Gene: Bull or not, I have sold my position yesterday because of the BRE-X fiasco and my assessment that it will negatively influence all the juniors and particularly those where there are major doubts about assaying methods.
Here we have a case where the Government of Indonesia, put its stamp of approval, Kilborn did (and they are much bigger than DB of IPMCF's fames), and the large mining companies (including Freeport McMoran who actually signed a deal with BRE-X) got lulled and fooled and handed their proverbials on a plate.
The risk of a major decline in the whole sector has become untenable, we are seeing only the tip of the iceberg (CKS halted, BRE-X halted, who next, LAR?). I still believe GPGI of all the desert dirts have the goodies, but they will fall back with the rest. i will be buying back when the storm is over, and probably under 2.
Sorry to be a bearer of bad news, but I thought it only fair to let everyone know what I did and why I did this. It is not a reflection at all on the company, just the general malaise in the industry.
I have huge respect for the Fierro Brothers, and while I doubt they will have any position (short) in GPGI, I am pretty convinced that they are going to bring IPMCF to its knees and possibly all the way back to 2. GPGI could then be as low as the 1.5 to 1.75 level, and while this will be in my opinion a ridiculously low price, this is what my tea leaves are showing, and I felt I had to let everyone know.
I will continue and post my opinions on this thread but eveyone should know I no longer have a position in the stock.
Zeev |
