Acorn Capital, which has a holding in AMX, just done several $million on PLA. So I would not read too much into the fact that some fund has a major holding in a goldie. No doubt fundies also had plenty invested in AXM and a multitude of goldies that have been tanking since April 2011.
We need to do our own research and thinking rather than assume things are going to turn out fine just because some fund holds shares. For example Sprott Asset Management has not been doing well for a long time.
The latest gruntting from the Eurozone sounds promising but it is unclear to me what it really means - that was a really vague statement. The US reporting season gets going next week and I am expecting it to show signs that all is not crash hot with earnings. China needs more stimulus as does Europe. Therefore I do not expect the sharemarket to do a lot, other than a short term rally. However, perhaps it will not fall as much as it might have.
AMX needs two things - a new higher grade oxide deposit and and a PFS showing that what they have would not be too costly to develop a 150-200k ounce pa operation. Either of those would give the share price a boost, and if they can get both then AMX could be back around $1.40.
In the meantime, unless one knows how to trade this market and AMX, it seems best to sit on the sidelines and watch the bravehearts have their fun trading AMX.
loki
AMX Price at posting:
51.5¢ Sentiment: None Disclosure: Not Held
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