gold, yes, further to fall, undoubtedly. Re the rights issue, it closes on 11th April, so at the moment, churn is just being used- dropping some shares onto .002, and then some party buying them @ .002. Given 11th April is 3 weeks away, it is too soon to have the shares trading at anything above .002- that will come later. Of course, if one is a bear, that won't come at all.
Having a look at market depth, even though shares have been bought again today, it looks similar to Friday, except that the .001 buy pile is higher:
http://cb.iguana2.com/netwealth2/depth/axm
AXM Price at posting:
20.0¢ Sentiment: None Disclosure: Held