Yes I agree 21% is a large retrace. With the gold price looking to be in a trading range and lack of any announcement I think MYG will retrace below 3c over the next month. Possibly 2.8c. Just an observation.
The reason I only said positive things when I was holding is my sentiment changed on gold hence the sell. And I believe the only driver of MYG is gold price unless there is a real material announcement like new high grade ore body found or extension the resource. MYG have been making announcements of big things for quite a few years now.
If gold recovered I would expect MYG to hit 6c very quickly then trend up to around 12c on positive announcements. And deflector would be a prime target for a takeover by a producer with dwindling head grade.
I will be back in MYG if the Directors actually manage to do something real like drill out and increase the current reserve. Drilling holes out in no mans land for the chance of a Directors being able to puff their chest out doesn't interest me when they are so cash strapped and have the sandstorm debt coming up.
Good luck to holders. I will be the first to congratulate you if something unexpected happens and the share price rockets.
71
MYG Price at posting:
3.8¢ Sentiment: Buy Disclosure: Not Held
