Pink sheets or not, the volume will not be there on Tuesday or, if there is volume it will take the stock price down to under a penny. We had publicity, right? If I were on the outside and saw those articles, I would think that this is another scam. Why? I would try to do some DD and would find out that:
1) the 10Q is six months late;
2) the latest press release ( the 6.4M proven) was preceded by a release on a SEC investigation;
3) no 8k filed since then, but the stock halted by SEC questioning the claims
4) no futher news on open pit production that was supposed to begin in May;
5) a bunch of other details.
From the outside, I would say $0.30 is expensive, very expensive given the articles and the available info. Let us wait until everything is proven or management is in jail. I can always buy later.
Right now, I wish the story holds up, but everything is so mismanaged that even if the gold is there, I would not be surprised to see the Bolivian government give the concession to some other company and GE going belly up. The bolivians would not even get bad press for the move, given the current situation.
One thing that pissed me off mightily (if it is true) was TT saying that he released results in part because of pressures from SI members speculating and spreading rumours. As I recall, he set the deadlines in previous press releases while nobody from SI put pressure for it. Those deadlines were not met, and then, only then, pressure started to buid.Then, he spoke of around 5M ounces. Backing away from the 6.4? What gives?
Two months ago, someone dismissed the late finacial report filing as if it were just some stupid form to keep the government happy. Although bureaucracies can be annoying, basic financial information is to the benefits of shreholders, not the government.
Are we so sick from the gold fever that we cannot see things that are horribly wrong? People not currently involved will not share our faith. They have not committed anything yet, financially or emotionally.
Still, holding till the end.
Michel
P.S.: I would not bet on trading resuming on Tuesday. I would rather bet on nothing being filed and the suspension being extended.
P.P.S.: sorry if I burst anyone's bubble, but wearing pink glasses do not change the world'scolors.
Holding till the end,
Michel |
