RE: RE: RE: today manipulationFound this interesting read for what it's worth
RISK TO OWNING MINING SHARES IS ACUTE IN THE CURRENT CORRUPT ENVIRONMENT. THE RISK EXTENDS TO THE CANADIAN FINANCIAL MARKETS, WHERE NAKED SHORTING IS PREVALENT. THE EVIDENCE BUILDS.
A personal comment. Since February 2008, my advice has been to subscribers to go long in SILVER metal, either bullion accounts like GoldMoney or coins held privately. Those who followed the advice have been rewarded to the extreme. The Portfolio webpage is meant to satisfy people who insist on investing in stocks. The Jackass used to favor mining stocks, but no longer. The companies on the Portfolio are all good ones, active ones, with solid prospects, but no updates have been offered recently. Independent analyst Dan Norcini points out that gold & silver mining shares lag the metal price badly. They are priced as if the metals were still trading at their 2009 prices. In late 2007, total disgust overcame the once bright optimism held by the Jackass when the naked shorting of Canadian Junior mining stocks was revealed more openly. It is a routine practice by Canaccord in Canada, and by numerous other scummy Canadian houses. Several mining firms at the Cambridge House Conferences used to complain to me that Canaccord was naked shorting their stocks, driving down the share price, after working together on raised capital funding deals, with full impunity. They participate in secondary stock issuances, but sell more shares than they purchased, not noticed until too late and the stock price is down hard. The shorting can even be done by large venture capitalists in collusion with the dirty brokerage house outfits.
The Canadian paper factories are not much different from the Wall Street crooks. My preference is silver metal and gold metal, even platinum. The mining stocks are so vulnerable to dilution from newly issued shares, corrupt naked shorting, higher costs, jurisdiction seizures, labor disputes, and basic high capital costs like to build mills, to build access roads, to bring in electricity. Diesel is a big rising cost to mining firms. In the last two months, details have surfaced about naked shorting by Canadian financial firms. The main firm implicated is Alpha Group. The evidence is that when mining firm shares are bought, often they do not add to the traded official volume. They therefore offset previous naked shorts for mythical shares. The risk is not only of the price impact from illegal naked shorting. The risk extends to owning counterfeit shares that result from closing out an illegal position in the first place. The industry calls them phantom shares, since so widely spotted. See the weblog by Mexico Mike, an intrepid soldier (CLICK HERE).
Alpha Group was established in 2007 by nine of leading Canadian financial institutions with the aim of increasing the equity trading efficiencies and making Canada more globally competitive. Maybe so, but it also opened the door to naked shorting and deep corruption with no prosecution. The Alpha Group partners are all major players in the Canadian securities industry. The nine partners are: BMO Nesbitt Burns, Canaccord Capital, CIBC World Markets, Canada Pension Plan Investment Board, Desjardins Securities, National Bank Financial, RBC Dominion Securities, Scotia Capital, and TD Securities. Among the list, the only prevalent complaints heard by the Jackass and fellow colleagues has been Canaccord, in my view the most corrupt brokerage house in Canada, with naked shorting offices in Toronto and Vancouver. They are the biggest and most corrupt.