I’m still around. Travelling in two weeks but just got sick of all the c/r/a/p/ being posted about me influencing the share price of AGM. I certainly didn’t help matters because I responded to the baiting and attacks on me. I should have ignored them but my flaw is I respond with attack rather than just saying nothing.
AGM fell from $1.18 to $0.68 because the spot nickel price fell over. Simple as that. All I did was call nickel a SELL and AGM a SELL. OK, it seemed like a sustained attack on AGM but was it really? It was a sustained attack on the people that were attacking me for having a negative view on AGM in the SHORT TERM. I never bagged the company until the delay announcement and I stand by that. I am still fairly sure they were well aware that a delay was on the cards even when they were telling the market in May that everything was on track. Then a company rep told me on the phone that the only reason there would be a delay would be bad weather. Two days later, they announce to the market there is a delay because they are finding personnel hard to get.
Regardless of the delay and whether the company knew well before they told the market, AGM is a very solid story and I am still bullish on them long term. I haven’t bought back yet because I am concerned about two things:
1. The overall market looks due for a small correction. Maybe 5% - 8%.
2. The LME stocks of nickel are growing rapidly. Currently at 11,346 tonnes and an increase of 396 tonnes on Friday. Nickel has bounced off $15 lb after crashing from $24 lb. It is a natural reaction for a stock or commodity to have a bounce after a huge sell-off. If LME stocks continue to rise, the traders will sell nickel again. My feeling is possibly down to $12 lb. But hey, I might be wrong. Been wrong many times before. This is only my opinion.
I accept that demand for nickel will be here for a long time. Hey fellas, that’s why I like AGM as a stock to put in the bottom drawer. I just want to buy it again as cheaply as possible. If I have missed the bottom at 68c, so be it. If I have to pay higher, then so be it. I do play with relatively big stakes so every cent matters in the long run. I am like the rest of you who think it will trade at $1.50 (1 billion market cap) or higher eventually. I have already made a lot of money on AGM and I am looking for a second bite at the cherry.
I was probably fortunate to have timed my exit at over $1.10 but at the time, I thought it was no-brainer for a sell-off with nickel at $50,000+ a tonne. That price is just not sustainable and AGM were still a fair way from actually benefiting from the high spot price. I came on HC at that time and was truly amazed that people like ghosta were talking $65,000 a tonne. So I initially posted some alternate, negative views on AGM and nickel and got blasted from pillar to post. It escalated from there and as I say I was at fault too. I got caught up in it all. I saw the likes of ghosta and others as fools. Perhaps they were genuine in their exuberance for AGM even at $1.10+ but I then thought they were just rampers so I attacked them back. I have a low tolerance for fools and an even lower tolerance for rampers. I never downramped AGM. Never. Did I ever post lies about AGM? Did I ever post mischievous information about AGM? NO!!!
I simply called AGM overbought at $1.09, still overbought at $1.00, still overbought at $0.90. I posted that it could go below 80c. These were all opinions that happened to come true. If that upset some, I am sorry but I know it must hurt to watch your stock value plummet especially when some smart ar$$ comes on a forum and tells you that you should have sold when the price was near its peak and then watch it all unfold exactly how the smart ar$$ predicted.
I have never worked for Baillieu and never will. I don’t need to. The inference by dwecke that Baillieu are responsible for the AGM sell down is just so wrong and wide of the mark. The sell down was because there were more sellers than buyers because nickel lost its gloss. Nothing more, nothing less.
To infer that a certain broker was responsible is laughable and to infer that broker paid me to do it is scandalous.
I remind you I am not an enemy of AGM or any of you guys and gals. I had a differing bearish view, that’s all. If I overstepped the mark and came across as an arrogant so and so, I sincerely apologize because those that know me in the real world would attest to the fact I am quite the opposite - very placid and laid back.
Sometimes the written word can be misinterpreted. If I have misinterpreted things that have been said about me, all I can say is I’m sorry and in future, I will try and bite my tongue so to speak and say nothing in response to someone rather than attack them with arrogant put downs.
In the meantime, good luck if you hold AGM. I am sure it will trade much much higher eventually. I’ll be back in there when I think the time is right (even if it’s at a higher price than 80c).
I bought some ADI during the past couple of weeks. I think it’s got massive potential but that’s another story.
I’m still around. Travelling in two weeks but just got sick of...
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