look out below, page-5

Every single time that gold is absolutely loathed, as it is now, this has been the time to go all in.(must be absolutely hated, though, indifference is not enough) It is important to, in doing this to not just invest in just any company, but into one that can survive and then thrive as market sentiment changes, when it does it will be violent and brutal to the upside, just as it has been to the downside. If you remember nothing else, remember this, any trade that is so heavily stacked in one direction, as gold shorting is at present, cannot continue in this state indefinitely, everyone cannot win, any more than they can on the long side, especially with the extremely leveraged nature of futures contract trading. When it turns, it will turn with a vengeance that will put many to the sword. At $43 and with gold topping out, even if everything at Newcrest had been running perfectly in 2010-2011, which it certainly was not, it was way overvalued, no doubt. Extreme bullishness, completely misplaced then. Now at $12 the question needs to be examined, extreme bearishness, is this completely misplaced? We will see, could go to $11 could go to $10, just makes the longer term better for those purchasers, not enough physical gold being found any more, this company has plenty of that, that is what you are buying when you buy NCM, management may come and it may go, but the gold is going nowhere, and NCM has it in bucketloads. My opinions only. The boil has been pricked with the writedowns and forward looking statements issued yesterday.