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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: mikesloan who wrote (24753)5/23/1997 1:58:00 PM
From: Lightning   of 28369
 
Can everyone recall back to the approximately one month between FCX's initial announcement of insignificant gold at Busang until the definitive Strathcona report confirming no gold at Busang? I remember a lot of hype here from various charlatans who banged the table and shouted "THE GOLD IS THERE!" and "MY INSIDE SOURCES KNOW MORE THAN YOUR INSIDE SOURCES!" My guess is a lot of those actors, willfully or unwillfully, helped insiders and others in the know to liquidate long holdings at $1.5 to $2.5 U.S. There was huge daily volume during that period and there is an inescapable truth that for every little guy looking for Bre-X at a bargain price, there was a seller looking to bail out. In the case of very early buyers, $2.5 on ten-for-one split stock (or $25 on pre-split stock) compared very favorably with their purchase price. The moral of the story is to be leary of those who seem most sure of their facts (these usually turn out to be mere opinions or even outright falsehoods).
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