Doug,
Excellent post! Thanks.
BTW, I was never a shareowner of Bre-X. I hope lots of Bre-X victims will read it and, hopefully, they will think again. I say this because there are still some Bre-X believers (see my second last sentence in last para below}.
In my post to you, I merely gave you my scenario on the scam, and I felt very, very strongly for the guys who were devastated by Bre-X. Nobody seemed to disagree with my interpretation of what had happened
at Busang. But one thing that was most amazing was that a lot of get-rich-quick types rejected, even right up to the last moment, the exhortations of well-meaning people to pull out of Bre-X.
Why didn't I invest in Bre-X? To begin with, I had a gut feeling that something was amiss. But I hesitated, nevertheless. What saved me was I didn't have the money to invest when it was at about $4 and a short while later, Bre-X had gone into the stratosphere, out of sight. Then one of my investment gurus, Doug Casey, convincingly warned me of doom and gloom in August 1996!!! And when I first got on to SI in March this year I was stunned by I read regarding the merits of Bre-X!!!
What I find fascinating now is that there are individuals who somehow still believe there is a gold bonanza, if not, mineable gold, at Busang and that the 'scam' was engineered by someone with the mind of an astute chess player. Oh well, hope ever springs eternal. And why not? That's what makes the world go around. |
