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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Daniel M. Whipple who wrote (7970)5/9/1997 8:45:00 AM
From: Zeev Hed   of 35569
 
Daniel: I hope you had your own good reasons for selling GPGI not just the fact that I sold. You must have noted that the main reason for selling was not due to any change in my basic opinion of the relative values of GPGI and IPMCF, but the general market conditions including BRE-X and the Fiero Brothers shorting campaign on IPMCF. By the way, this opinion has not changed, except that I have downgraded my opinion on GPGI a notch closer to IPMCF, namely, I feel that both of the companies are engaging too much in promotion of the stock rather than executing their plan. IPMCF's management is undoutedly the winner in the promotion campaign, witnessing the much better relative performance of the stock. In both cases I am unable to determine what is really happening, so I base my decision on the "rough" value of their respectives ores and the concentration of goodies in these ores, since higher "goodies" concentration allows for higher profits margins. Since GPGI's ores appears to have much higher concentration (it seems that they have a factor of 10 or more goodies concentration over the whole ore body not just the beneficiated pile), I still prefer GPGI. Nevertheless, due to external conditions and particularly the weak technical picture, I am still out of both.

Zeev
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