Novo narrowly broke above a prior high on Friday. The long term chart shows a large descending wedge that has already broken out. At the margin, this confirms a trend with a higher high. Do buyers flood in and push the stock to its prior highs? Nobody knows for sure, but I believe the bullish ingredients are all there.
Keep in mind that the price of Gold was much lower in 2017 than it is now as well.
I have been positioned in this for more than a year, having added considerably in the mid $1 range.
Your patience is about to pay off. Novo will pour their first gold in Q1 2021 transitioning them from an exploration company into a low cost gold production company with a huge 14,000 square kilometer land package to exploit that has many prospects to develop.
Sounds great! I am still long. I think I sold a little somewhere, but mostly haven't looked at it. I've made decent money in other areas of the market and am looking forward to the next leg of the Gold bull run. I think it begins around Q3 2021.
JPAdams
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@tangman, I’m glad to hear that you still have a position in Novo. Understand that NR is not going to be your average gold producer. The gold that they are mining has a sub 100/OZ mining cost versus other miners with production costs of $600-$1200 per oz. This means their profit margins are going to be insane. Right now NR is at $2.56 and expect it to break $10 in the next 12 months and keep marching up once Mr. Market understands this fact. I also expect them to get listed on the NYSE as well. Enjoy the ride.