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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: C L who wrote (3847)3/10/1997 7:14:00 PM
From: John H. Flint   of 35569
 
All: As CL noted, a few notorious short houses were very active today
in the stock. I watched the "box" most of the day via my Level 2. Fiero (FSCO) was the ring leader, with NITE, FAHN, BACH, all taking turns hitting bids. Whenever they were successful in driving through support, they would quickly jump to the bid looking for shares to cover. They were successful in driving the stock to as low as 9 1/8 bid when some obvious support came in via Troster Singer (TSCO). TSCO is a large wholesaler who could be buying for some of the institutions. They stepped to the plate with about 20 minutes to go to close the stock at 9 1/2 bid. FSCO was the lone offer at 9 17/32.

My thoughts on todays and tomorrows action.....The price of the stock over the short term is totally dependent on where the buyers from last week decide to support the stock. Today it was 9 1/8, tomorrow ?. If they walk away for the short term, the obvious short selling will continue with bad results for the longs.

One would think that it would behoove the institutional buyers to support the stock after last weeks gains. They also have an investment to protect. I plan on using whatever weakness in the stock, if any, as a buying opportunity in lieu of the huge upside from a fundemental standpoint. If half of what I have been able to uncover comes true, the stock is on sale. Any thoughts from anyone on when we might hear something from the company on the BD evaluations?

John
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