Fuente: Adam Hamilton Safehaven.com
The gold miners never deserved such extremely-low prices fundamentally, they were truly absurd. So Q4's entire gold-stock disaster was purely the product of sentiment, a superstorm of popular irrational fear. And excessive fear never lasts, it soon burns itself out after everyone susceptible to being scared into foolishly selling low has already sold. That leaves only buyers, igniting a powerful mean reversion higher.
The gold miners' Q4 financial reports don't only include Q4 and full-year-2015 all-in sustaining costs, but their AISC projections for 2016. This year the gold miners are expecting AISC to run $866 per ounce. Incidentally, managements have strong incentives to overstate expenses and understate production in forecasts. That way they have room to beat and exceed expectations.
Artículo completo:
www.safehaven.com/article/40509/gold-miners-thrive-in-bleak-q4
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