It feels more the the "Flash Mob Looting" craze that is taking over the US.
I would almost prefer we got bought out because it is almost too painful to watch.
And whilst $1.4b market cap for an EBITDA of $400m is almost unbelievable, at the same time I am not brave enough to say a bottom is in - or even near.
It is just $0.05c to be in the $1.70's and then another $0.10c to be in the $1.60's.
As ridiculous as it sounds, with the shorts increasing, we may just see it, especially if the POG continues to get pummelled.
The unfortunate thing is the (quite honest) latest update was pretty clear in stating that this quarter is not going to mark the turn around in fortunes we had hoped for, and were somewhat expecting.
What things are in our favour?
- Gold is still at $2500 AUD
- Fuel price is falling
- We are still making money and should make at least $450m this year despite these tough times
- We have fallen more than many other goldies on the ASX in the last 3 months, so value hunters may come looking (despite knowing not catch a falling knife)
Here is a chart so it looks like I know what I am talking about (but to also try and prove I am not entirely lying)
Anyways, I am just going to look at my other stocks and hope they go up as much as this has gone down. If that happens, I will sleep a little better.
(20min delay)