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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: Bobby Yellin who started this subject8/13/2003 8:59:28 PM
From: que seria  Read Replies (1) of 10482
 
The question I've asked myself the last week is: what level of result is priced in? I held 80% of my position in the belief that this week's pricing doesn't reflect the Russian deposit's value. Glad to hear the AMEX-traded shares are up sharply after hours, although I doubt that is sustained at the open.

I'm keeping BGO as a takeout play. If you're a resource-hungry major, wouldn't it make much more sense to gobble BGO early, with the price suppressed by South American and Russian political discounts, than to wait for BGO to move forward on those deposits and see its price rise? Then the majors would have to either pay more despite the inherent and almost irreducible political risk, or just let it go. If I had to buy to produce I'd buy early and diversify my country risk.
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