IKN

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The Rush vs GORO quiz

Which of the following would you prefer to be holding at the bell tomorrow morning?
1) Shares in Gold Resource Corp (GORO).
2) Rush Limbaugh’s penis.
The GORO 2q12 production numbers are here, with the surprising* news that the company hasn’t started to process the high-grading mineral that it said it would start bringing to the surface around….oooh, around this time last year in fact. This is a company that has “gold” in its corporate title but generates less than 30% of its revenues from said metal. No 43-101, a massive NSR it pays to straight one of its directors, serious pumping from the tinfoilhat rah-rah brigade, we could continue. In fact, kinda surprising it’s taken this long.
GORO guided for 2012 at 120k to 140k AuEq (hah…love that “Eq”). It has produced 45k AuEq in the first six months of the year. It has a market cap of one point three three billion dollars. Do some math.

*not

Disclosure: No position in GORO and what’s more your humble scribe has been calling this thing an avoid for the longest time. 

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