In the first half of 2009 I bought 39,000 AMX shares for 28 cents because Of what some hotcopper person, who seemed to have some inside knowledge into the company, posted. I was really sceptical about the west African goldies back then and wary of losing more money after being down $130,000 from the GFC. So out of fear I sold them very shortly after for 32 cents as I did not want to lose any money and the share price had previously fallen back below my entry price briefly.
Over the subsequent 2 years I watched AMX reach $3.00 and sometimes thought about what I had missed out. I am sure lots of others have the same experience. AMX also inspired me to buy into other west African gold explorers (WAF, PIR, MDI, CDT, MET, BSR), most of which did well for me overall.
It is amazing to think that after all the work AMX has done and the 3.1 million ounces of gold proved up that its share price has fallen back to 42 cents.
With the way the markets and global economic conditions are heading I am not game to buy into AMX just now, but perhaps later on when the market look like bottoming and if AMX is still very cheap.
The AMX four year chart sends a chilling message to all of us buy and hold people.
loki
AMX Price at posting:
43.5¢ Sentiment: None Disclosure: Not Held
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