Some companies in my little universe are selling all their holdings in small explorers (which they should probably never have held anyway) to raise working capital, instead of issuing more of their own shares at a knocked down share price to raise fresh capital. But it is already too late for these companies to sell their penny dreadful trash, and anyway those stocks are mostly too illiquid to exit. And so they are selling their holdings in the larger, better quality companies, those that have solid exploration assets and JORC gold resources, in particular those that have a lot of shares on issue and therefore a very liquid market. No conspiracy theory is necessary. They are simply exercising practical common sense and doing what they have to under the circumstances.
As for getting out of a stock that you believe in, buying into something else for a quick twist, and then buying back I to the one you really believed in and would otherwise have wanted to stay in, that has always been an utter failure for me. Get out of something you believe in, buy into something else, do half your dough, and then buy back half of what you originally had at a higher price. Disaster. But maybe others are cleverer than me.
On another topic though, how intriguing to see the Paterson JV Antipa/IGO gold-mineralised 'Ricochet' target extending and expanding north across the JV boundary into the Antipa/Rio Calibre Joint Venture. I wonder what Rio are doing on their side of the fence? It would be very interesting to have them working up two potential new discoveries at the same time: Rimfire and Ricochet.
AZY Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
(20min delay)