Good morning Beardy, please read my post above. My opinion is that this company is an investment bankers wet dream (i.e fantastic opportunity). For traders and shorts it's been awesome, I have continually advocated against being long, in this present environment, in this stock. I certainly don't believe it's worthless, as it will soon be repacked and sent out again; BLY3 lives again.
I do not know why BG keep buying in, just like when the Directors did. That does not impact in my opinion as our pool has continually held our belief to bet against it; at the moment it's been very successful. My information based strategy is based upon being in the mining and exploration industry all my adult life.
Here's one of my posts, the last two sentencess being applicable - Post #: 9325306 Price at time of posting: 94.2c*
"MakinMoney, “When every single friggin miner is nicely up and this one is down, not only down but slaughtered, you know something is seriously wrong here”. But isn’t that easily explained on Page 1 of BLY Annual Report. BLY has a hefty 44% exposure to the gold sector. This same sector, which is possibly entering into a Bear market? We’ve seen gold operations close at Bronzewing, Tanami, and Musgrave etc. (plus others that are teetering). Only, 9% revenues come from iron. The fall in the gold price may not affect output but it will lead to a fall in exploration expenditure. Greenfield (30%) and Brownfield’s (24%) account for 54% of BLY total drilling revenue.
Quoting from the “Gold & Minerals Gazette”, Gold Watcher, Dr Sandra Close predicts a return to hedging and a scaling back of exploration programs.
This stock operates within a lag. Don’t look at a mining stock and say they went up so should BLY, they can’t be that easily tied. Look at the amount of money being raised on the ASX/TSX and spent on projects……
I do not want to come across as a downramper, just a voice of caution. BOTS and big wealth funds be dammed, fundamentally the environment has not changed significantly to alter anything over the last 4 months, sticking any money into this stock before the next financial update is a risk. Don’t think that some financial guy sitting behind a desk, that’s getting a handling fee for investing in BLY, actually knows something. The GFC should have taught all that."
BLY Price at posting:
27.5¢ Sentiment: Sell Disclosure: Not Held
