I left the price out because I wanted to make sure to be able to explain how I see the buy should take place, and under what conditions.
This is something that you should not undertake unless you are a stronger hand.... with patience.... and should be able to take a loss... or be prepared to to tie up a small investment on a lottery approach...
I could be holding this for a couple of years so long as they drill baby drill... attempt to add to their project package... and can finance sufficiently to carry out their drill program projects in a growing gold price atmosphere... considering the newly placed spread in "Report on Mining" I can assume a gorilla style assumption... the low float (I consider a float under 100K for a penny stock low) is also an alert that this could a nice little low downside risk swinger if I had 100 k average in at .07 cents or less and this could go on for quite some time to satisfy my trading fetish. My experience is that out of the penny world comes great profit if the pipeline keeps filling.. I have no idea if things will ever get past 1 million ounces but at todays price 500K is getting to be worth a pretty penny...
The purpose would be to swing a portion that could average the cost down to the low side and with a bit of luck a spike should come my way; hold a core position and work things until it was a freebie... and then let her ride...
This one has recently taken a 2 page spot spread in Report on Mining.. The write up is pretty good: it is a safe jurisdiction for 100% owned existing projects.... with some interesting drill results with a price as of this post .09 cents on the ask... Level II
The Major Monthly trend is up and has been since June of 2009 showing a weekly sell signal as of Nov 8 2010... at .11 cents... since then it has been consolidating a medium term trend back in the direction of .06 and .05 cents...
A lot has happened since 2009 and drill results and projects are comparable now to issues that are selling for up to 4 times as much.
My own strategy relies on being able to accumulate most of the 100 k shares at a price in the range of .06 to .07 so for my part I'm hoping that the consolidation will continue and get me some in that price range... considering the gold market potential... I grabbed 10,000 @ .09 just in case ... however I believe I can get some in the .07 to .08 cent area..
Support should hold at .06 to .065 long term.
Simply put we need to get above .11 to .15 cents for spike material short term... and medium to long term an accumulated position at .08 and better (better means lower) is likely to see a double within a year... JMOP.
GLTA Lostoutwest
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