BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Lalit Jain who wrote (7280)	3/16/1997 2:00:00 AM
From: Goldberry	of 28369

Better to be naive than stupid or without feeling. I agree Lalit but surely just because Drumbeat was an ardent Bre-x supporter that doesn't give them the right to try to manipulate the people on this thread. Anyway enough said about drumbeat. Back about a month ago I gave my reasons why I felt BXM would find a level of between $15-$18.00. My personal feeling based on my analysis is that at $15 it would be oversold and that $16.50 would become a buying range. I still feel this way and now that the selling has occurred I believe the stock will be unlikely to drop below $17. barring an event such as Mrerukh being successful in prying a position from BXM or some major political upheaval in Indo. I believe you will see some gradual upward movement of Bre-x over the next several months back to the $20.00 range for the following reasons. I believe BXM will move up should gold move up and i think it will. I think (I actually know this is true from my contacts on the street) a number of brokerage houses who have clients with losses will be pushing Bre-x to get it back to a range closer to $23-25. I believe a lot of smart money got out of Bre-X in the $25.00 range and some of this money is being used to get back in and the buyers over the past month are not going to sell their shares until they see $20. plus and as most of the shake out has occurred those wishing in will soon have to bid up the stock. I do not anticipate the COWs will have much impact other than short term and the stock will probably go up about $1-2 then fall back as those who have been waiting for the COW thinking they will see a major gain realize it isn't going to happen and sell. For what its worth if you put this stock away and can forget about it for 3 years and no problems occur in Indonesia then I can see the stock appreciating substantially. I for one do not like the Governing powers their and believe their is an above average risk of political problems occuring which will impact on the stock sometime in the future. Graham

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