Steel HelmetOn pondering the ‘Buy Back’ I am not sure that it is the best thing to do.
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It is not a bad thing, it may get a good grade, but I do not think that it deserves an A+.
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We have real opportunities here in this beat up market.
I feel that this kind of dissipates the maximum use of our giant pile of capital.
IMHO I would rather see us taking advantage of the ‘blood in the streets’ in the junior resource market,
than take this ‘defensive’ move.
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On the other hand, we have so much money that maybe we can have out cake and eat it to.
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Actually I think that Mine-Professors implication that we take over the other 85% of High Desert Gold (HDG)
is worth considering.
This could be done for perhaps only around $5 million,
and we could make it a subsidiary for only around $2 million.
It is also interesting that HDG has a TSX rather than the more common Venture listing.
SPC could use that as a shell to easily configure a conglomerate of about 50 such bargains.
Talking about bargains, HDG is about 80% BELOW its 200-day moving average.
An 80% off sell. It doesn’t get much better than that.
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Unlike Mine-Professor, I have no shares of HDG.
I would like to see Mine-Professor be able to exchange his HDG shares for SCP shares.
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Now I am going to put on my steel helmet and say, IMHO,
I would like to see us go after the gold market.
RJ