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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: BillyZoom who wrote (32536)6/1/1998 3:16:00 PM
From: Zeev Hed  Read Replies (1) of 35569
 
Robert, are you implying that IPMCF is down due to a conspiracy of the shorts (Fierro etc.)? I realize that such manipulations exists, but but I think the shorts are capable of "burrying" only those situations where the investing public (having much greater resources than the short) no longer is willing to support the price.

I would say there was as much manipulation on the upside than on the down side. I think that the Hoare's release at the time were timed to allow them profitable exits, and if you remember at one point the Capital group, strangely enough announced that they bought 50,000 shares, well before they had to file this with the SEC, and I suggested at the time that it might very well be a Vinik exercise.

As for the end game post black Friday, I think that even the great believer were no longer to come in front of the freight train time after time, and thus the drying of buying in the stock. What surprised me was that the SEC action came only after the damage had been done to most holders.

Zeev
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