IKN Nerve Centre has been giggling and guffawing all morning about the New Gold (NGD) news; yet another cost overrun and now Randall Oliphant’s head has finally rolled. Quite right too after this serial disaster and don’t say IKN didn’t try to tell you so either, this humble corner of cyberspace has been telling you the bleedin’ obvious about this stock for literally years. And on the subject of mirth and crow pie, we’ve also seen a raft of downgrades from the sellside brokewhoreages, all trying to paper over the way they’ve been pumping this dog of dogs to their hapless clientele for years. I’ve seen downgrades from Canaccord, Credit Suisse and Desjardins already, you probably know of more.
However, as IKN spends too much of its time spanking the collective bottoms of the stuffed suit anal ysts in sellside, it’s only fair that we lavish praise when one of their ilk has the balls to do the right thing at the right time. WAY WAAAAAAY before the herd cottoned on, Josh Wolfson of Dundee Capital had the smart eye, the common sense and the guts not just to “downgrade to hold” on NGD but to call outright sell on the stock. Here’s the screenshot from his May 25th 2016 report as proof:
So well done Wolfson, kudos deserved for making the right call at a tough time and also sticking with it. A lot of your peers are looking decidedly dumbass this morning, you should bask in glory.