eps,
You're not alone although and I know that probably doesn't make you feel any better. One hears a lot about the 'little guy getting stiffed in the markets', but it hasn't only been the small investor who has lost money in this bear market. If we are small suckers, I guess that makes the big guys, .....
Look at what Canacord and Yorkton and other such firms, who back speculative ventures, have been having to do to survive in this bear market. If a spec. stock moves up, they sell into the rally to either short it or to cover losses in another stock. They don't even appear to support financings/share issuances they've done. It's really dog eat dog right now. And there doesn't appear to be any sign of a letup here and probably will not be until gold goes above $US 330.
It's a good thing that the $Cdn still continues to dwindle. Gold at $US 295.00 = ~$Cdn 440.00. In two years the value of gold in Canadian dollar terms that has remained almost steady. Ergo, if gold falls in US dollar terms and the $Cdn starts to rise, watch how many mines will close. The weak $Cdn is all that is keeping them open right now and the markets know it.
One speculative gold that may hold some promise at these prices, and in which I have a few shares, is Birim Gold. It trades on the TSE under BGI and they have issued some very good reports lately. They have a thread here on SI and you might also want to read the recommendations put out by M-W, Canacord & Yorkton.
It's not a BRX (in terms of potential upward movement) but it should do well even if Battle Mountain decides 'not' to go ahead with a 'bankable feasibility report'. Given the drill results so far, I feel that the Manpon deposit that is being drilled right now has at least 1.5 million ounces of Au. Birim would have 25% of this amount. The stock closed at $0.34 today but the spread is large so the stock can probably be picked up under $0.30. Recently it traded actively in the mid $0.20's. I've seen targets for BGI that range from $0.60 to $2.00 in one year.
Always do your own checking before buying. Don't accept anyone's word. If you like it and it offers sufficient potential for profit versus the risk, it might be worth it. If not, leave it alone and buy something else that does.
Anyway I digress.
Brian |
