Gold does not look like there is any rebound. A big sell down on Monday and Friday looking to test the low speaks volume that bears are in control. I would not be that bothered if it was just a minor support that was broken like in the recent past few weeks but that Monday was a significant break! The fact that they attacked it on a Monday morning thin trading speaks volume that big money were also looking at that support level. Everyone have exactly the same chart but the Smarts may have additional info on the amount of stops sitting under and they utilised firepower with 5 tonne of paper gold contracts I presume to attack.
The best that any gold producer can do is to review operations and continue to cost cut and ensure the highest margin possible ready for the bad times. If they are debt accumulated recently and to start addressing it now means they really need to visit Specsaver immediately.
Survival mode until who knows when.
MML Price at posting:
61.7¢ Sentiment: None Disclosure: Held
