via Mining.com - Richard Coppleson

Goldman Sachs' gold bear Richard Coppleson announced the day before a $100 decline in the gold price that he was going long gold mining. This would be a little like COT reports showing that commercials are net long bullion. Certainly the action was in gold miners off the bottom on Friday, while DUST was up on the week, sold off on the close:

http://www.mining.com/one-of-the-great-gold-bears-reverses-course-41337/

via Bloomberg -

“The gold producers have just been devastated.” Michael O’Brien, who helps manage C$204 billion at TD Asset Management Inc., said by phone from Toronto today. “You’ll have a heck of a time having anybody build a new mine or get financing in this environment.”

GBN.V has completed a financing cycle during 2010-2011 where they raised excess cash. Some of the things accomplished during this period include: mill refurbishment, government permitting, unannounced drill programmes(Rod Zone), stockpiling, exploration discoveries on Roy Lloyd(en-echelon), Komis(rhyolite), implemented production for Roy Lloyd, prepared mines for production EP, Komis, Bulk sampled Alimak and Roy Lloyd open pit.

During 2012 they processed all of the available sub ore-grade development material from EP, set into operation Komis, stockpiled all ore grade material.

The game is that we are being strung along.

Bloomberg

-F6