"... but this stock is trading at 2003 levels when gold was $300." "The question is the bearishness excessive now."
I'm no expert but it seems that during the recent run up of the POG most of the miners got $ signs in their eyes and started up high cost operations assuming gold would stay high forever. Now they're having to unwind some of that which will take some time and pain.
In some respects you can't blame them. Investors would have placed big pressure on management to cash in while the oportunity was there.
"The question is the bearishness excessive now."
Their balance sheets will answer that one. Is it even worth trying to guess the bottom when there are risks of capital raising or worse? IMO so far the market is saying no.
NCM Price at posting:
$8.26 Sentiment: None Disclosure: Not Held
