These paper contracts are backed by banks and other IM/IO free money. I would doubt they have the Gold and Silver to back up the all these paper contracts. Anyone else have these doubts? Its insane....Everyone I talk to that knows this market, thinks this is the biggest scam that they have ever seen. Some say we should be at least $3000 an ounce for Gold. Why do they not audit the contracts written to make sure they have the PM's to back them up?
P.S. Easygoin...How did you know they make 7 bucks? Kind of stuck your foot in your mouth on that one. I do it for free now, send me an application. Do they also have a non-basher? That way I can get $14 an hr...ha...ha. Have a great day!!!
Easygoin, I have been here for years. I have traded this stock for years. Do a little research and you will see I call it how it is. If your immature name for a short is a "basher" then you are incorrect. I have been a trader of this stock, I also short it. Currently I am long. How did you see the comment above on paper contracts as a bash for MUX. That was a comment on possible manipulation of Gold prices. Now this morning its a different story. I am reacting negatively this morning about yesterday's upgrade and today it drops like a rock. Wecome to the stock market. There is not one analyst that I know of now that is not on hush payroll. I am sure there are good ones out there, but there are many bad ones also.
Beyond the short term, it doesn't matter. If McEwen can execute on their plans, and start getting paid for product, shareholders will get paid. Otherwise, yes, the vultures can pick it's carcass. Luckily, Rob has a pretty good track record, as do the staff he's hired.
B...I hope you are wrong, but I feel that way some days. China can change that anytime they want, but they may not. I still have high hopes for my "hard" assets in commodities, but I do worry that this manipulation will finally break the majority of the small to mid-size miner stocks.