jinxedin - I do wonder if there's someone building up a holding...

jinxedin - I do wonder if there's someone building up a holding but if that's the case, they're doing it very subtly. As things stand at the moment though, someone could build up a holding to about 165m shares without having to disclose their interest. Once shares are issued under the pending SPP and Tranch 2 of the capital raising, the 5% threshold (requiring a Substantial Shareholder Notice) will rise to about 177m.

I've noticed over time that on some days where Aussie gold shares do well, RED quite often "underperforms" the sector and that on some days where gold shares are under pressure, RED seems sometimes to do OK. I don't think this observation is entirely my own self-delusion. I've seen quite a few postings on Hotcopper where posters seem exasperated that RED's share-price seems to do nothing on days when shares in other companies in the gold sector are doing quite well.

One explanation of this could be that someone amassing a holding seeks to buy RED shares (cheaply) on days when the sector is out of favour (thereby supporting the price a bit that day) but holds off buying on days when gold shares are generally in demand.

Although, to be fair, if an active trader took a view that RED's share-price is undervalued, buying up RED shares on days when gold is out of favour and selling them if they can get a 0.5/1c per share profit soon after, could also explain the above perceived trading patterns.

I would emphasize the above comment "if the trader takes the view RED's share-price is undervalued". If you took a view that RED shares had further to fall, and not much prospect of rising again, the above trading strategy would be high risk and smart traders would be steering well clear of the stock.