Sunday, September 18, 2016

Huge Volumes On Friday - A No-Event Occurence

It seems that huge volumes reported on Friday had nothing to do with changes among shareholders, at least as far as US exchanges are concerned. I have checked other miners and the results are as follows:

  • B2Gold - 94.4M shares changed hands (10.1% of shares outstanding)
  • Gold Resources (GORO) - 3.9M (7.1%)
  • First Majestic (AU) - 27.1M (16.7%)
  • Coeur (CDE) - 37.1M (22.9%)
  • Hecla (HL) - 73.2M (19.0%)
  • IAMGold (IAG) - 32.5M (8.0%)
etc.

So it was a too-early-alert. One of my readers commented on this event and he was right. It looks that these huge volumes were due to GDXJ rebalancing issues. It means that no changes in shareholders structures are expected.
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4 comments:

  1. UnknownSeptember 19, 2016 at 6:23 AM

    Given the huge volume, I would have predicted big price changes. Where did all these shares come from that were bought?

    ReplyDelete
    Replies
    1. Simple DigressionsSeptember 19, 2016 at 7:31 AM

      Good question but I would not bother too much about it.

      Delete
  2. joeySeptember 20, 2016 at 9:20 AM

    Checking SEDI filings today, I note that Eric Sprott sold 1,180,100 shares for $4.25/share on 16sept2016.

    ReplyDelete
    Replies
    1. Simple DigressionsSeptember 20, 2016 at 10:59 AM

      Yes. Now the question is: what about the other 35.7M shares?

      Delete

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