ouchhhh 60%... Looks like might be oversold now. Kinda hard to value it . but they do have 16m cash right?
Stack this one up as my first big mistake with shares (not first mistake but the others were minor). Oh well, suppose it was going to happen eventually. Might as well hold now, it's not like I could rescue much capital by selling. Come on Gold, get to 10k and they might recover to where I bought them
Lol, I have the same story. First big one. I'm taking it as an expensive lesson, but very interesting also. Am quite curious to see what happens tomorrow morning.
I've had CGT on watch so I've been reading their releases for a while. What is actually so devastating about this news? From what I can see they were trying to run in their gear with a mix of dirt they knew would be low grade and a bit of other dirt they thought might have some more gold in it from a small off-shoot of their main body of ore. That dirt didn't have as much gold in it as they thought it would so they're going to start digging out a lot more high grade stuff. How does that cause the share price to tank 60%? Is it just a case of one small slip causing everyone to freak out or does it mean the whole mine has 60% less gold in it than there was last week?
There may be somthing to what you say but the fact some areas didn't match what they thought they had would undermine the confidence of the whole project. Only time will tell.
When you're playing with millions and millions of investors money, you spend all that time doing scoping, PFS, DFS, BFS and after ALL that money and time and effort, you find out what gold you thought was there wasn't...... that can be scary to investors - especially since this stock didnt take off to the upside like many thought, after it started mining. I think lots of people were waiting for a reason to take profits, and this news came and they sold - sparking a few stop losses and panic sellers... Dont you think?
Yeah I read all about it after i posted here, they look like they have an interesting porject on their hands, i wouldnt have appreciated the 3 month suspention.... Reminds me of poor Red October (ROS) investors
By the tone of the announcement, its almost like they wanted to half the share price. Anybody think there would be any to this? I imagine it would happen all the time. But I am a newbie so I wouldn't know.
I was looking at some gold charts in relation to gold stocks and it seemed like stocks are always a month or 2 behind gold. Gold stocks in the long term aren't as a sure bet as physical bullion but it seems that if one could catch those waves where the price corrects itself relative to the physical side you could make some quick easy profits then opt back into physical. Gold stocks seem to make 50% of the profits the physical made but there seems to be a zone where it stays around 40%-60% behind gold. I'd like to point out that I know very little about stocks and now starting to try educate myself on them as when the physical bull market ends I want to have the correct knowledge to possibly move into stocks. Just wondering if anyone concurs with my uneducated analysis or am I extremely off base. thanks
Im seriously looking at buying in but one question - why did they get so surprised when there wasnt the ore grade there? Did they go to mine without upgrading their resource to measured? What really is the deal?
^ I haven't really followed this, but the following was interesting http://www.abc.net.au/news/2011-11-...s-ballarat-gold-operation/3651998?section=vic
A family member in the mining industry said earlier this year when I asked him about CGT, that there's no gold left around Ballarat. Steer clear of it. Did I listen? No. But sold out after the 10:1 thing. He knew something.
