Medusa has been range trading, 80-90c, for the past 6 weeks...

Medusa has been range trading, 80-90c, for the past 6 weeks awaiting developments from the company or with the gold price.

The gold price movement has not been favourable with the gains made in the first few weeks of the year now having been erased despite Chinese New Year seasonal demand and every other factor in the physical market being highly positive. The paper gold market ie the criminal COMEX continuing to be the tail wagging the dog.

On the other hand company reporting has been very favourable incl the completion on schedule of the L8 shaft upgrade in mid January (allowing 150k oz/year run rate for production later this year) and a new all time record production result for Q2 announced at the end of January. By themselves these and other favourable announcements have not been enough to take the sp out of this range.
Q2 Production: 26,859 ounces at a head grade 5.56 g/t gold, cash costs of US$380 per ounce and All In Sustaining Costs (“AISC”) of US$989 per ounce.
(Q1/2014 production: 21,018 ounces at a head grade of 5.02 g/t gold and cash costs of US$382 per ounce. AISC was US$1,238 per ounce).

If H1 results are good, likely to be announced in the next few days, we could see the sp make up for lost time and break out of this current range exceeding both the 90c and $1 barrier in quick time.