MON - Monarch Gold Mining
- Thread starter Lucky_Country
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I know how you feel / think grace, I am on tender hooks with mon at the moment. Just waiting to see what comes over the next couple of weeks / months with the production plans.
Glad i got out of this one without being burnt. Have been following this one closely and it really does need some decent production figures to come thru, to turn it around. The pity is they only have the small Mt Ida deposit and Daveyhurst deposit with good robust grades. On the plus side three mills but only enough proven reserves to feed one. Proceed with caution if you must.
Lucky_Country
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Some good hits on riverina drilling and mining too start there soon.
Mt Ida has gold bearing load twice the size of the resource at the momment on different levels.
Can the next pit be any worse than whalla i dont think so'
Mt Ida has gold bearing load twice the size of the resource at the momment on different levels.
Can the next pit be any worse than whalla i dont think so'
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Looking at today's announcement of TTY becoming a substantial holder, it was interesting to note that they aquired $2.8mil on 26/2/08 which would lead me to suspect it was part of the $10mil placement. A bit of robbing Peter to pay Paul in my eyes. Also alot of TTY buying has been since the suspension from trading.
My question, is TTY being used to prop up MON's price? Would of the share price tanked even more over the last month if not for TTY buying?
My question, is TTY being used to prop up MON's price? Would of the share price tanked even more over the last month if not for TTY buying?
My opinion, TTY have propped up to no end. They bought my shares I'm sure. MK is being very unethical in my opinion, firstly borrowing from IRL, then using iron ore exploration money to hold the gold miner up.
I had to quickly check MIN where he is non-executive chairman (and one of my favoured shares actually). Luckily MD and other Directors hold the majority of shares there with MK owning very little and one should hope, little sway there. All I can say is that it is very unethical for the second time.
I guess TTY holders have done me a favour - I would hate to think where the share price would be now if it was not for them!
Lucky_Country
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Ever thought you may have done them a favour ?
MK know whats going on at MON sure he has propped up the sp but also may have increased his upside potential as he owns 30 % of TTY
MK know whats going on at MON sure he has propped up the sp but also may have increased his upside potential as he owns 30 % of TTY
prawn_86
Mod: Call me Dendrobranchiata
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Yeh, as an IRL holder I was disappointed with the disclosure of the 'loan' that came from us.
I say either role them into one conglomerate, or operate them as separate entities.
MK is fast losing my respect.
I say either role them into one conglomerate, or operate them as separate entities.
MK is fast losing my respect.
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A lot of negativity on this thread. From a TA perspective there is a lot of long term support where we are now price wise - 45c, 42c, 39c, 37.5c are all very long term price supports.
This was always a more leveraged play (especially recently). If it gets production right, and a bit of financing, then more gains to the upside than most other Aus gold producers, but leverage cuts both ways.....
Bottom line, spread your money around a bit, don't put it all in only a couple or very small number of stocks, and secondly patience is needed in IMO in every junior.
Lucky that gold has the wind at its back. Should help a little.
This was always a more leveraged play (especially recently). If it gets production right, and a bit of financing, then more gains to the upside than most other Aus gold producers, but leverage cuts both ways.....
Bottom line, spread your money around a bit, don't put it all in only a couple or very small number of stocks, and secondly patience is needed in IMO in every junior.
Lucky that gold has the wind at its back. Should help a little.
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Support at 45, 42, 39, 37.5?? There was support at 80, 70, 60 notice a pattern here? The negativity here is about some of the decisions that seem to keep driving the price down, consolidation, one MK co propping up another MK co, capital raising, capital raising and a bit more capital raising. And there's still more to come. From a TA point of view (from a blind freddy point of view) this stock is in a down trend for the last 12 months because of these types of decisions. Enough already, let's get some production (profits) happening.
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Support at 45, 42, 39c and 37.5c is much longer term support than the 60/70/80c levels were.
A long term chart, shows that really MON has been in a sidewards chop for 5 years and is now at or very close to the bottom of that channel.
Most people make no money on the markets because they follow the manic-depressive markets like a herd. When the price is up, everything is great and they keep buying at super elevated valuations. When the market swaps moods, most follow and sell out at bottoms.
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I know how to suck eggs
But seriously, I bought into MON when they purchased from Harmony last year as I thought this would be the turning point (and still believe it will turn out to be so) but it's these decisions that keep driving price down that are becoming frustrating.
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I know how to suck eggs
But seriously, I bought into MON when they purchased from Harmony last year as I thought this would be the turning point (and still believe it will turn out to be so) but it's these decisions that keep driving price down that are becoming frustrating.
Yeah, I know mate. I bought in very recently, still down nearly 30%. It helps to have other stocks doing well to give you patience with ones that aren't!
Bit of a respite for long-suffering MON holders today,
Up by 8.5%, but chartwise still looking rather tenuous, nothing much further to add really. The TTY propping-up was certainly rather cheeky, and I can certainly understand investors frustration with MK atm.
jman
You wonder how long TTY can continue to do this for....surely not until the next capital raising (or is that close to happening as we speak). MK certainly will do anything it seems to make sure Monarch doesn't go under, so I guess in that respect, it is different to View Resources which had no cash cow to borrow from.
Hi Grace,
It certainly seems like he is pulling out every trick in MK trick-bag, I certainly don't pretend to understand all the mysterious connections and so forth between his related companies, but yes, seems a little "unethical" as you say, and TTY holders would probably be none too impressed either.
Would be a very tense time to be a MON holder atm. Did you completely sell out of this Grace?
jman
Yes, all gone at 45c. Took a serious loss, but I didn't feel right about holding it any longer. I see though that MK is trying to hold it up at 45c. You know before prior cap raisings he bought in to prop up the price as well. I think MK is manually trying to form a technical resistance at 45c odd. Just my thoughts.
Will continue to follow and see how things go.
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After today's announcement, I have joined grace and got out of MON at 43c (-47%).
TTY continue to prop up MON and between 5/3 and 11/3 accounted for 71% of the total volume on top of the $2.8mil a couple of weeks ago.
If I read the announcement right, on market purchases by TTY
5/3 - 601k - total volume 900k = 60%
6/3 - 399k - total volume 720k = 55%
7/3 - 169k - total volume 370k = 45%
10/3 - 312k - total volume 350k = 89%
6/3 - 914k - total volume 1000k = 91%
I don't feel comfortable with this.
TTY continue to prop up MON and between 5/3 and 11/3 accounted for 71% of the total volume on top of the $2.8mil a couple of weeks ago.
If I read the announcement right, on market purchases by TTY
5/3 - 601k - total volume 900k = 60%
6/3 - 399k - total volume 720k = 55%
7/3 - 169k - total volume 370k = 45%
10/3 - 312k - total volume 350k = 89%
6/3 - 914k - total volume 1000k = 91%
I don't feel comfortable with this.
