Loading ...In the first place, on a macro level the idiots in NY who basically control all the institutional money make a point about never buying gold stocks. And they never will unless forced into it. Why bother when you can own shit on a stick of all varieties and colors that maintain the status quo and their plush lives.
Second, while McEwen’s name works for him in a bull, it can work against him too with the institutional types. They do not want him to succeed and build another Goldcorp and attract money away from the FANGS et al and pop their precious bubble.
They will have to buy it at some point because he will not give up and build an excellent company in spite of commodity price suppression and the fact this forced him to take on debt. But don’t forget he’s got $200 million of his own cash in the company including $25 million of debt, takes a $1 salary, and does not make money unless his shareholders do.
So no disrespect where it’s due, but you might want to reexamine your criteria for selecting company candidates.
MUX is a strong buy here on an intermediate to long term basis.
Once the bubbles in Comex gold and silver are drained I think the picture for MUX and the sector will change dramatically, with MUX leading the way as money on the NYSE, where it trades, flows in. Short sellers are trying to take it below a $1 to force it’s de-listing.
All I can say is good luck assholes.
Cheers