I have been very very badly burned on all my gold mining stocks over the past few years. My inclination is to believe they are mostly all "pump" assets, and yet I am tempted yet again to try to get rich quick. Only thing holding me back is my scars. (and maybe common sense)
This guy has a track record that has to be worse than Rodriguez. Out of the last 3 companies he worked for, only the oldest has the same name (Kinross). From there he went to Glencairn which was acquired by Black Hawk Mining, a company he used to work for. Due to inappropriate strip mining for the area, they were at risk of causing millions of dollars' worth of environmental damage and asked to cease operations which they did and abandoned the mine. No clean up was done as far as I can tell. The name was changed to Central Sun Mining after a 1 for 7 reverse split (sound familiar?) Then he went to Gold Hawk Mining and took the stock price from .50 to .03. The name was changed to Oracle Mining and it now mines copper and is at .10. You know what? This sounds like a bunch of good old boys living it up on the suckers' dimes (and they did, you can be sure). As for me, I have had it with miners. I'm selling and will never buy another. Lesson learned.
Thanks for the advice, I really don't know what I am doing (besides losing money). I started buying stocks to keep myself out of the casinos and I have done about as well at it as I do at the slots, which isn't pretty. I would be giving any profits to my granddaughter if there were any. I do own PSEC in her name that pays nice dividends so maybe I should put it in her husband's IRA. I also have a gold stock that pays a very small dividend but 15% foreign tax is taken off the top. I used Scottrade and they even make these reverse splits worse by charging me $20 "reorganization" fees.
I got my shares because I bought Sandstorm Metals a couple of years ago. My shares were decimated by falling prices and 2 reverse splits and now I have 2.28% of my original investment left. lol They aren't worth enough to bother trying to sell them so just holding on for the learning experience. Something similar happened with my gold and silver mining stocks. Don't know if this is a scam but I sure did learn what they meant when they said "risky".
Well what the hey? It wasn't that long ago you were 100% sure this stock would double by the end of June and now its a scam? Short term investor, are you?
I'd like to know what are the chances of shareholders demanding a reverse stock split - 1 for 10 or so to make it a bit more likely to come out even? Can't that be done with enough voters?
I've watched the see saw action for years mostly down - can't get too excited about 15% but like the direction. Just gotten used to having it snatched away in the next week.
I have given up on anything helping gold, maybe ever. I haven't sold because I have lost 80% of my money so what's the point? Buffet says he can tell what's going to happen but not when, well, I am not sure what I thought would happen ever will, but I'm just holding on in case it ever does. Well, I'm pretty sure it will go up one of these days (or years) - I may not be alive to see it. Hopefully my granddaughter who gets these shares, will.
Did I miss something? A couple of people are talking like there has been new dilution - anyone know what they are talking about? This stock is priced below its cash value, although I don't think that counts the debt, not sure. Anybody know how to read financial pages (key statistics on Yahoo)?
He came in late in the game although he had been there when it first started years ago. But not when it first re-started.