Yes, high volume is the key. The interest is there, the wider gold market is going nuts on the ASX. My watch list of goldies has most stocks at 5% + gains today. HRZ around about that but coming off some excessive selling in recent weeks you would have expected a bit above that average today IMO. At one stage it was looking like a 10% + gain day but unfortunately some late arvo selling killed off that momentum. Still a few traders taking some off the table or maybe even the last of the x POS. Who knows exactly who keeps selling? but they are definitely still hovering around.
The positive is that with every additional high-volume day, we are closer to them getting churned through for good. The games will be over soon, and the real gains and re rates 10c + will then arrive IMO. Also, do not forget in the past 3 weeks we have had no price sensitive gold related operational/production newsflow. 26th February was the last one of substance with the PF gold pour. This type of gold news is exactly what provides the confidence and gets investors arriving in mass. We are well overdue for news! I would say we are due for 1 update each from Phillips and Boorara and 1 update regarding the latest from the mill refurbishment plans. Also, 1 announcement soon in relation to regional drilling or resource extension drilling at Cannon, Nimbus, Burbanks, BS or one of the other mine plans in the works.
We are sitting low in the 6c range and impatient holders are likely not happy after the past 3-4 weeks of little updates, the x POS selling and the early stages of the market crash in which nobody was immune including us. Right now, seems to be the calm before the storm before the serious gold newsflow arrives and just prior to a genuine re rate well into the teens for HRZ Imo.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)