Up 16% on news and I suspect any shorters left are now running around with heads cut off.
"Extorre Gold Mines Ltd.'s board of directors has approved the adoption of a shareholder rights plan. The plan is effective as of today but is subject to shareholder ratification within six months in order to remain in place."
XG is one of my favorite miners that I hold in my investment account. Today's price is a gift.
Follow my trades at https://rancapital.blogspot.com/
I feel bad for the people owning these junior miners that are getting taken out at these lows.... look where Extorre traded in the past year. The producers (acquirers) seem like they are picking up some good bargains right now, which leads me to think that maybe the producers/acquirers are the ones to own since they are able to pick up quality properties on the cheap. I originally purchased 300 shares of yamana during the 2008 crash at $6.82...only a couple grand, but when its up this much and now I'm getting a 3.8% dividend yield AND they are picking up a junior on the cheap.....maybe I should stop trying to cherry pick these juniors and just add more to the quality producers....
look at where it was a year ago.....14 dollars.....and now fell to 2.15
many investors on to the value of buying XG last year may have bought around at 5 or 6 dollars. thinking they were doing it right. Casey recommended them last year. I was lucky to sell at break even . This shows you whats been going on in the miners in the past year or two.
Great for first time buyers who just bought at 2.15.... for the rest who bought last year....it continues to be a painful loss, among many miner losses ongoing.
and like now.... we're supposed to buy AUY at 16 dollars....I dont think so. My target to buy AUY is around 11,maybe. or lower if we see another global market crash in the coming year.
people need to think long term for strategy.