PIR PIROA

When PIR announced a lousy JORC compliant resource, the market took an axe to its share price. Like all past bad JORC compliant resource announcements, the share price will continue to tumble until value is re-established or new strikes are made with further drilling.

I sold PIR at the start of my holiday after the plunge at 43.5c. On Friday close, it was 34.5c. I don't think those idiotic sellers are aware that directors are BUYING this week! That means the trough has been reached intuitively or the directors could be buying to shore up confidence in the explorer.

I bought back my PIR but as 2012 options, ie PIROA at 16.5c. Now I will sit back and wait to see whether I had been an idiotic buyer!

Note my most recent posting on POG and the rise of AUD. AUD cannot rise forever at this rate.