I agree with you lunchalot
The rising price of gold (despite the appreciation of the $A) would have made it viable in time. It has a high cost operation but actually has gold reserves/resources.
Unfortunately PSV turned out to have really poor management. Hedging killed it. I should have sold for a loss at 30 cents having watched it retreat from over 40 cents.
However, I sold at about 16 cents to buy other shares and am just a bystander. Lost $10,000 on LVR/PSV. I lost a similar amount with BDG. I now take a very hard line with my gold plays, perform or get out. Never compromise. Hence I sold out of VRE at 40 cents when it started drifting down, having held since 18 cents. Also sold out of DIO, with a profit.
PSV's management should have seen it coming and either dehedged of encouraged a takeover when its share price was much higher.
Not sure if there is an acceptable way out for PSV holders. Is it worthwhile buying into the Canadian mob?
For me its been a lesson.
I hope you can overcome this setback and good luck in your other investments.
loki
PSV
perseverance corporation limited
