Hello DJ, Gord, et al,
I also think we may have been seeing some margin selling over the past few days. When will it stop? I don't know, but the drop in price always happens when some impatient seller hits the buy side. This encourages the next seller to take it a bit lower, and viola, new lows.
Someone needs to step in on the buy side in a big way, soak up the margin sellers and not be afraid to buy at higher prices. Then, and only then, will fundamentals begin to matter again. I don't think that news would have any measurable effect, unless it was to be very surprising on the upside. In fact, the recent news releases have given sellers another reason to sell, because the good news has not been met by any upward market movement.
IMHO, SUF is in need of some market moving event, some type of big news, or large trading volume (not misleading crosses) in order to re-define this sliding market. Something needs to happen to mark the new bottom.
BTW, from the 1998 Annual Report, buried in the notes, on page 43: "Total reported Company Assets $114,708" or about $115 million, which to my understanding, represents the cost value of SUF's assets. This would work out to a simple book value of $3.97 per share. I'm sure this doesn't reflect replacements cost, the exploration potential on any property or the new platinum or Brazilian deals. Proper book value is probably now closer to $5 or $6 dollars a share.
But what do I know?
Confluence |
