Scotgold Resources listed on the ASX on 11 January 2008. On 14 October its stock jumped 135.7% on news that the first drill hole had struck the target vein.
No assays, of course, but that seemed the usual bull market reaction to any positive news, specific or not.
Except, of course, that October 2008 was not a bull market; quite the contrary.
This was a month after the GFC had hit and, on the week of Scotgold’s 135.7% price jump, 90 of the 140-odd stocks tracked by analyst Warwick Grigor had hit new 52-week lows. The others were not doing too well, either. That was the week that copper hit a 33-month low and a few days earlier had lost 5.7% in one trading s...