I believe we had an excellent day as RAU held onto the huge gains of the week and add an extra cent to yesterday's closing. We had no news yet. The volume was very high (69+ mi, and 15.5 mi for RAUO).
I think the big buyers held back a bit so that speculators could position themselves (sellers cashed in their profits, buyers took new positions).
The disappointing aspect are the rumours and ramping on the forum. Maybe if serious subscribers would refrain to comment on ramping and uncontrolled rumours, the people posting such useless information would get no joy from being disregarded by the majority.
Since RAU's headquarters are at Mareeba, it is clear that in the Cairns area romours probably are common. Cairns is not a mining center, so the sudden rise of RAU can be big news.
Overall the market headed into a record high, so money is still flowing into stocks. RAU performed in line with the market. Commodities are still very strong and underpin the mining sector.
We need to wait if there is a RAU notice of change in substantial holding (a party acquiring 5% or more of the issued capital) to see if there is a new buyer. I believe this also applies if one single party traders under different holding companies.
The final depth of the market shows that buyers outnumbers sellers 2 to 1. This shows solid support for the stock. The options still trade at about 1 c discount to the ordinary shares.
Today was less exciting than yesterday on the free ASX entertainment arena. Let's see how RAU will close the week.
BIG Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
