Hi all! Hi Don. Sorry to just jump in here, but I have been a holder of DAK since the end of July (bought at $0.39) and I have also been "lurking" in this thread for quite a while. I would like to make a few comments.
Firstly, I share Don's optimism in the potential for DAK, and I concur that recent price action may be partly due to action (or non-action) in CLL.
Secondly, regarding the possible bottoming out of recent prices. If you look at the chart at Canada StockWatch, it seems quite obvious to me (although I'm not a technical trader) that there is support around the $0.30 mark. There have been 3 sharp spikes upward since about May, each one on volume and news (more about this later), and each time the stock has drifted back down to the low thirties.
Robert, of course it depends on your original entry cost and how many you hold, but if you are thinking of averaging down, I would suggest a price at $0.35 or below would be the best opportunity you're going to get. I was watching live action earlier today (Oct. 15th) and when I saw the bid at $0.30 I couldn't run to the phone fast enough. Unfortunately, by the time I reached my broker, the bid had gone back to $0.35.
Regarding news releases. Although there does seem to be a lack of them, there is also definitely some confusion amongst (for lack of a nicer term) some of the lesser informed individuals following DAK. One spike up in DAK's price (around early July) was definitely related to a news release. UNFORTUNATELY the news release was from Dakota Mining (DKT on the TSE) NOT Dakota Resources (DAK on the ASE)! I saw posts on various forums referring to the "good news" from Dakota (and they were definitely speaking about DAK), only they were referring to news from Dakota Mining about their Gilt Edge mine in South Dakota!
As I said above, I'm confident and believe patience will be rewarded!
One last note. Don, don't be too hard on Chris at the CIA (I am a CIA member and a strong supporter of Mr. Livadas). In his defence, although it may not have been quite the six week time frame, it hasn't been six months either. Since the June time frame you mentioned, there have been several opportunities to buy at or below $0.30 (especially in late August) and on Sep. 26th, 27th and 30th DAK traded over 1,400,00 shares upto as high as $0.63, so I would call that a double (in a month)! I'm holding (partly because my timing during the time period described above SUCKED), and because like you, I think this one is going over $1.00 in the not too distant future.
Cheers
Richard Dunhill |
