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I am a bit confused by some of the discussion concerning CGP and its sale of shares. Could someone please set out a back to basics explanation of what has occurred or appears to have occurred please?
Addicknt, I think that is a very good point.
By the way, BHP released its quarterly results today. In relation to copper it notes problems it is having with Covid in South America but there is no mention of Solgold. That is unsurprising. Don't want to show any keenness. BHP would like Newcrest to lose interest (or ability) to take a bigger stake in Solg and would prefer to be the only bidder.
Great to see some good momentum for those who have continued to believe in this share. Let's hope the news keeps coming and the share price rises to realistic value
Hi AK, I think we could well get to a close above 25 p. I have always thought that when Solg takes off it will take off quickly and there will be a sudden jump. I am conscious about not high fiving when there is so much global suffering with the pandemic and a general economic malaise. I am in Australia. Health wise the virus is being contained (at present). Economically there will be long term consequences of the lock downs and restrictions which were necessary. I am also conscious that our cousins in the UK are going through their own travails. But the rise of Solg at these times is real evidence of genuine value in the resource. I wish all of you well in these difficult times. I believe this is a stellar resource and hope that NM can manage this through to a great conclusion. So far, so good.
Well said Father TF
I don't know Father TF. None of us know the answer to this. Sometimes no news can be very good news. But my point is that at least explain what you are doing. Because if there is a complete void of information, as there is here, and small volumes traded, and we all know they needed to raise short term funds last year, the share price will almost inevitably go down. If they have assays my personal understanding is that they should release them if they show material information about deposits. But the real point is: I don't know what they have drilled, what they have assayed or what the results were. Which is the point I was trying to make below
I am very frustrated with why Nick Mather has not explained the delay with MRE3 and given us a new revised date for it. Opinions differ about these things on this BB and I accept that people have different views. But in my view it is bad manners and bad management. At some stage Nick may need the support of small shareholders. One never knows where things might end up with a potential hostile takeover or if the company runs out of cash and the only funding deals are offered on extortionate terms.
On a more positive note if one does a comparison of the Sol Gold share price across the FTSE 100 they have performed in relative harmony to each other over the past 30 days. That is, I may need to keep emotions in check and bear in mind there is a general malaise in the stock market and the SP may just be reflecting this. There was some differing in the prices about the 20th of Feb, when Sol Gold spiked, and then quickly fell again a few days later. While there are expectations from shareholders of announcements about recent drilling etc, as we know they are only obliged to announce things to the market that would be material under their reporting obligations. The fact there has been a void of information suggests to me that the results are not yet in. I cannot imagine they are sitting on positive results although, as always, views will differe about this. The other point is that the price movement again is trading on what are still very low volumes. The trading volumes typically sit around the 2m – 4m shares traded per day. The day the share price spiked, volumes went up 7m and the day the price tanked it was approx. 8m.
While the information flow is frustratingly non-existent, this adds to speculation (and unfortunately negative speculation just because there is a void and the SP is going down so it is hard to be speculating positively). And, to be really blunt, there are no material exchanges of shares going on. It will only be material exchanges that will ultimately drive the share price.
So while I am as frustrated as anyone about the news blackout, I think the share price is reflective of a small volume and uninformed market where there is negative speculation going on. We do need some substantial good news soon IMHO
Remember the words of Corporal Jones in "Dad's Army": "Don't panic"!
BHP reached a 52 week low on the ASX today after trading very well in the past months. It will come back.
I agree with you Colonel. Markets, contrary to some commonly held beliefs, are not rational. The markets overreact with fear and overreact with elation. It is inevitable that Solg will go down with the Dow Jones and all indices suffering very significant falls. Eventually the markets will figure out they have overreacted to the Coronavirus. The price of Solg will rise when that happens. The only other global market issue that is out there that could affect things is China/USA. Otherwise GLA. If you had spare cash, that you could afford to risk, it would be a good time to buy Solg
Earthling I am hoping for us to get to 25 p today. No real reason, but the news seemed to have a big impact on Friday (3 p). People have had time to take stock over the weekend. Another 3 p is possible
Thanks for the clear up Quali
Cookie, I think the price is heading up now. But when you say "while the drills keep turning", I thought they had stopped drilling late last year to conserve cash flow and work on the MRE3? Am I missing something?
I agree with you Colonel except that I think if the price moves significantly it will move sooner, say in the next few months. I say this because the funding issue would have to be sorted out relatively soon or the price will suffer (it cannot wait for the end of the year). If it is sorted out I think the price will go north of 50p. I also think it is possibly important that the increase in price on Friday was significant in relative terms (3.3 p at 17%). Also, the volume was not shooting the lights out but was 7.1 million which is many more shares than normal. We want to see volumes of trades increase but this was a very positive sign. Personally, and I don't know, I would be surprised if there is not something going on and something has filtered out somewhere
I think we are on the upturn folks. Let's hope for the best. Good luck to all
We are still way out of the correct value range but wouldn't it be great if it got through the 22 barrier tonight? So far the volume is 1.78 m and the price is 21.33 and it is on the uptick. Let's cross our fingers.
something seems to be going on
Thanks Colonel. Let's hope this plays out. The volume is still very small at 760 k but the price is nudging 20.23. Is there anything special going on or is this an unintended consequence of the CGP presentation.
Cheers Addick. Makes sense
Morning Pinot. It is evening where I am in Oz. Do you think this is something going on (pushing back to 20p) or just the SP hovering around the 19/20 p mark?