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Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: JACK R. SMITH JR. who wrote (6697)	7/15/1998 2:11:00 AM
From: Scott Wheeler	Respond to of 14226

Jack & Jeff - My argument, which I did not develop very well, should have included the fact that both ipm and naxof got to $14 (admittedly with much over-exhuberance & emotionality) without even the pretense of any sort of production schedule. But we do have a such a schedule here, and as far as I am aware no other group can yet make such a claim. Whether or not you think bre-x should have gotten as high as it did (was it nearly $300?, I didn't follow that story), the point I was hoping to make was that we cannot discount a significant speculation factor, nor fail to at least consider it as part of at least one working hypothetical algorithm. It's not that I think heady speculation should happen, I'm betting that it will happen, given the nature of the product (Pt), the fact that normal PEs don't necessarily apply to reserve-based valuations and that it may be of serious concern to existing vested interests. I also bet that there will be quite a bit of volatility during the next 6-12 months, or at least until the upper and lower limits come more clearly into focus.