Why no rise today in Red Back (RBI.TO) when it has just drilled a new development field (right next to its existing Chirano mine pit) yielding a width of 15.8 meters testing at 15.2 grams per ton gold plus other similar results nearby? Since these are fantastic results, and easy pickings for the company, and in the stablest and most pro-gold country, Ghana, I'd expect to see Red Back shooting up to CA$3.50 or over $4, but it hasn't done anything today.
I have a small amount of Red Back stock (my smallest gold stock holding) having bought some Champion before they merged, so I'm commiting the dismal sin of "talking book" or "pumping" here, but I'm really puzzled as to why Red Back share prices haven't shot up today in response to this news. (Maybe the news is too recent, being only hours old?)
(CORRECTED VERSION)
