Well, it looks like one of the main determinants for gold miners, the POG, remains relatively positive. So far the pullback has been technically reassuring, with the retracement oscillating around the 23.6% .... a breech of the 50% retracement level (US$2200) would be a different matter.
Note: the A$POG has retraced more, because of the relative strengthening of the A$ vs US$.
The "drill results" should not be surprising - this mega ore body is expected to reveal many more .... hence the confidence in a very long LOM.
The loose talk about renegotiation of the merger by both RED & SLR fanboys in favour of better more "equitable deal" is fatuous - both BOD's have agreed after many months of negotiations to the deal, and although theoretically SLR SH's can abort, RED can't unless a better offer magically appears.
This seems highly unlikely at this point as not one credible whisper about GMD has surfaced - GMD is the only alternate deal that makes sense.
The UBS switch to SLR from RED ensures that the YES vote will succeed, and UBS will become a new RED SH's after merger complete.
So, settle back and hope the market remains intact, along with the POG, so Big RED can emerge in calm seas, as .... REDLake ? REDGiant ? REDhead?
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Well, it looks like one of the main determinants for gold...
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Open | High | Low | Value | Volume |
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---|---|---|
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Price($) | Vol. | No. |
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82 | 2652664 | 0.370 |
45 | 1298178 | 0.365 |
36 | 1053553 | 0.360 |
30 | 465566 | 0.355 |
39 | 1965611 | 0.350 |
Price($) | Vol. | No. |
---|---|---|
0.375 | 2052419 | 61 |
0.380 | 1595925 | 39 |
0.385 | 927143 | 15 |
0.390 | 3055112 | 15 |
0.395 | 1169307 | 19 |
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