I'm of mixed emotions in a private placement. When possible I've used them and short sellers to enter or top up. Now is a very good opportinity to enter, at a 17% discount! to the cr, or a good spot for a top up.
Whether or not it will get lower or jump from here, I don't know. What I do know is that I'll be increasing my position, and that I won't catch the bottom. I'd prefer the sp to start going up before buying so as to rest my nerves at the prospect of catching a falling knife.
I think the reasons for the fall are: a) cap raise (use the discount); late August volume drying up (not necessarily here, but in indexes); confusing/mixed Jackson Hole signals; prospects of a 25 bips Fed rasise, raising the dual spectres of "All is Splendid', and "SEE! money is paying interest, Gold isn't!" Yes, almost 0.50%pa; and that most favourite old acorn trotted out by TV talking heads, "profit taking." (Seriously, when is that complete lack of insight not applicable, I file that with, "lack of clouds made the sky blue [or] the stars shine.")
I topped up here about a couple of weeks ago partly from funds gotten by selling other goldies at a profit. I'm satisfied with my now only other goldie (GOR), but am looking hard at more BLK (other money going elsewhere).
To those who sold, Good Luck. To those holding/buying/topping up, even better LUCK!
OV
PS Known catalysts here are strong. Unknown catalysts, eg t/0, well...
PPS In my garbled past post SRK referred to SRK Consulting. RUN from them if you like profit!!
