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Yamana Gold, Inc. Message Board

  • dnldelw dnldelw Sep 18, 2008 6:00 PM Flag

    Marrone AUY's CEO just sold 75,000 shares $9.67

    Is it any wonder that Yamana didn't react favourably to day
    when Gold reached $915. There has
    to be something wrong with the Company, why else would the CEO sell at such a low price. The last
    time he sold in August 270,000 shares I gave him the benefit of
    doubt because he was aware that 3
    Large Banks were shorting AUY
    big time, thus he could take
    advantage of Gold dropping, which
    it did. But Sept 5th is after the
    fact & his selling @ $9.67 does
    not espouse any confidence in his company. When I discovered this
    & realized that AUY was not reacting positively @ $915 I decided to follow our Leader & do
    the same. I really liked Auy &
    it was with much regret that I sold
    my 7000 shares at a loss. It was
    a good move as Auy continued to drop another 50 cents fm my selling price.

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    • oh really....don't see this at send the link.......otherwise......nice try shorty

    • I have looked everywhere and can find no insider sales.

    • ERIC: Let me ask you this, and I hope I'm not getting too personal here, but you sold a little bit of stock or some of your holdings in this company, but you're a big believer in the sector, and stop me here if you don't want me to go here, but you actually redeployed money into the sector. We won't name any names, but you went into juniors, did you not? Or would you mind commenting on that because I think as a big picture guy –as somebody who gets this secular bull market, you know, I think, longer term where some of those quality juniors are heading and took your hard earned cash that you had made and sort of redeployed it there. I hope you're not offended that I said that. I just am pointing out that you're a big believer in this market and that you see in the future good things, and I know these juniors have been kind of killed here, but could you comment a little bit on the junior market. [53:49]

      PETER: I'm happy to and no, I'm not offended at all. I think it's always prudent to take a little bit of money off of the table. My objective with Yamana was to create a company where any investor could look at it and say it has all of the things that one looks at and that includes one would look at and that includes liquidity. And as you know, Eric, it is about the ability to buy and sell shares at the end of the day. That's why companies become public companies. And as one of the more liquid companies in the market place with more trading volume than many of the other companies that are in the peer group, I think that is an important thing that we've been able to do in the brief five year period since the creation of the company. So I would always encourage shareholders to continue to hold shares of Yamana, but equally, I understand that sometimes it's not a bad idea to take a little bit of money in that very liquid market and come into it at the right time and exit it at the right time. I understand the sentiment.

      From my personal perspective, I continue to be significantly invested in Yamana. I continue to have the overwhelming majority of the shares that were first acquired when I formed this company in 2003, and of the amount that would have been generated from the sale of some of the shares over the course of time, I've redeployed almost 100% of that back into the market. [55:06]

      ERIC: I appreciate you saying that because that to me is a sign of somebody who believes in this bull market, and I don't mean to interrupt you. Continue on. I'm glad you said that.

      PETER: You know my philosophy, Eric. My view is that there is, if you believe in something, then you put your money where your mouth is. I did that in 2003 with the purchase of stock of Yamana when that company was taken public. We all came in at the same price in 2003. The vending of the assets was at the same price as the public offering, $1.20 per share which included a share and a half warrant. I'm happy that I purchased the share position that I did, and it has done remarkably well, and I continue to believe that it will continue to do remarkably well.

      There are lots of opportunities out there, and my view is that we are in a correction that is taking place. It is natural for these things to take place, particularly with the more junior market. But many of these junior situations will become far more successful in the years to come. And I'm happy to continue to be invested in this sector. [56:04]

    • please provide a link.

    • Can you please provide the link so I can do some DD on this? Otherwise I assume it is not true.

      • 1 Reply to kjragan
      • Kjragon:
        You can DD by going to

        Excuses are being made for Peter's
        selling. Tika says if it was a million that make it different'
        Well do some DD @ & you will
        discover that Peter on Jan 1,2008
        sold 2 Million shares @ $15.90.
        To suggest that he sold the most
        recent 340,000 shares to maybe
        pay taxes or buy shares in Junior
        companies is IMO not credible.
        I bought into this company thinking
        it was undervalued & should be worth
        maybe $18.00 & a lot more in 2009.
        If Marrone thought his company was
        worth what we were made to believe,
        then he would have to be a simpleton
        to sell @ $9.67. I doubt he needed
        cash after having previously sold
        2 million shares. In any event if
        he needed money & believed his shares were worth more that $9.67,
        all he need to do was borrow the
        $725,250 from a bank & put up his
        shares as collateral.

        good luck

    • Maybe he needed to pay some taxes? The IRS doesn't take stock, at least the office here doesn't,.... yet.

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