To: Zeev Hed who wrote (6497 ) 6/30/1998 9:57:00 PM From: JACK R. SMITH JR. Respond to of 14226
Gentlemen, I use the term loosely here, and I am somewhat disappointed with my friends here. This has been and I hope will continue to be one of the most civil threads on the SI. I understand that what we have here is a very dark night for the shareholders of GPGI. I have been one of the positive ones and so has Ed. Many suffer here. We have always known the risks involved with a company of this ilk, but my thought is that the present panic is perhaps unfounded. I know not the reasons behind the present price action, it does puzzle me. I might point out that for every seller there must be a buyer. Someone has bought and someone has sold a relative large number of shares lately and a number way above the average volume. Something is afoot, of that I can assure you. What I do not know is the nature of that which is afoot. I have not seen the time and trades for the day as I was involved in other things, but we obviously have a volume expansion here. That could be good or bad. I will not try to call the bottom and frankly do not care where it is. I am interested to know where and when it happens. I am not one to jump in here any further until I see the tide turn and I will not argue with the tape. Strangely, I am not all that concerned either. I do feel that we will see a resurgance in the precious metals here and I tell you that as an aside. Platinum, gold and silver were strong today. I feel more positive for platinum, but I suspect we will see a pretty good run here. Dick Davis digest has an analyst puffing Stillwater. ABX, RYO, and some others, I like here as they are near very long term lows. I am sure that others have their favorites. I feel the risks of large further declines in the metals are rather small. I am not saying that they will have great appreciation here, but perhaps one might sock away a few shares here and there. Energies, perhaps not just yet, but you can bet that they will recover nicely at some point. Depends on your time horizon. That is the key. Currencies, I like the CDN Dollar here. The DM has not yet reached bottom and the poor Australian Dollar had a nice day. Swiss Frank I expect to have a good run here on any US dollar weakness. I would not buy any Russian currencies. Yen is stronger and may get even stronger. Questions about that one longer term. Well, I am rambling here and will sign off!! Rambling, Jack