upgraded jorc, page-4

I think the SP reflects the dynamics associated with the consistent seller who has been sitting off the screen for a few weeks now. Anyone who pops their head up on the bid gets it chopped off. This is really capping momentum. If the depth was allowed to build and run it would be up around 25c by now. I don’t think this seller's motives are due to disappointment, rather liquidity. No one in their right mind would be dumping this stock on fundamentals, particularly with Rainy River RC drilling commencing this month. The EV/Oz ratio was stupidly small before this upgrade. It is now 40% smaller. It is likely that contractor shares are being liquidated following release from escrow recently. Contractors are not following the fundamentals, they just want to get paid. I can tell you one investor that is not selling and that is Sun Valley Gold.

Marxist