided to take good percentage gains after the run-up to 56c. I wish I'd sold then, too, and bought back in again today. It looks as if only a band aid fix for Europe that pushes world markets higher and a run of good announcements from the company will take this one back to the dollar again (barring a take-over bid of course). All I know is that compared to smaller gold explorers with little or no proven resource at this stage AMX looks very cheap.
AMX Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
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