There was a big drop in MGV SP last week when the POG dropped significantly. There was a decent drop in MGV yesterday and now there has been a fall in POG overnight. So yes, I do think our price has been correlated with the price of gold. I do think gold will continue to rise over the next few months, and therefor so will our share price. We have some of the highest grades and are a good prospect to become a tier 1 producer, so it completely makes sense that a percentage of our share price should be attributed to the price of gold.
Our 60c support was broken yesterday so I think we will go down further before we go back up again, unfortunately.
Our SP went up without much of a blip since March, but so did gold...
I’m in no way saying that the only way is down from here, because big things are to come. But if you understand what correlation means, there clearly is a correlation between our SP and the POG.
MGV Price at posting:
58.5¢ Sentiment: Buy Disclosure: Held
