Fundamentalists must be sleeping because a company like IGR who is profitably producing has failed to track the POG in $AUD.
For example 4 months ago (12th April 2011) the price of gold in AUD was $1483/oz (Share price then 52 cents). This morning gold is $1784/oz with IGR share price of 49.5 cents!.
Now let us factor-in this windfall into IGR's share price looking forward based on 12th April prices.
Production for comming year say 100,000 ozs. Extra profit: 100,000 ozs x $300 AUD extra profit = $30 mil AUD Now divide this by 842 mil(no of sahres) That's 3.7 cents/share or mutiplied by a conservative forward multiple of 12 gives us 44.4 cents/share extra value or:- 96.4 cents/share price based on 12th April's values.
I'll say it again, folks, Fundamentalists are Asleep!
Cheers Moorookamick
IGR Price at posting:
47.5¢ Sentiment: LT Buy Disclosure: Held