I am loathe to mention this...but perhaps, someone can help me to understand something curious.
I have been around for a while and yet, I have never really seen the sell side loaded, daily, with the same consistency. I am referring to the large sell transactions which are loaded each morning just before the market opens and removed each afternoon just before the market closes.
They are placed completely out of reach and therefore, do not appear to be genuine. For example, the seller of 240,000 @ 98c and another large seller at 1.05. There may be others. There has cetainly been some unusally selling over the past couple of weeks, When, for example, the seller would not the price down significantly by selling a large order into the buyside and not waiting to see if buyers would step in to take the shares at a higher price.
Why place them and remove them each day? What might the behaviour portend? All this in contrast to the UK (LSE) market which reacted to the gold pour in a more predictable fashion (see story below)...
Reuters News Story STOCKS NEWS UK-Allied soars on first gold production
12:04GMT 13Feb2008-Allied soars on first gold production
Shares in Australian miner Allied Gold are up nearly 16 percent as the firm announces first gold production at its Simberi project in Papua New Guinea, expected to produce around 84,000 oz a year.
"This is a very positive statement," an analyst says, while Allied Gold Executive Chairman Mark Caruso adds that it is a "momentous occasion for the company and its shareholders".
ALD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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