Eldorado Gold to Acquire QMX Gold
[edit] With respect to the title, no I won’t. Profit booked upon further review.
As one of my holdings, QMX Gold (QMX.CA), blasts off due to an acquisition by Eldorado Gold (EGO) I am both happy and sad. Happy because now I don’t have to consider buying EGO anymore, it’s already done. Happy because well, (paper) profit is good.
But sad because I had not gotten around to presenting the idea very prominently in NFTRH, other than a few charts and casual words about it needing to hold the 50 and 200 day moving averages (which it did by the hair of its chinny chin chin), along with its residence in the Portfolio segment each week.
Here’s the chart on the buyout news.
I originally bought QMX for two reasons. First, after a subscriber mentioned it I thought it looked like a good prospect that blasted off on good drilling news. Second, I was looking for a Quebec-focused miner/explorer in particular at the time.
I kept it on personal watch and then bought the harsh pullback that took back all of the spike gains the stock had made in August. Then I sat like a mother hen, waiting to either be sent packing by a breakdown (that never came, aside from a week long false break below the SMA 200) or to be rewarded.
So rewarded it is and Eldorado Gold comes off my watch list. If only all market things were this simple.
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