Rick Rule New Found Gold NFG-X HOLD Jul 14, 2023

Interesting discovery recently.
Well promoted stock.
Eric Sprott involved.
Does not own shares.
Exploration better than expected. 
High quality deposits that trade on premium. 

Impressed with exploration strategy in Newfoundland and incredibly effective outreach in international public relations. Relative to the sector, ahead of itself on price. 

NFG is down 12% year-to-date, but has had a nice bounce from its April lows and amid good earnings results in May. In late May it was up big as it increased the size of its bought deal financing to advance the Queensway Gold Project to the development stage. The news flow is improving for NFG, and a higher price of gold is also helping to lift goldstocks, but we would like to see its price rise above $3 to signal a potential reversal in its price trend. The company has seen negative price momentum since 2021 and we would prefer to see this reverse before getting more interested in the name.
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When he looks at the charts and plans, he's unable to tie the drill holes together to make a coherent deposit. Note that his former partner and mentor, Eric Sprott, feels very differently about this one and is a very large shareholder, and he's made a lot of money being right.