MGX - Mount Gibson Iron
- Thread starter The Barbarian Investor
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True but look at what it did during the GFC. If Spain faulters it's going to be far worse than that!!
I am not sure what you mean by "falters". If you mean that Spain might leave the Eurozone, that will be a good thing, since it will then be able to devalue its currency and have a better chance of trading itself out of recession. This applies to Greece and Italy also. But I take your point: it's gonna get bloody.
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It's too big too bail out the banks would need massive assistance from the sovereigns who would also have issues!! Money printing would just have to go berserk to keep the system functioning.
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currently hold this stock. missed the boat. should have sold at February highs. Any advice? 
currently hold this stock. missed the boat. should have sold at February highs. Any advice?
You need to make a call on where you see iron ore prices and therefore China heading. I hold MGX. I expect some softening in China's demand but the iron ore price will likely hold above $120. I intend to buy more MGX once I see the macro picture settle down.
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pixel
DIY Trader
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MGX made a nice run, offering two good swings.
Today, the second leg up ended, and the break below $1.02 suggested going Short (if you're into that kind of thing.) Short was further confirmed by the break below the volatility band (marked by red/yellow arrow.)
Today, the second leg up ended, and the break below $1.02 suggested going Short (if you're into that kind of thing.) Short was further confirmed by the break below the volatility band (marked by red/yellow arrow.)
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Yep, Was looking to do that today but got distracted. Hopefully get another chance as we may get one more lunge into ASX risistance, then smack down.
pixel
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You may have to wait, Notting;
according to my crystal ball, tomorrow should see a sharp move down. Index Options are due to expire, and I believe the writers of 4250 Calls will try their darnedest to avoid paying up. Could even be touch'n'go at 4225:
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skc
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I didn't think mgx reported that badly, inline with most of the other miners but got punished yesterday.
How long is MGX's mine life?
Miners are still in the doldrums
Yes, its unbelievable, some down 50/60/70% in the past 12 months, quite why they are so on the nose is strange
when the rest of the market is going from strength to strength.The big stocks like BHP seem to be ok and the species are doing what species do but the smaller to mid size stocks, many like MGX in production and making money are tanking
Yes, its unbelievable, some down 50/60/70% in the past 12 months, quite why they are so on the nose is strange
The big stocks like BHP seem to be ok and the species are doing what species do but the smaller to mid size stocks, many like MGX in production and making money are tanking
Down here MGX is only on a P/E of 4.7 ,seems cheap to me but the market disagrees.
skc
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One shouldn't use PE valuation for a short mine life. PE multiple assumes the E is perpetual.
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Have we reached the bottom (fishing)? Time will tell!!
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Still a crap load of volume to get through in the 70's and 80c's...bit all over the place on the result but I think it could be good for a dividend run up trade.
