reversal, page-59

Hi SG

Looking at the selling action over the last few days it looks a lot like margin call selling so i can understand your call re OS instos caught on the falling aud. However some of the selling seems quite odd - relentless lots of 1 2 5 7 10 shares etc - I was beginning to think we might have a algo trade short NCM long the physical in play. The selling yesterday in particular was relentless.

In any event perhaps the selling is soon done with - the share price at these levels is around 9% lower than earlier in the month with gold in usd priced marginally higher yet the aud gold price significantly higher. One would think this has to be an excellent buying opportunity with USD gold set to recapture $1400 probably some time next week...