Gold is up U$28 at $943/oz right now and making everyone, even the stopped clocks, look smart. If you’re an investor in gold miners and holding a losing stock today, you’re either 1) very unlucky, or 2) long Venezuelan gold stocks. Yessiree, gold is the most definitely the colour of the day, though silver is doing its best to make my day a fulfilling and happy occasion by stealing some limelight, too. Anyway, I could fill the whole screen with sexy goldstock stories today, but rather than go there let’s just pick a couple of closely-watched stories:
Colossus (CSI.to) up 51% at $2.42 and volume high. Hey, want some background info on Serra Pelada that shows today’s ‘amazing discovery’ (as one mailer called it in as part of his anonymous diatribe on how stupid I am today)? Check out this document from 2002 that shows everyone knew about what was under Serra Pelada at least nine years ago. As always in PRs packaging is important. The numbers were great, for sure, but anyone who has already done DD can only be surprised by the reaction today, not the core returns.
Fortuna Silver (FVI.v) up 12.6% at $1.07 on good volumes. Check out the chart and see the switchback ride this thing has put in over the last 5 days.
Otto said buy at sub 0.90, then sell yesterday at $1.08. Since lunchtime yesterday the stock has dropped as far as $0.95 and gone as high at $1.19 this morning….that’s serious rollercoaster, folks. If you’d bought at $0.95 yesterday and sold at the top today you’d have made 25%. I’ll have a $10 NOBS report for sale on FVI.v as of Monday; get your orders in now.
Minera Andes (MAI.to) down 9% at $0.49, basically because the silly Hochschild (HOC.L) is dropping out of the race to take MAI.to at 5pm this afternoon and McEwen is getting his spoils. This PR today explains in simple terms just how underhand HOC.L has been in all this. MAI.to will be in better hands from here. The massive dilution is the downside. So be it. Also, check out this Reuters note on MAI.to.
Troy Resources (TRY.to) up 14.5% at $1.10. Yeah, that’ll do me just fine. I’m 31% up on this position (which is also my largest in the trading port). I’m very happy for you if you’re play is making more than me. Up 50%? Good. I’m up 31% here. Up 85%? Excellent, and believe me I’m happy for you. I’m up 31% on my TRY.to here. That’s just another silly way of saying “Make YOUR money dude, and don’t covet thy neighbour in anything.” Life’s too short to be jealous.