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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of gold miner Golden Star Resources (AMEX: GSS ) fell 14% today after the company reported disappointing earnings.
So what: The company reported a loss per share of $0.07, below analysts' expectations of a $0.01 loss. Total gold sold in the quarter fell 27.8% to 76,916 ounces as the Bogoso mine was adversely affected by lower recoveries.
Now what: Poor weather also affected production, and as mining gets through transition ore in Bogoso, management expects higher recovery rates. After posting a loss with high gold prices, I am going to take a wait and see approach to Golden Star. We will find out how recoveries are progressing next quarter, but until I hear some good news, I am going to stay on the sidelines.
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