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Rcgl , you make some relevant points, and as an order driven stock the quote is derived from bids and offers posted by those with DMA, Proprietary traders, MM, spread betting companies and Algo programs. Market Makers are not the bogeyman they are part of a system that provides liquidity to us all. I would also add that Market Makers love activity and volatility and their RSP machines would have been printing money in Solgold for the last year or two. One of the ideas that is laughed at, is the belief that they smack prices to trigger stop losses....this type of post would always raise a laugh around the dealing rooms. They want to make money but they don’t need to take Mr Smith out of 10,000 XYZ PLC to do so. They will smack a price to buy stock as PI’s often sell into price falls and buy into rises ...human nature I guess. Most importantly the calculating of buys and sells is a nonsense as it’s total guess work and for example if my offer at 38p gets lifted it’s reported as a buy .....but I’ve also sold the stock at 38p. I added a small amount of GGP this morning and on a spread of 22.5-23 I paid 22.55 which was no doubt recorded as a sell ? The studying of level 2 depth is also pointless as nobody will see an order that’s in a dark pool , an Algo program , an iceberg order or an order sitting on traders electronic order pad. We are all here to make money, have some fun and provide opinions....after all that’s what makes markets GLA
Just out of interest, when you say "every time the MMs try to knock the SP down", why do you think MMs are so keen to keep the price down? In fact I see this so often on various boards, this sentiment that it's somehow in the MMs interest to constantly suppress share prices... why? Maybe I'm being naive but MMs are there to make a market, irrespective of the actual share price, they make their profit on the spread. So provided they set their bid and ask accordingly in the current market, why should it matter to them if the SP is 30p or 50p?
In fact, if the SP is rising healthily, it would surely attract a lot more volume, which should allow them to make more money from more trading activity. Why would it be in MMs interest to constantly dampen the SP which in turn puts investors off and suppresses volume?
As Lafitte has pointed out several times, Solg is a quote driven market and not reliant solely on MMs. The SP is determined as much by direct participants as MMs no?
Feel like MMs is some sort of convenient bogey man that everyone constantly turns to in order to explain why the shares they've invested in haven't gone up in price. Whereas in reality it's the fact that buying isn't outnumbering selling that means a SP isn't rising.
Red - concur. The AGM is on the 17th Dec. NM will fill the time between now and then to defend his position. News will be graded and strategically offered up to enable the reader to absorb what 'gem' solg is and how well they (NM) are doing, such that any doubts as to his effectiveness as CEO are removed. Ergo - I expect news as of late next week, all the way to the AGM in 3 weeks time. Z
Gold/silver weaker Copper down 2% Virus euphoria dissipating in the wake of surging COVID cases in the US (highest hospitalisations ever; deaths 1400 a day) Trump's continuing intransigence Markets weaker...S&P down 2% at one point...
3 The listing was on 13 November; can't see that it would tie up much resource... 2 Drilling and results have never been cited as factors for the PFS delay. Much was completed; they have the FNV funding to support any work; mine design, infrastructure and the production schedule were the key factors. Given that they only announced the PFS delay on the original scheduled date, suggests that there was indeed relatively little left to do
However, if another party is being engaged in the mine designs, etc. (e.g. BPH) that could explain a delay
1 I think this is the most likely scenario. They only have to announce the PFS when it is completed; they have previously indicated the possibility of the PFS and CFP being co-terminous, so negotiations by financiers could be a factor.
Any regional updates do NOT require a RNS until they are independently verified, so the release of such information is totally in the company's control, so, in conclusion...
I repeat my opinion that a flood of news is being held up; will be released in the order designed to give maximum impact to the SP; and will result in the market being hit by a barrage of blows like a Joe Frazier flurry, so that every time the MMs try to knock the SP down another piece of news hits it...
First target 43
Next 50 and beyond
If this strategy is being guided by Citi as a defence against an inevitable bid or bids, I believe the first major goal would be to force the opening bid to be at least 100p, otherwise bidders would look stupid...
Meanwhile the TRUE market is 37.55/37.85 in 200,000 both ways...healthy liquidity eh CGP?
Could the drop off in news be a combination of 1) the AGM is looming and they would rather save up some of the news to release it in a flurry and try to get the share price up heading into the AGM, just to be on the safe side, 2) the Alpala PFS is now delayed again, and having released the RNS saying it was nearly finished they've actually now had to really focus on getting it completed, maybe senior management are flat out getting that sorted rather than releasing more drilling results from other sites, and 3) they've been tied up with the CFP and also the recent subscription from Valuestone (it was small in size but still required a subscription agreement to be negotiated and the formalities of issuing and listing the new shares to be gone through).
'SolGold PLC’s (LON:SOLG, TSX:SOLG) initial drilling at its Porvenir Copper-Gold Project, located in Zamora Chinchipe province, Southern Ecuador, has returned some exciting assay results from the first 580m of the hole. While assay results from 580m to end of hole at 909.3m remain pending, initial assays returned 570m at a grade of 0.69% CuEq or copper equivalent (0.49% Cu, 0.27 grams per tonne gold) from 10m (PDH-20-001), demonstrating that the company has made another impressive discovery.'