>>One more building block to toppling the short position.<<
You definitely thought that this was going to be something that toppled the short position.
>>they authorized up to $20 of buyback. So they can purchase more any time they wish to.<<
So? Let GORO management use the company's cash to prop-up the stock price all they want. I invite it!
but mike you may be missing the point if lets say hochs and tocq are lending shares and taking the coins the people who borrowed those shares would have to pay in kind which they can't do hence they would have to buy the shares back
Well this news triggered my buy this morning....I own a few gold and silver miners where the shareholders have begged management to mint some dividends or at least threaten shorts with it. Im in.....seems management in GORO knows who they work for.
Welcome aboard Patrick,
Management has been talking about this for some time. At the annual shareholder meeting, which I attended in Denver this past June, they raffled off a few of the silver coins and showed off the gold coin.
Just to be clear, they are not yet paying a dividend in-kind, but that is their goal. There are a number of obstacles which need to be overcome before they can do that, one of the more important being fractional ownership and how that is to be handled.
But it is a clear shot across the bow of the shorts. Management is quite ticked off at the manipulation by the shorts of this stock in conjunction with the release of the negative Barrons article. So they are going to do everything in their power to stick it to the shorts.
Interesting idea. But assume a 1 oz gold coin ($1,800) and a 4 cent dividend. You would need 1780/.04 or 45,000 shares.
I don't know about you guys but I don't have over a million dollars to invest in GORO.
The devil is in the details. I think paying in silver coins makes more sense.
My evil twin hates this - because any dividend has to be given "in kind" and he won't be able to buy GRC double eagles from his crack dealer.
Without scoring some double eagles on the street, my evil twin will not be able to maintain his short position because he will not be able to pay "in kind."
Please pity the poor fool - and he is getting poorer with gold and silver on the rise and the 31st approaching.
THE HORROR OF WHAT IS COMING... NIGHTMARE ON SHORT STREET!