I predicted a bit of a run for GBG last week and it was looking good after a runup on Tue (announcement) and Wed before falling back again towards the end of the week.
The other MW IO stocks and ofcourse FMG have made stunning recoveries since the 22nd Jan. None more so than MMX - from a low of 2.14 on Jan 23 to a high of 4.50 on Feb 14.
Unlike the other MW miners though, the charts show a different picture for GBG which for some reason seems to be tracking the All Ords very closely, and almost on a daily basis.
While it may not be clear which funds are playing around with the stock, it appears to me that there is sufficient fund activity to make GBG track the Ords. I've even noted GBG tracking the Ords during the trading day and I don't remember seeing that 6 months ago.
This could have a temporary negative effect for GBG retail holders, ie., any good news released by GBG could be short lived if the Ords are not heading strongly in the same direction.
Make your own observations first, but you may be able to use it to your advantage if you are capable or have a strong stomach. Good luck all and may we see some sunshine soon.
GBG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
