Gold popped over the weekend on the Greece news (in both AUD and USD terms).
All of the ASX listed gold mining companies whose share price's were positive for FY15 were up or at least flat.
On the other hand, 50% of the gold mining companies whose share prices were down for FY15 (ie may be suffering from tax loss selling) were in the red.
So for me that was a pretty strong indication that there is some portfolio shuffling going on at the moment.
That said, there may also be some selling at the start of FY16 given that the SP is up 80% from its lows six months ago and there may be a number of traders who have been waiting to book their profits in FY16, but I imagine this is will only have a modest effect (if any).
So I think we will get a better read on what the market actually thinks of MML in early-mid July, which will also lead into the Q4 production report in late July.
In the mean time, I think we've been gifted a brief buyers market for MML shares and an opportunity to pick some up cheap.
I'm already overweight gold miners, but I bought some more yesterday...
I knew I'd kick myself in a month's time if I didn't buy at these prices.
Ultimately, I think its the Q4 production report that will determine the next directional moves MML makes (either up or down).
MML Price at posting:
83.0¢ Sentiment: Buy Disclosure: Held
