Hard to understand why our gold stocks are down this much today considering we sold off on Friday ahead of the US jobs report to be down by around 3% on most producers.
The jobs report came out and the HUI dropped by a similar amount but closed well off intraday day lows. That should have been a green light for ours to rise today (especially with ours having the buffer of the AUD dropping to reduce earnings impact) but instead they are off by more than they were on Friday. I can’t say I will be surprised to see a strong bounce tomorrow, but anything can happen with this sort of volatility. Of course the AUD weakness, while good for earnings may be the culprit for todays falls with overseas instos maybe still selling to avoid further losses on potentially falling AUD.
Difficult to understand that rational either though. Why sell at a 10% lower price in 1 day because of a potential for a 10% currency move over the next few months?
Strange and irrational behaviour.
I think ABU is unlikely to be experiencing that type of overseas (AUD related) insto selling but is getting caught up in the crossfire.
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Hard to understand why our gold stocks are down this much today...
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