These ETF's would be trackers, i.e. they would be tracking the...

These ETF's would be trackers, i.e. they would be tracking the performance of their underlying mandated exposure. As such, they would be long-only funds. If CYL was to now be included on their approved stock-list then there would be buying inflows, which is counterintuitive to the recent price action.

However, it could explain the block trades (making the assumption that the old ETF's already held a CYL position as they may need to switch their holdings to the new legal entity of the new ETF) but it doesn't explain the price action of the last few sessions.

Small - Mid cap ASX stocks are always prone to end of year tax nonsense but still, what we have seen over the past few days is very extreme.

Another quirk of the ASX is institutional asset allocations. There is such a herd mentality in the Australia investment professionals between sectors (Materials/Mining, Financials, Healthcare, Real Estate etc.) and it wouldn't surprise me if this price action is simply flows re-weighting out of Materials into another sector. As a relatively light and tight LT register, (~250m) CYL is prone to more exaggerated price moves when big flow happens. We have seen this both on the upside moves and now downside.

It is moments like this where a re-focus on key fundamentals is merited. Ultimately, the quarter has nearly ended and average price of gold achieved has to be around A$5,100+ per oz. That is a bonanza clean profit margin. We have a clear near-term and low-cost pathway to increasing production (Trident, Plutonic East and Degrussa presumably) and I am very confident (as are many) that CYL stock will be much higher than current levels in the not so distant future.

I think that this could be one of the last opportunities to acquire CYL stock at a level that may enjoy a large return on investment. I have a bit of dry powder and may look to buy in at these levels, but as always, people need to do their own research and be comfortable.