Yeah hard to make sense of the trading action. The appearance of...

Yeah hard to make sense of the trading action. The appearance of a decent buyer the last couple of days perhaps persuaded a decent seller to come out of the woodwork and offload today.

Everytime I look at KAS trade it just looks like rotating of shares through the same buyer/seller. Very artificial posturing.

In dollar terms we're still talking chicken feed at $80,000 traded though.

Obvious negative would be Toyota Tsusho slowness in payment of joint venture money. Although their formalisation of the JV with Nittetsu still suggests to me TT will go ahead.

Tax loss selling probably a factor too. Not that this is a negative really, just a short term drag that provides a good buying opporunity if you're that way inclined.

Cash balance is pretty weak and doesn't give Kasbah much negotiating strength. Perhaps share price being preyed upon for this reason. If I were a trading house it's a tactic I would use to secure long term supply of a metal with favourable fundamentals. Transamine just did a deal with DML, a fairly predatory deal. Transamine and various trading houses are on KAS register and have enough shares to manipulate the price pretty easily.

Getting financing is obviously tough at the moment. Papillion commented on this being a reason for their proposed merger with B2Gold. I heard their deposit described as the 'best gold deposit not owned by a major' so the fact that they were struggling to get financing is telling.

Gryphon have potentially attracted $60 Million in finiancing for their gold project in West Africa from Macquarie. They're at 52 week lows pretty much but have a healthy cash balance.

I always tend to think that 'better informed' investors or those with inside access would be selling more than $80,000 worth of shares. If you look at the Nittetsu deal last year (at a massive premium to share price) it came within days of the lows. So no sign of a leaky ship back then.