Gold investors had shaky feet immediately before the Federal Reserve's policy announcement Wednesday. As bullion tumbled, so did gold stocks. The selloff provided a buying opportunity for Continental Gold board chair Robert Allen as he snagged 50,000 shares at $6.55. The purchase lifted his holdings to 38.7 per cent of Continental's quoted market value.
This summer, Continental released drill results from its Colombian Buritica project. One intersection included three metres of 2,106.1 grams per tonne of gold and 738.7 grams per tonne of silver. The company raised $68.4-million following the news.
Disclaimer:
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com . Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Graph Footnote:
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.