IT WAS MANIPULATED BY SOME PEOPLE WHO HAD SHORTS...triggering stop losses...I call that dirty dealings..simple....shy said:Why??? This is not the type of announcements that I would expect to get the sp down.
Shy
Shy, I agree..the person who manipulates also knows its worth more and just wait it will go a lot higher as the manipulator is also buying..he sells cheap on one side as a sellers and buys on the buyers side.as well...I know its not legal..but it is done every day in the world..believe it.....and no one gets prosecuted...in this perfect world....MGX is starting to pick up volume on the buy and sales and the manipulator will just be one of the crowd.. go to www.mtgibsoniron.com.au and you will get a lot of your answers there.....they are the 4th largest producer of iron ore and their assets are now even better since the Pilbara find....I own over 200k shares and I made my research..good stock this and Shougan is buying 20million shares at 75cents in MARCH.....2006....also MGX gives a presentation at the iron conference in Perth I think the dates were 23rd-24th February..more news should be out in days......shy said:I bought this morning @0.685 thinking it can only go up.
I still don’t understand why somebody would want to keep the price down by manipulating the market. Is it pure evil or are we missing something? :2evil:
BTW
All the reviews that I read about MGX so far had a buy recommendation. Does not make sense to me that there are so many sellers out there and for this price. Don’t they read the announcements and the reviews? There is no doubt even among the experts that MGX is worth more then 67c.
Shy
chicken said:Shy, I agree..the person who manipulates also knows its worth more and just wait it will go a lot higher as the manipulator is also buying..he sells cheap on one side as a sellers and buys on the buyers side.as well...I know its not legal..
Kipp said:Hey Chicken, with regards to manipulation (this is not so much an MGX post) why do people sell stock at rediculously low levels (i.e. well below what the stock is currently trading).
For example today, SKW Skywest, 332000 shares were sold off at 16c. When the previous close 20c. So the current price sits at 16, bu the next sell order is still at 20c. Similarly, at MAH the price crashed right down to 62c from 69c before swiftly recovering to 69c (I was pissed off that I didn't have any spare cash to sink into more shares during its momentary slip downhill)
All I'm saying is, if you wanted to manipulate, wouldn't you try and do it over a series of days rather than in a mad rush? And wouldn't you still try and get the best price for them (19c to 18c in the case of SKW) though I realise this depends a bit on the market depth.
As for MGX, do you think the currently sluggish SP is due to all of the delays in their production? The rail wagons, the prod STILL at 2.1 Mta after all of the promises to be at 3Mta, the delays in the feasibility study (though I suppose the final results of that were good) and now the delays in ore price.... there is just a continual string of disheartening press releases from the most highly ramped company in the forums (compared to say BMX).
Nothing like you downrampers than to twist the truth to suit yourself....well all I can say there are some nasty people around and they would sell their mother for a $$$ but I am glad I dont belong to this group...I hold MGX and you will see it will get better from here..and I hope these nasty people have a short shelf life that is all I can say....as far as MGX they have a future read their presentation and you will see what it is all about...robertsharron said:As much this company has a LOT going for it... in the short term reading between lines (including presentation at conf this morning) :
o/p poss 2.0-2.1???, rail wagons delivery NOT confirmed for April as comitted, Iron ore neg's temp stalled, magnetitie poss on hold even if shougang commit (due to costs - which are more like $1bill once cap costs etc added in) plus continued disappointment from insto's holding placement @85c.. and no concrete word on any corporate action crystallisng..
short term.. little excitement .. longr term wrthy.
chicken said:Nothing like you downrampers than to twist the truth to suit yourself....well all I can say there are some nasty people around and they would sell their mother for a $$$ but I am glad I dont belong to this group...I hold MGX and you will see it will get better from here..and I hope these nasty people have a short shelf life that is all I can say....as far as MGX they have a future read their presentation and you will see what it is all about...
johnno261 said:Dont fall in love with a stock!!!!
China fails to agree on iron ore price with foreign miners
China, one of the world's top consumers and makers of steel, has failed to reach an agreement on iron ore prices with major overseas mining groups, state media says.
Last year, Chinese companies along with their overseas peers were forced to accept a price rise of 71.5 per cent and they have made clear that far from agreeing to any similar increase for this year they want at least no change and preferably a reduction.
Shanghai Baosteel, the nation's largest steel maker, has had unsuccessful meetings with companies including Australia's BHP Billiton and Rio Tinto Group, as well as Brazil's Companhia Vale do Rio Doce, the China Daily reports.
The negotiations have stalled because China and the companies insist on vastly different prices amid contrary views on the short-term outlook of the market, the newspaper says.
"Miners insisted on raising prices further while we insisted on cutting them," the newspaper cited a Baosteel official as saying.
"We didn't get any chance to (go over) detailed figures because both parties are expecting opposite price directions."
The Chinese side said a price increase was not justified, partly because domestic steel manufacturers were in oversupply.
Baosteel is the only representative of Chinese enterprises in talks with the miners this year.
The prices Baosteel agrees upon will be accepted by all domestic mills and iron ore traders.
All the other steel makers and iron ore trading companies have been banned from holding individual iron ore price negotiations for 2006 term contracts with international miners.
Long-term iron ore prices between major suppliers and buyers are generally settled before April, when deliveries for those contracts are scheduled to begin, the China Daily reports.
If an agreement cannot be reached before April 1, the two sides could trade iron ore at last year's prices, the newspaper says.
China's price negotiations are important in setting prices around the world, with other companies such as Japan Nippon Steel awaiting the outcome of Baosteel's contracts before finalising its own, the China Daily said.
- AFP
Well, Kipp I still feel MGX will show us the money..we will see next week when the Company presents to their partners the skem on production etc..CHINA will not wait they need Steel now and the $700 million is chickenfeed to Shougan...they are wanting supply and MGX mine life up to 30-years looks an attractive proposition..the company has proved to the Aussie downrampers that they have been wrong all along..problem these downraqmpers cant see further than their nose..do any one think China will wait..if so they should take a trip to China and maybe it will open their eyes..I say its a go and their find in the Pilbara has made the stock even more attractive..I am glad none of the downrampers have anything to do with the company as we would be still in the stoneage....MGX gave a brilliant presentation of events and it is a pity that a lot of companies have not the forsight as MGX showed....I am a holder of MGX and can wait..as I have all the time in the world..see I am retired and see the situation differently than most.....by the way KIPP...have a look at BMX another one of my picks..watch the downrampers jumping on LOLOLOLOKipp said:Johno, don't want to sound antagonistic but you have done more than your fair share of MGX ramping (even going as far to start your own thread "Stocks with Low P.Es featuring MGX)
But no worries chicken- you're still pretty good at picking 'em: MAP, SBM, etc... you and Richkid make for good ASF reading.
Iron ore price increases could be 20%
Purchasing March 1, 2006
Tough negotiations over prices have stalled between the world's biggest steelmakers in China and the suppliers of a key raw material, iron ore. Depending on the analyst, the projected price increase for fiscal 2006, starting in April, ranges from 12-20%. Last year, the miners got 71.5% increases.
World prices of iron ore may rise as much as 20% this year as global supplies continue to lag demand led by China, according to Citigroup analyst Alan Heap. "It seems to us a 20% increase is absolutely achievable," Heap says at an Australian Journal of Mining conference in Perth, Australia reported by Bloomberg News Service. "It would be quite possible for (the miners) to say to the Chinese, we would deliver iron ore to you at the same prices you got in 2005 given that freight rates have come down by half." This fiscal year, world steelmakers pay $38 -$58/metric ton for iron ore, depending on type and including freight costs, up from $23-$38 in 2004. Iron ore prices are expected to rise by about 12% as mine supply struggles to keep up with demand from Chinese steelmakers, the Australian Bureau of Agriculture and Resource Economics says in its first quarter report. Meanwhile, Algoma Steel in Canada expects a price increase on iron ore in 2006 and is currently making payments to its ore supplier based on their estimate of an increase of 15%. But, the Chinese steel industry has failed to reach an agreement on iron ore prices with major overseas mining groups. Chinese imports of iron ore will rise by 16% this year to 320 million metric tons, a slower pace of increase than previous years, Heap forecasts. That’s why the Chinese are playing hardball over prices. This week, negotiations stalled because domestic steelmakers and foreign miners insist on vastly different prices amid contrary views on the short-term outlook of the market, reports the China Daily newspaper. China’s largest steelmaker, Shanghai-based Baosteel, representing all Chinese steel firms, have had unsuccessful meetings with companies including Australia's BHP Billiton and Rio Tinto Group and Brazil's Companhia Vale do Rio Doce. The Chinese media says these mills have made clear that far from agreeing to any similar increase for this year, they want at least no change and preferably a reduction. Meanwhile, seeking to support the iron-mining industry, Sweden’s LKAB says the world market for iron ore will continue to face shortages in 2006. The firm forecasts global steel demand will rise by 4% or 5%, requiring more ore.
"Demand for its iron ore and pellet products continues to exceed production capacity," a company statement says, "and worldwide iron ore exporters are producing at the limit of their capabilities."
Funny that but looks as if its not going to happen re shutting down the spotmarket. Why....too many other players in the market... what the Chinese would like and what they get are 2 different situations...China needs STEEL now...its NOT a buyers market at present its a sellers market thats what it is...CHINA NEEDS THE ORE NOW...thats why....as the other producers will not start producing and selling till 2007/2008 at the earliest....markrmau said:I read somewhere else (can't think where) that the Chinese are trying to shut down the spot market because spot prices are consistantly higher than contract prices.
Porper said:MGX definitely consolidating, and looks like a big movement is imminent judging by the charts.
Which way though? That is the six million dollar question. My feeling is down unless we get a decent announcement about contracts.
Anybody else... any theories?
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