Now its in the ASX 300, the index funds will need to get some if that is their design, and some of the instos will probably pick some up because it is a riser and sell the demotions from the list. It has held up pretty well in the face of the decline in gold price which will create some more opportunities. More buyers/holders will come in and they will have bigger budgets than the little guys a such as HC punters would largely be. A lot of funds are not allowed to buy anything not in the asx top lists. Being in it will improve liquidity for larger holders, which is also a plus.
The gold price has already had a recent double bottom in the ten year chart at about US$1180. It could be a triple bottom is forming and if it is that would be a strong signal upward movement in gold ahead, possibly sharp. Anyone noticed nickel lately? Takeover and consolidation activity about.
MLX Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
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