Say lots of good posts(Noiprocs,Nugett49 and Dratoz to name a few)and look forward to next week if what you say is correct about management's excitement over the drill results.I guess if they were just good then they should have released them on Thursday but time will tell.
I subscribe to a newsletter called The Mining Speculator by Greg McCoach a well renown gold bull in the States.It explains in part why POG had such a big sell off.
Mining Speculator Hotline
Hotline
"This is Greg McCoach with a Mining Speculator Hotline for Friday, March 21, 2008.
Events this past week have prompted me to send out this communication regarding the sudden collapse of the precious metals prices.
Here is what is happening.
The demise of Bear Sterns, which was reported to the public Sunday evening and Monday, has in turn caused their assets to be sold off in masse this week.
On their book of liquid assets was a rather large, long gold position. It is being sold off in order to raise cash to offset their massive losses. The spot prices have been hammered because of this activity. It will be short-term in nature. If you're looking to buy physical precious metals to diversify your portfolio at this point, you are being given an unexpected gift to do so. It won't last long.
Another item in Bear Sterns closet was a massive short-position in the ten year treasury. This off course is being unwound this week, which is making the dollar looking a bit stronger than it really is. Don't be confused by this nonsense. The dollar will soon resume its downward trend.
The fact that Bear Sterns was shorting the dollar to such a degree shows that they were not playing along with the game of the establishment Federal Reserve banking crowd. They have been severely punished by the powers that be.
What brought Bear Sterns to their knees was their own riverboat gambling mentality that not only jeopardized them, but the financial system as a whole. This kind of story is just the beginning of what will be a long list of companies that meet a similar fate. Will the Fed and the citizens of the United States be able to bail out all the financial sewage that is about to be uncovered?"
Bernanke's bandaid policies are not going to stop inflation breaking out just delay it somewhat.Commodities have had an unbelieveable run over the last 6 months or so pushed up by the collaspe in the USD.The bubble had to burst but this isn't the end in my book.The systemic problems with the US economy are not going to go away overnight and will probably take 1-2yrs to work its way out of the system.After some consolidation(how long I have no idea) they should continue to rise as I expect the POG.
Anyway even though POG has dropped so has the AUD,so POG in AUD is still about $1015.Who knows if the AUD remains range bound while POG moves up then it will really be SP positive for IGR.
Lets hope this coming announcement is a 'golden egg' as it may prompt some of these institutions that CC has been presenting to,to jump on board.Could be a big move coming up particularly if the markets have a decent rally over the next few weeks.
Cheers and enjoy the rest of the long weekend.
Tigerpen8
IGR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
