I am now beginning to think this last washout might signal the end of NCM being used as a hedge against gold long plays.
Why has ncm not seen the rises along gold? Because it was the hedge fundies used to minimize risk.
Why was it used as a hedge? Because it is so stable and predictable.
What happens now longs have been flushed!
Less profitable to use as a hedge.
Result? Natural market price appreciation in proportion to gold price and earnings.
Hedges will be back in force after it meaningfully rallies from these lows.
But... Looks like a great ramp position to crack new highs from here as gold will not get below $1400 and operations have stream lined.
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