Great comments all around guys. Personally I don't think playing the waiting game until the market picks up would be a good thing for 2 reasons. The first is that the more we wait and continue drilling, the further capital will be needed, hence more share dilution. The second point is that the longer we wait at the current stage in the company, the more chance that IGR will be taken out at a lower SP.
The other thing which concerns me at present is that everyone is talking about the certainty of a higher gold price. Just wish it was so. In my line of work I am often in Asia and the Middle East. Let me say that gold sellers in Asian countries and in Middle Eastern countries are all complaining of lacklustre business. That is...less people are buying, and in fact in India people are beginning to sell their gold jewellery to gold merchants because it is worthwhile at current prices, esp during the global crisis. In the UAE and in Saudi Arabia, Gold souks (markets) are beginning to band together to collaboratively reduce gold prices to protect their businesses. Again sellers are complaining that the business of selling physical gold in the form of jewellery, ingots and such is really bad because of the cost, the global crisis and the lower price of oil. Yes believe it or not...the lower price of oil is affecting Arabs and their purchasing power. In the UAE Abu Dhabi is pretty much the only area unaffected by the lower oil prices, but the sheiks there have been so busy bailing out a Dubai that is on the verge of bankruptcy that even Arabs in Abu Dhabi are beginning to wish the prices of everything including gold drops big time.
My question is if the gold cartel can suppress gold, then what can an oil cartel do to the price of gold to keep its citizens happy? Believe me...arabs love gold, and if they are complaining about prices, then something is amiss.
mm
IGR Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
