SG, The way I see it they are playing games...."business as usual" so to speak.
They should preserve their cash not spending it on exploration and cut cost even more like take a huge pay cut.
It is ok to have more bank facility but to start drawing and take more debt when they are earning less...how the hell are they planning to sevice the debt??
Gold can go much much lower....no one knows.
What happens if just if gold goes to 1000 ?? certainly possible and it is possible for gold to rebound back to 1400 I personally believe that gold has more chance of going lower first.
We have not seen big funds increased and have become major share holder on NCM and that is telling me they are waiting themselves or still see 7 buck as too expensive.
Untill these fundamental and sentiment change and big funds start buying big time NCM will have difficulties having meaningful rally.
I like to see 7.25 broken to the upside strongly before looking into long position and today they have failed again
New low is not inplace either so the bull today won.
Next week will be a different story and if the job number is too strong gold will be under 1200 next week.
Cheers,
NCM Price at posting:
$7.26 Sentiment: None Disclosure: Held
