Strong Results Power Altamira Higher
As we move into what I consider an exceptionally dangerous timeframe for the overall market, it’s nice to see investors reward excellent results from resource companies. On August 29th, Altamira released some blistering trenching numbers that drove the stock up 46% on the day at one point.
I’ve been waiting patiently for results to start coming out. I was an investor in two prior private placements and I consider the company a sort of slam dunk. President, co-founder and CEO of Magellan Minerals, Alan Carter, sold Magellan to Anfield Gold in 2016 after advancing a similar gold project in central Brazil. He’s just doing exactly what he did before but he’s starting with an even better project this time with an existing resource of just under 500,000 ounces of gold. Even at today’s price, that only values an ounce of gold in the ground at about $20 and that’s cheap.
In 1929 the market peaked in early September before crashing in late October. In 1987 the general market peaked in late August before crashing in late October. I don’t have any specific measures such as DSI that are screaming “danger, danger” but I have a feeling of foreboding. What that might mean for gold and resource shares, I don’t know but when you have the most overvalued stock market in history, the danger is on the downside. It’s always safer to sell a month early rather than a day late. Don’t get caught down at the train station when your ship finally comes in.
Altamira Gold is an advertiser. I am a shareholder and naturally biased. Do your own due diligence.