I actually got blasted last time for downramping when I pointed out before the auction that MUS was a high risk company and suggested people didn't invest more than they could afford to lose!
I have never been an up- or downramper. I was (and continue to be) very positive on the ground MUS owns and think it is massively undervalued by the market. I have continued to hold through all the ups and downs because of this in spite of all the dubious management decisions and activities. It continues to frustrate me when I see the same poor decisions being made (like not communicating fully with the shareholders).
Of the rubies/sapphires that were taken to auction only a very small percentage sold. The average price realised across all rubies/sapphires put up for auction was only US$1.23. The average that was sold was US$24/ct and the best realised US$1600/ct.
If we want to be positive about the last auction it is the fact that MUS had some stones that achieved US$1600/ct. This proves that MUS's ground is capable of yielding high quality rubies which is something the many haters continue to deny. The ground has the potential to be as good as Gemfields, MUS just needs to find the good stones. This could be the time.
MUS Price at posting:
3.3¢ Sentiment: None Disclosure: Held
