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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Richard A. Canton who wrote (14678)4/17/1997 2:48:00 AM
From: Eric Freeman   of 28369
 
It looks like a sham, it smells like fraud, feels like a loser, and its probably later than you think.
Dirt? - maybe.
Why $1.00 - I always pick a target for stocks, based on my own analysis. I am certainly wrong more times than I am right, when it comes to specific target prices. However, I do manage, because I have been right enough(PROFIT), and know when to accept that I have been wrong(LOSS).
In the case of Bre-x, the price now is based on the lingering PERCEPTION of potential value, and the hype that surrounds this stock. I am saying that I expect Bre-X to reach down to the $1.00 range at some point in the near future, as more news unfolds. I am not saying I would pick this as my cover price if short.
Down to one dollar, if for no other reason than the obvious fact that many BRE-X shareholders are seemingly not realistic(Even if it turns out that there is some gold). My experience in such situations has been that this sort of attitude leads to sharp declines, when the last holdouts run for cover. Emotions work both ways.
Technical stuff - BRE-X seems to be trading into a range where the traders are in and out on smaller and smaller movements. Volume is declining and the stock does not appear to be under accumulation from my point of view. Next move appears to be down - Liquidation.
What this stock does long term? - I do not know for sure. Guess what - do you think anyone knows? If anyone did, they certainly would not be spending their time here. And contrary to what I read on this site from time to time, the news of anyone trying to buy up all the stock at bargain prices would be out on the street very quickly.

Eric
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