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There's always someone willing to sell it a penny cheaper.
One word of advice, never buy this stock in the morning. I lost $30,000 on this initially. Today I've added another $2,000 to that loss.
It's about time these guys put their money where their mouth is. He's been complaining that the share price doesn't reflect the value of the company, but yet he hasn't been buying, at least until now! Good to see.
And yes, my friends, I'm back in with 15,000 shares.
Market has been open for a little over two hours and IAG has already traded the last 10 days daily average.
I like the nearly 1,000,000 share close buy on Friday. That is a good sign that someone was willing to put $6,250,000 in.
Close buy of 903,300 x $6.92 = $6,250,836 on Friday. Somebody must think they are ready to move back up!
The trading power I have in my account is about 75% of my account balance rather than 2.2 times like it normally is. Scottrade local office said it only updates over night. So the fact that I sold $100,000 (that wasn't part of my DTBP) means it is not available for me to trade with today. That angers me to no end. Something is very wrong with that policy.
Scottrade designated me as a pattern day trader yesterday. Their minimum balance to be a day trader is $25,000. My account is many multiples of that, but since I sold my IAG this morning, Scottrade won't let me buy it back. I'm considering closing my account and going with TD Ameritrade.
Yes, it must be a bottom. That's when I sell.
No, I just sold it all for about a $30,000 loss. I'm moving on.
Gold is essentially flat today, but down the miners go again.
The over-bought Dow keeps climbing however.
And we're gapping down more in pre-market trading. Can probably buy for $6.42 today.
So, if there's value here, why isn't it reflected in the share price? I guess that's the $ million question.
I guess those with #$%^@ who hang in there will reap the rewards one day when Letwin is thrown out on his ass. One thing for sure is there seems to be a total disconnect between the share price and the price of gold.
IAG down 8.24%, NUGT down 8.44%. I'm beginning to think NUGT is a better buy because at least it leverages up when gold moves up.
So, gold is down 0.28% and IAG is down 8.24%. Where is the correlation here? We leverage down and stay flat when gold moves up. Can anyone make sense of this?
Two $7 Miners To Keep An Eye On
by Bret Jensen
Investors in both silver and gold mining stocks have taken it on the chin over the last six months. Both the Global X Silver Miners ETF (SIL) and the Market Vectors Gold Miners ETF (GDX) have vastly underperformed the overall market (See Chart). Falling precious metals prices, mining operating cost inflation, costly strikes and depressed sentiment have taken their toll on the stocks in these sectors. However, I have noticed recently that the miners are reacting very positively any time a company delivers the slightest piece of good news, reports results less bad than expected or has any hint of a catalyst. These could be signs that the sectors have either bottomed or are close to doing so. Let's take a look at two miners that are cheap and reacted strongly Tuesday to just a whiff of possible catalysts. read more » http://seekingalpha.com/article/1270861-two-7-miners-to-keep-an-eye-on?source=email_rt_article_title
Almost all the miners on my watch list have a red engulfing candle. No reason for the miners to be down except the cartel trying to contain the spring loaded gold price. It is only down 0.2% today.
I have a buy order in for $6.67. Seems like a bargain again.
Currently $6.90, which seems high given we were at $6.81 earlier today.
Yes, we're down 6.2% and NUGT, the 3x bull gold miner is only down 5.1%. If we stayed in line, we should be down 1.7% (5.1/3). IAG is a highly manipulated stock if you ask me.
My guess is we close at $7.15 today, depending on where the banking cartel keeps the gold price.
I believe it's the banking cartel trying to shake everyone lose of their mining shares. The behavior of the NYMEX/COMEX is irrational, but true to fashion. Huge blocks of contracts are sold at $2 - $3 less than previous sell. These are not people trying to make the most on their contracts.
All miners are down fairly large today. And it is expected there will be a pull back after a huge run up like we had yesterday.
Iamgold Is A Great LBO Target
Mar 12 2013, 07:00
Disclosure: I am long IAG.
The stock price for IAMGOLD (IAG) has been cut in half over the past 12 months and is currently trading near a 4-year low. The last time the stock was at this level was in January 2009 when the financial system was still on the brink of the abyss. Since that time, the financial system has mended and both the S&P 500 and the price of gold have increased by +85%, yet IAMGOLD's stock remains at the same level.
How can this be? Read following link for more...
http://seekingalpha.com/article/1265241-iamgold-is-a-great-lbo-target?source=email_rt_article_readmore
Great day everyone! $10 coming soon...
We're up $0.47 today with what looks like a lot of buying pressure. Looks like we are on our way back to $10.
IAG Short Interest
Settlement Date Short Interest Avg Daily Share Volume Days To Cover
2/28/2013 2,927,024 5,422,108 1.000000
2/15/2013 2,822,700 3,801,731 1.000000
1/31/2013 2,662,635 5,743,905 1.000000
1/15/2013 3,662,350 2,800,337 1.307825
12/31/2012 5,484,816 2,818,069 1.946303
12/14/2012 4,342,583 2,832,010 1.533393
11/30/2012 5,246,120 2,393,419 2.191894
11/15/2012 4,094,407 3,802,633 1.076729
10/31/2012 4,862,085 2,356,335 2.063410
10/15/2012 5,339,411 3,009,675 1.774082
9/28/2012 4,895,240 5,032,615 1.000000
9/14/2012 2,077,901 2,778,816 1.000000
8/31/2012 1,552,660 2,632,523 1.000000
8/15/2012 1,234,123 2,294,165 1.000000
7/31/2012 1,645,295 2,325,484 1.000000
7/13/2012 2,187,170 2,649,263 1.000000
6/29/2012 1,763,781 2,999,160 1.000000
6/15/2012 1,652,105 4,620,270 1.000000
5/31/2012 734,141 3,659,423 1.000000
5/15/2012 634,365 3,614,538 1.000000
4/30/2012 598,732 2,702,566 1.000000
4/13/2012 535,490 2,968,760 1.000000
3/30/2012 685,053 2,841,127 1.000000
3/15/2012 1,013,873 2,736,727 1.000000
Read more: http://www.nasdaq.com/symbol/iag/short-interest#ixzz2NKK6OzJK
Up $0.30 in pre-market to $6.96. Gold spiked up this morning to $1,594.46 and is holding fairly well.
Precious Metals
http://seekingalpha.com/article/1262621-5-commodity-stocks-moving-on-news
Iamgold (IAG) saw shares catch a bid on Friday after the company announced that they would be cutting $100 million in costs for 2013 (the press release can be found here). The gold sector has been hit hard by falling gold prices, so this should help margins and profitability. But with the world economy also beginning to show signs of life, we could see higher input costs in the future and this move seems to be preemptive in nature. We like the move and think that it will help in both the short and long term, and also recognize that this could be good news for the macro environment, which we find exciting. The data could be interpreted both positively and negatively, but based off of the data we're looking at big picture-wise and this individual move, it certainly appears bullish to us.
I'm of the opinion the shenanigans in Washington will drive the price of gold back over $1,700 by end of March pulling IAG back over $8.00.
2/28/2013 short interest will be published after market close today. It is wrong that FINRA member firms are required to report their short positions as of settlement on
(1) the 15th of each month, or the preceding business day if the 15th is not a business day, and
(2) as of settlement on the last business day of the month
And we don't get to see it for another 7 days.
Most miners are up today. I expect we'll see some later afternoon buying.
We're up $0.12 at this moment, but have given back nearly 1/2 of what we were up. That's ok. Steady up is better than fast up, fast down. Day traders are taking profits and shorters are selling to keep a lid on price. Fair valuation is coming.
Closed at $6.55. Current bid is $6.56; current asked is $6.58.
Here's to a great weekend to all and congratulations to us for a fine UP day. As Phil said, would like to see five more of these next week! Maybe we will...
The daily chart has reached a nice rounded bottom. And if Jim Sinclair is correct, gold and silver should be heading back up fairly large over the next couple weeks. I think the banking cartel is well aware of this and will start buying the mining shares post haste!
It seems investors are spooked with the machinations of this stock. A lot of day trading happens in the $0.05 - $0.07 price range. I think we'll hold and wouldn't be surprised to see it pull back up some before market close.
Just made a new high for the day!
Price is back up a little in pre-market trading today. I think many investors will realize the over-correction from yesterday and start buying BAA back up today. I may double my position if it drops a little after market opens.
Banro Provides a Corporate Update
BAA (AMEX:BAA)
Friday 8 March 2013
Banro Corporation ("Banro" or the "Company") (TSX:BAA)(NYSE MKT:BAA)(NYSE Amex:BAA) wishes to provide a brief corporate update on its operations in the Democratic Republic of the Congo (the "Congo") and an overview of progress made on the strategy set out for 2013 in the press release dated November 12, 2012.
"We want to reassure our shareholders, business partners, community stakeholders and our employees that Banro intends to continue with business as usual following the corporate changes which have taken place and were announced in yesterday's press release," commented Dr. John Clarke, Interim President and CEO. "We are intensely focused on our operations with our main priority of getting the Twangiza Mine up to its operating capacity and ensuring gold production at the levels at Twangiza which we anticipated when we undertook the decision to transition from an exploration company into a mining company. Concurrently with our plans for Twangiza, we will continue our aggressive schedule for the development of Namoya with the objective of first gold before the end of 2013."
Optimization of the Twangiza plant continues as planned with the installation of a mineral crusher/sizer before the end of March to allow increased throughput of ore and reduction in stoppages due to congestion in the crushing circuit. Construction and installation of four new elution tanks will allow for the ore to have greater residency time in solution, thereby increasing recovery levels to 88-90%. These tanks are scheduled for construction completion by the end of May. The front and back end processing plant solutions are designed to bring the plant up to its nameplate capacity and bring production into the range of 100,000 - 120,000 ounces per year.
Development at Namoya continues along its aggressive timeline. Namoya is located some 320 kilometres south of the city of Bukavu, access to which is via the N5 'highway' which required substantial reconstruction including bridge strengthening or replacement. Unseasonably heavy rains have resulted in major damage to sections of this road. Thereby, the delay in delivery of plant components to Namoya has deferred first scheduled gold production to Q3 2013. The cost of the road repairs, additional transport and construction overheads are estimated to result in a cost overrun of up to 15% on the base cost of US$185 million. The funding of this amount will be included in the proposed sale of the preferred redeemable shares announced in the Company's press release dated February 21, 2013.
Banro Corporation is a Canadian gold mining company focused on production from the Twangiza oxide mine and development of three additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo. Led by a proven management team with extensive gold and African experience, Banro's plans include the construction of its second gold mine at Namoya, at the south end of this gold belt, as well as the development of two other projects, Lugushwa and Kamituga, in the central portion of the belt. The initial focus of the Company is on oxides, which have a low capital intensity to develop but also attract a lower technical and financial risk to the Company and as such maximize the return on capital and limits the dilution to shareholders as the Company develops this prospective gold belt. All business activities are followed in a socially and environmentally responsible manner.
For further information, please visit our website at www.banro.com.
Contacts:
Banro Corporation
Naomi Nemeth
Vice President, Investor Relations
+1 (416) 366-9189 or +1-800-714-7938, Ext. 2802
info@banro.com
www.banro.com
doglover1, I think my time frame may be a little longer than yours. Will we see $10 in the next year? Maybe not, but $8.00 cannot be far away. Current book value is $9.89 so we are a whopping 37% off that. The company earned nearly $1.00 per share in 2012 and will do the same in 2013 and 2014 according to analysts. They are only paying $0.25 each year in dividends, and that yields 4.02% at yesterday's closing. They could easily double their dividend and still build their cash position. Is there another gold miner paying 4%, is only pennies off its 4-year low, and is nearly 40% less than its book value? I am not aware of one.
And what of the price of gold? Fear has been struck in the hearts of many that gold has fallen out of favor. The banking cartel is still successful in managing the price and have brought it down a mere 17.9% from its high in 2011 when IAG reached $23.50. So, IAG is nearly 75% off its high price and gold is down only 17.9%. IAG was trading around $6 when gold was $860. So why would anyone capitulate on IAG with those fundamentals? I certainly won't.
Gold and gold miner sentiment has NEVER been lower than it is right now. That, my friend, is the time to buy, not sell!
I wish everyone the best. Don't capitulate and you'll reap the rewards of buying a cheap stock.
I bought 2,500 more at $1.97 this morning; now $1.77. Book Value at 9/30/2012 was a little over $2.00.