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Gold/Mining/Energy : Central Asia Goldfields M.CGZ
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To: Walter N. Schreiner who wrote (6)1/18/1997 3:29:00 PM
From: lama   of 458
 
The Globe is a 90 day report. Griffis bought in October at $3.86 and added more to his position down to $1.35, which was within the last 30 days. This stock is way oversold because of one shareholder heavy selling during the holidy season. If you check Canada stockwatch for which brokerage house has been doing the selling in last say 60 days you will see that most of the sell side comes from Green Line broker. This is one individual shareholder who was selling since September, for reasons NOT related to the company. He is now sold out and the stock will come back to normal trading range of $4.00 to $5.00. If I ever seen an oversold stock "big time", this is it. It doesn't happen overnight but as you can see from this week it moved up every day.

Why would Griffis buy in the open market if he didn't think he is buying at a discount. We all know that these guys wait for PPs so they can get it for less. Well, in this case he knows he can't get stock for less becuase there is no PP coming. CGZ has cash on hand and additional $1.50 per share of cash coming in from production of gold this year. Phone the company ask for Mike at IR.

Last August C.M Oliver came out with a positive report on CGZ. I was told that they may be updating the report soon. I hope to find out more in a few days.
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