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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: san antonio group who wrote (9713)3/14/1999 4:17:00 PM
From: Ed Fishbaine  Read Replies (1) of 14226
 
San Antonio

I do not think that Fridays action was profit taking. I know of some heavy selling which came from a long time holder who wants to use the liquidity to lessen his position. I suspect that the bulk of the selling was from similiarly inclined people. As long as Jensen remains in office there are dissapointed holders who feel they have been betrayed and misled. They will be sellers.

At the same time, however, it seems to me that the pattern of market behavior over the last few weeks has been accumulation. And I suspect that it is not small 1000 share buyers who are taking shots. Where would such buyers come from? Certainly not from those who have been following GPGI for years and have positions. Anyway, the purchasing has been in blocks. There is no PR which would call in new blood. This buying I would bet is sophisticated and based on either specific knowledge of what can emerge, or intelligent speculation on the liklihood of future
success.

Contrary to Zeevs recent belief that Friday represented distribution, to me it was what I indicated above. Tomorrow and the next few days will determine who is right.

My uninformed guess is that there is a well heeled group prepared to absorb whatever selling emerges as they establish a position in the shares. As Scott Wheeler just stated, the desert sands as a group are very cheap today.

Ed
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