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Goldcorp Inc. Message Board

  • sbrentb sbrentb Jul 22, 2004 11:16 AM Flag

    Cash Hoard

    Now is ~$2.00 per share (includes equivalents), no debt. Even NEM can't say that: their cash net of debt is zero.

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    • and just think, GG's mine shaft is relativley shallow compared to many South African mines....

      I hope they go to the men's room before they start their morning elevator commute.

    • <<Another item: 1 hour & 15 min to take elevator to bottom of the shaft!!>>

      Exactly the stuff I was wondering about! :)

      Does that mean a 2-1/2 hour "commute" EVERY DAY? Jeez, I'd work 12 hour days and bunk in a hole for 4 days and come up once a week. And if they're cramming guys onto the car, it's not like you can stretch out during the ride.

      Reading the Outlook I was motivated to go dig up some maps... Looks like Red Lake is only 2-3 hours from where I was thinking about camping later this summer (Lake of the Woods). I wonder if they have tours? Probably not with that long ride!


    • I bought mine during 1998 at a little over $2 and participated in the splits. Sold 1/2 after split -- taking profit (& paying long term capital gains tax in AMERICA) ... the remaining shares are pure gravy, & if I sell I'll hve to pay capital gains as well, BUT to the American IRS Regardless of what GG does, convert to a Trust, become an undertaker, buy natural gas reserves, etc. should be immaterial to US tax laws. Anyway, price has got to fall a LONG way before I've a problem .. Quicken still shows me with 126% profit.

      Another item: 1 hour & 15 min to take elevator to bottom of the shaft!! Geez!! Doesn't Otis make a faster model?? Do the guys get recorded Musak up and down? Video poker? Do they have to decompress of something? Trip to the Titanic is faster. Claustrophia City!! Do they have earthquakes up there in northlands??

    • Can't tell ya, Rivercrags, no tax expert here. I'm in the common position of being in the red just now so I know it doesn't affect me, so I didn't really dig into it... but I believe this issue to be behind both McEwens recent silence and the institutional shorting against the box.


    • If you are talking about cap gains on shares following a trust conversion, I doubt you'll owe anything unless you bought your shares really cheap and are still in the black.

      If you are in the red like most of us here, you will have no capital gains tax to pay obviously...

    • Have to pay Capital Gains Tax?? Everybody?? or just Canadians? Or Americans too?? If so, and I own street name shares on the us exchange do I pay the tax to the US IRS ... that seems strange, very strange. To the Canadian Inland Revenue?? ever stranger ... I don't even have an account with them. My Stockbroker (AG Edwards) ... I'm already getting hit with a Foreign Tax everytime GG pays its dividend ... that seems to me to be enough!! Clarification, please.

    • Agreed. However for me I bought my thousands of shares at an avg. price of about $14, so the cost has already fallen enough for me ;)

    • Company is drilling new shaft while McEwen has SHAFTED the shareholders.

      Do not turn your back on McEwen.

      If McEwen colluded with largest shareholder to drive down the price after his HUGE sale is it illegal?

      Expensing options
      Lower grade
      Lower production
      No positive news
      Two execs quite or fired?

      Everything possible to drive down the price by McEwen except for him personally dropping a bomb down the current shaft.

      Wake all one and all before you get the SHAFT again.

      • 1 Reply to goldengeo3
      • 1) Expensing options is now the preferred GAAP methodology in this post-Enron environment.

        2) This is a mining company. Sometimes when you dig things out of the ground, you have some slight variations in what you find. Hence a SLIGHTLY lower grade ore this qtr, which is expected to change next qtr.

        3) See #2 above

        4) No positive news on purpose IMHO, letting share price dwindle pending trust conversion.

    • And NEM doesn't have >170,000 ounces of gold in their treasury vaults either (and GG will probably have close to 400,000 ounces by year end).

      I am unconcerned, I think we are on the correct track. I do not expect big upswing in price until income trust conversion and the second shaft is online. Right now 1 shaft = higher risk for some investment firms.

      • 2 Replies to tomw72us
      • Right now GG has 2 platforms. The new shaft is called Shaft #3 by GG.

        Deep: Many turn to an Income Trust conversion because debt gets treated differently in taxes. GG has no debt and lots of Cash. I'm sure you know that. Converting to a Trust for GG has no downside as far as I can see.

      • I just went through an interesting exercise. Go to any of the free chart services and compare the 10-year weekly GG chart (that smooths out the daily gyrations quite well)with that of any of the favorite techs of the airheads on CNBC (eg, Q, SUNW, INTC, MSFT, ORCL, A, CHTR, QLCM, whatever). After doing that, ask yourself where you'd rather be, GG or some of the so-called bellweather techs.

        Patience is a virtue. We're in the top of the first inning of a long gold bull market. Better yet, get away from your computer for a few days and then come back. It may do your mental health some good to do so if you insist on being so worried about the immediate present.

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