how low can gry go?

1. The market is not interested in GRY's cash, as it knows this cash is not even 30% of what is needed to get its mine up and running.

2. At current gold prices, after all in costs, GRY's project looks pretty marginal to me.

3. Bank finance via fixed price hedging locking in today's smashed gold prices would be a disaster imo.

4. Trying to raise funds via placing shares at these depressed prices will be terrible for the share price imo.

5. So in this catch 22 scenario there is no reason why GRY, which is in a clear downtrend, can't keep falling in price imo.

6. Could we even see a share price below 10 cents?

7. This will be determined by the gold price and market sentiment.