International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Steve Huskey who wrote (25730)	11/13/1997 12:45:00 AM
From: Robert Knight	Read Replies (2) of 35569

Commentary on MM & Trading activity: At todays close we had the various short consortium all hovering around the offer. If you take into account the overall ugly market conditions, todays price appreciation was quite impressive. Anyone see the XAU lately? IPM broke through the 4 3/4 resistence area today on a day that the Nasdaq was down 40+ pts or 2.5%. I find it highly unlikely that todays buying activity can be attributed to any bullish reports propigated by any PM newsletter or Internet stock forum. The documented short position in the stock is 800K shares. We all know that short positions are not reported when run through Canada. I suspect the short position to be substantially higher than 800K. I really do not know how people who are still short this stock are going to get out upon a positive report. Some of the IPM skeptics are accurate in pointing out the fact that they do have a decent margin of error recognizing that some have made a boatload of cash shorting from $14 on down. I guess this emboldens them as most have bought into the schpeel from the powers that convey IPM a scam. If we can get our proverbial "gorilla" to gobble up shares upon a positive report, the stock could quickly trade to double digits. Remember shorts have to average their short higher IF they feel they cannot cover at a particular level. They will try to find some level that they will make people who are chasing the stock buy shares. The key here again will be institutional support. Professional shorts always feel they can outlast retail buying. When it drys up they act as a pack of ravenous wolves attacking weak bids to drive the stock lower. 9 times out of 10 these guys are correct in choosing their victims as they single out those companies which lack substance. These guys truly believe that IPM is a scam otherwise they would have been down the road a long time ago. All this makes for a VERY interesting situation. I can't wait to see how this thing plays itself out:) Robert

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