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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: william smith who wrote (7257)3/15/1997 6:33:00 PM
From: Gary Melnyk   of 28369
 
Hi Will

No I'm not shorting Bre-x. I don't think I'd have the balls to short any stock. As for picking the top..I didn't. The top was 28. The reason I sold at 26.40 to be exact was when Walsh issued the news release back in October stating Bre-x was going to move quickly in exploiting the busang deposit in order to bring more value to its shareholders. I thought that it was strange to release that kind of a release without having the COW. The next day Bre-x fell from over 27 to 26 and I got stopped out as I had called my broker first thing in the morning and put the stop order in.

I don't think I can give you 5 reasons why I think it might go to 12, but I can give you a few. First, usually the time between after a discovery is made and production, the stock price of a particular company will drift lower because that company has to come up with financing during that time which causes unstablility in its share price. Second, Market sentiment is low on Bre-x. Markets are sometimes (all the time??) irrational, which could result in a golden opportunity to buy Bre-X at a great bargain.

I think Bre-x is a long term stock right now, and I am intersested in the potential gains which will probably be there if one can get in 12 to 18 months before production.

Best of Luck to you Will

GTM
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