The thing is, if there were buying interest in this stock, the mm's couldn't and wouldn't try to hold it down. Market makers will sell and even short issues only when it is easy for them to make money doing so. That is, when nobody much wants to buy.
Why don't people want this stock? It is known fairly well by now because of all the conferences etc. It has attended.
I'm befuddled. I know that I'm supposed to just relax for three to five years.
If you believe that Passport will survive--that it will be able to either get a joint agreement or funding to go it alone--and that it will recover in price after this year-end swoon, now might be a very good time to buy. It has a market cap of less than $8,000,000 and a huge deposit of relatively easy to mine potash worth billions.
If you believe, however, that it is a terminally sick puppy, sell now.
It appears that the better the news gets, and the more insider Honig buys, the more frantic the troops are to bash this stock. Why? Who knows, maybe idiocy runs runs in packs.
"Importantly, a million ounces is likely just the beginning as the expanded resource remains open in all directions. I would not be surprised to see multiple millions of ounces come from this growing deposit. Why? The technical team has proven that they can find gold and only a small fraction of Pershing's property has been explored. Key to the Pershing Gold story is GROWTH. Evidence of a possible blockbuster mine continues to emerge with each new drill hole."
He's right you know. Let's see, 4,500,000 ounces times a net of $350 per ounce = $1,575,000 divided by 300,000,000 shares = $5.25 per share.
Works for me, how about you tall child and maximum lemon eater?
By the way, the lawyers are looking into suing because of a suspected excessive compensation. There is no apparent attempt to mislead, hide, or use insider information on the part of PGLC people. Just a view on the part of the lawyers that compensation was too high.
Is PGLC "struggling?" I thought it was in good shape cash wise, had increasing good news about gold in the ground, and was way under valued.
I think YOU are struggling.
My rule is to sell when a stock hits 8% below my purchase price. I believe in the adage "Cut your losses and let your profits run." Whenever I violate my 8% rule I end up selling much lower.
Falling in love with a stock and blaming poor market performance on market maker manipulation is a sure prescription for big problems.
Something doesn't compute here and I intend to get out, stand aside and wait until things become clear. There is NO buying pressure and that is a bad sign.
Prospect put out a press release yesterday (Tuesday) that suggested it had leads on funding. Today it had a little pop up. I hope it does get funding because that would be a good sign for Passport.
Prospect and Passport are in similar circumstances: Their land holdings are similar, they are right next to each other in the Holbrook Basin, and they would take about the same time to get into production. Prospect has a lot more debt but that would count even more for the viability of Passport, if Prospect got funding.
I kind of doubt that Prospect will get funding, at least not enough to keep it going very long. If, however, it does get funding, that would be a huge positive. There is no way that I can imagine that Prospect would be able to get financing but Passport couldn't. That is especially true since a financier would have $152,000,000 in debt senior to him with Prospect. A financier with Passport would have $40,000,000 in debt senior to him.
I very, very much am rooting for Prospect to get funding.
I have read both Peter's and your opinions about Pershing Gold. He is bullish and you are bearish. Both of you provide arguments, though his are more detailed and less smart alecky.
Sure there will be a reverse split. That's not in itself bad. Sure there is a possible suit coming from a smarmy law firm that makes its living suing companies, and most such threatened suits come to nothing.
We'll see what next year brings. I still trust Honig's big buys more than your wise guy negative remarks.
OCLS is at $6+ from $2 yesterday, on 4,000,000 shares in the first hour and a half today.
It is a gel that is used to reduce scarring. What is so much better about RXII, that prevents scarring, and a gel that reduces it substantially later?
I am not asking the above rhetorically? The figure of $5,000,000,000 has been used a lot here as the annual sales potential for RXII's sales. NEVER have I seen anything about its competition such as OCLS, its price and whether or not it would be competitive, or its probable need.
My point: Sure RXII seems to #$%$ scarring but what does that really mean in a vacuum where we do not consider alternative palliatives, price of the various alternatives vs. RXII, or need.
How about some discussion on those matters? Do we really have the potential of a triple in one day with RXII, or has OCLS a taken a lot of the potential away?
P.S. I am long RXII but am beginning to think there is less there than meets the eye.
I assume, but really don't know for sure, that the suit against the company pertains to Honig's big purchases. If so, it shouldn't be a negative for us ordinary shareholders.
Because he (maxonnet and a few others) can. He has no life and likes to be contentious.
Makes no difference, he can affect nothing.
Well, how could Israel control our government and, still, let Obama cut his anti-Israel deal with Iran, and nobody in America was able to stop it?
In a way, I wish you were right that Israel could insure that the U.S. always acts in a way that is not detrimental to Israel. Alas, such is not the case.
Israel's determination to prevent an Iran with nukes--which could then blackmail and dominate the entire Middle East even if they never dropped the nukes--should not be underestimated. The bombing of Iran would not be the first choice of Israel but it will happen if the Israelis become convinced that Iran is Obama's new bff and that it is going nuclear.
I can say that I have family in fairly high positions in Israel and they are sure that Israel has the will and the capability to take out at least Fordow, Natanz and Arak with 60 planes each flying one mission. That would be devastating to Iran, possibly destroying their nuke-making capacity for decades, if not permanently.
Israel knows that would cause gnashing of teeth and whining in Europe and some places in the U.S. but would be worth it.
Grow up and get over your resentments. You held and perhaps still hold Prospect. You were warned a long time ago that Prospect's enormous $152,000,000 debt would drag it into bankruptcy. You have only yourselves to blame if you held on too long, or are still holding on.
Don't be resentful towards those who stayed with Passport. You had your chance. We warned you. You cannot shoot the messenger.
Just take your losses in good spirit and move on. No need to post resentful and negative stuff on the Passport board. Passport cannot help you.
Passport might and might not pull through (I think it will) but your stock, Prospect, is already toast.
Do you mean that 3 to 5 cents is coming soon for your Prospect shares. That would give a market cap for Prospect shares of $105,000.
I tried to warn you about buying or holding on to Prospect--with its $152,000,000 in debts-- but I guess you just wouldn't listen.
As for Passport, I think it will be okay. It, too, could go under but I really doubt it.
I know. I have wondered that myself. The difference between what Passport paid for its land and what Prospect paid for its land is just a bit less than the difference ($100,000,000) between passport's and Prospect's total debts. That difference could be crucial in determining the life and death of the companies.
I'm not saying it will but it certainly could.
They are allowed to trade the stocks they make a market for because, otherwise, they could not make a market. Especially with stocks lacking buying or selling pressure, markets must be created by mms.
The reason selling and even shorting by the mms works is that there are no other players--nobody but mms (in any meaningful volume) is buying or selling. Actually, without mms the stock would likely be drifting even lower. Note that NITE and CANT actually both buy and sell this stock. If they didn't, longs would get even more discouraged and the price would really tank.
Don't blame the mms entirely, blame the lack of investor buying interest.
If some outfit believes there will be a mine with 1,000,000 to 2,500,000 tons per year output built, the sale price will be well over $.25 per share. If it is bought out just to shelve the potash or for the land itself as pasture or future industrial development of some sort, $.25 per,share might do it.
I look for either a total collapse of the company and total loss for shareholders, or a significant gain over today's price. I strongly believe it will be the latter but at this point, who really knows for sure? "You pays your money and you takes your chances."
The current market cap is $10,000,000. The total debt is $35,000,000. The cash needed near term is at most $5,000,000. Total company, market cap+debt+cash needs=$50,000,000.
For that kind of money, Potash Corp., Mosaic, Intrepid, Uralkali or any of the other majors would want it just to keep the potential production off the market, if for no other reason. The land package of 127,000 acres is worth that just for pasturage and potential future commercial development. The insiders have to know that.
The current price makes no sense to me, irrespective of the potash in the ground. Anyway I believe that the potash market will turn around (in fact, is turning around now) and this company will be recognized for its potash potential.
I do not believe that this company will fail and go into bankruptcy because its debt is not enough to allow for that and there are lots of reasons for the major insiders to buy out the rest of us and just keep the hard assets--or for somebody from the outside to buy it all.
I will admit that I have often considered selling out of panic. I just won't do that. I bought a little more today. What the hell, why not?