In the March 2011 quarter with gold at $A1383 the cash margin was $886 an ounce of gold.
In the March 2012 quarter with gold at $A1587 the cash margin was $978 an ounce of gold.
The NCM share price closed at $39.82 on 31/3/2011.
But today, with increasing profits, the NCM share price is around $26.40.
This is a market that has gone stupid - there is a complete disconnect with reality. It's like the price of whaeat farms crashing while the farmers are selling their wheat at record prices. A complete disconnect with reality.
Not saying NCM won't go lower in the current irrational imo market trading of NCM shares, but around these prices NCM has to be outstanding buying imo.
NCM Price at posting:
$26.43 Sentiment: Hold Disclosure: Held
