Shorts Abuse MLY AgainFrom yesterday's post:
<40,000 at the ask about 10:30 went through, now a flurry of mid-day trades, the first batch, buyer was 'Anonymous', now it's Orion buying.
Prices for larger trades at mid day all around $5.00, then it immediately falls back to negative on one hundred shares traded, LOL.
Are they shorting again at $5.00 to go for $4.50 tomorrow on the 'weekly metal selldown' at TSX?
Considering that Sprott runs this thing and the chronic huge discount to NAV, you would think that management would be proactive and DO SOMETHING to make this issue more than a trading short play for thier institutional buddies.>
Yes, they were shorting once again at $5.00 or above yesterday for the one half-dollar play on 'Metals Selldown Tuesday'. This is gettin so predictable. If I could have shorting priveleges on TSX, I would be going along for the ride in another account.
Eric Sprott, either you are part of the solution or part of the problem. Where is the integrity of this group? they have the power to stop this but sit idly by while shorting profits are rung up each week, wash, rinse and repeat. Well, maybe Sprott is part of the problem?
Tne shorts would not be playing MLY so easily if Sprott pulled the trigger on buybacks or a dividend, but all Eric does is talk about it, so the price compression continues with the discount to NAV stable at about 20%. Apparently this is a tacit signal to the institutions to short at will.
I see MLY as a good long term option for growth in Moly demand, but I now see Sprott with a different agenda for this play, short term, JMHO.
BTW: I have seen this pattern with other Canadian resource stocks, so MLY is not the Lone Ranger.
vocex1