Discussion in 'Stocks & Derivatives' started by Dusty, Aug 30, 2012.
Pushing back to the highs with this run in gold over the last couple of months
GOR largely sideways since May 2017 on lighter volume, with most trading between 66.5c and 72.5c. Currently retesting 75c Resistance.
GOR is a good current example what can happen when a very long-term horizontal Resistace line breaks. GOR broke 75c Resistance a few days ago, now continuing. GOR has not been at these levels since about May 2011.
Currently in the top channel (chart above).
On the watch list.
GOR weekly chart update:
GOR chart update:
Your hotcopper thread got a bit fired up today.
Full disclosure - I bought a couple of thousand more a couple of weeks backs when the first pour announcement was a bit delayed. The shorts have been having a bit of a go lately so i'm guessing they are reasonably priced at the moment. Hopefully the gold price and/or the aussie dollar does its thing.
I usually just post charts in the stock threads on HC and avoid any sort of lengthy discussion on there, for good reason. People way too emotional about stocks they own, then wonder later why there is was no counter-arguments when their loved stock falls -50% or -90% and they are left holding a worthless stock years later (think lithium, cobalt, crypto, Pilbara nugget, MM stocks the last couple of years). I'm on the record pointing out the tops of some of these bubbles when the other 99% were still high-fiving each other and witch-hunting people that spoke against their cult-stocks.
GOR though, has a lot of positives at the moment, with a nice looking chart, first gold pour, in a 50:50 JV with an experienced partner, massive exploration potential etc. The Australian gold price staying over $2,000/oz have lifted many producers to strong LT Resistance points (on the charts). Stocks that are at all time highs more often than not keep making new record highs, as there are no "trapped" holders seeking to sell out. They often go a lot higher than what a lot of people expect (eg. many can't believe that NST kept pushing beyond $10 when its so expensive on many valuations already). The performing gold stocks will take a breather at some point though.
My point on HC about GOR being a 1 mine company remains. Nearly all the other gold developers in recent years have had some sort of company-changing problem. GOR may well avoid these problems of starting a greenfield mine and be a shining long-term success. All the good (and potentially bad) market sentiment will ultimately be reflected in the direction of the charts.
Good news today. Looks like the ball mill not much of an issue.
GOR Chart update:
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