We hope/pray Augusta Gold (TSX: G) dips to $1.20 per share one last time. $1.20 per share is where NIA's President purchased his initial G stake. $1.20 per share is where Richard Warke purchased his initial G stake.
If we get one last dip to $1.20 per share, NIA's President will be loading up with as many additional G shares as possible.
The managed money gold short position is most likely over 100,000 contracts today. If hedge funds want to double their gold short position over the next few weeks to a new all-time high of 200,000 contracts, they may be able to push gold down to $1,600 per oz, but IF this did occur... the unwinding of a 200,000 contract gold short position would probably be enough to drive gold from $1,600 per oz up to $2,000 per oz and by then... everybody will see the uptrend and begin chasing the momentum in anticipation of new all-time high gold prices, and when gold does inevitably hit a new all-time high... gold and gold mining stocks will become the hottest plays in the market with NO competition from anything else!
If gold dips to $1,600 per oz from hedge funds doubling their gold short position to 200,000 contracts, G would likely dip to $1.20 per share where NIA's President will be adding very aggressively to his position... because the unwinding of a potential 200,000-contract gold short position that drives gold from $1,600 up to $2,000 would probably be enough to drive G from $1.20 per share up to $5 per share.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA's President has purchased 174,200 shares of G in the open market and intends to buy more shares. This message is meant for informational and educational purposes only and does not provide investment advice.