RE: Naked Short Sellers!!!!I wonder if IROC or the OSC knows this ? That would explain Friday's controlled coverage.Once again, why go to all that effort to stunt a supposedly worthless stock ? Or all the trouble to cover your position. Fear and greed ? No pain and prosecution.
RISK TO OWNING MINING SHARES IS ACUTE IN THE CURRENT CORRUPTENVIRONMENT. THE RISK EXTENDS TO THE CANADIAN FINANCIAL MARKETS, WHERENAKED SHORTING IS PREVALENT. THE EVIDENCE BUILDS.
A personal comment. Since February 2008, my advice has been tosubscribers to go long in SILVER metal, either bullion accounts likeGoldMoney or coins held privately. Those who followed the advice havebeen rewarded to the extreme. The Portfolio webpage is meant to satisfypeople who insist on investing in stocks. The Jackass used to favormining stocks, but no longer. The companies on the Portfolio are allgood ones, active ones, with solid prospects, but no updates have beenoffered recently. Independent analyst Dan Norcini points out that gold& silver mining shares lag the metal price badly. They are priced asif the metals were still trading at their 2009 prices. In late 2007,total disgust overcame the once bright optimism held by the Jackass whenthe naked shorting of Canadian Junior mining stocks was revealed moreopenly. It is a routine practice by Canaccord in Canada, and by numerousother scummy Canadian houses. Several mining firms at the CambridgeHouse Conferences used to complain to me that Canaccord was nakedshorting their stocks, driving down the share price, after workingtogether on raised capital funding deals, with full impunity. Theyparticipate in secondary stock issuances, but sell more shares than theypurchased, not noticed until too late and the stock price is down hard.The shorting can even be done by large venture capitalists in collusionwith the dirty brokerage house outfits.
The Canadian paper factories are not much different from the Wall Streetcrooks. My preference is silver metal and gold metal, even platinum.The mining stocks are so vulnerable to dilution from newly issuedshares, corrupt naked shorting, higher costs, jurisdiction seizures,labor disputes, and basic high capital costs like to build mills, tobuild access roads, to bring in electricity. Diesel is a big rising costto mining firms. In the last two months, details have surfaced aboutnaked shorting by Canadian financial firms. The main firm implicated isAlpha Group. The evidence is that when mining firm shares are bought,often they do not add to the traded official volume. They thereforeoffset previous naked shorts for mythical shares. The risk is not onlyof the price impact from illegal naked shorting. The risk extends toowning counterfeit shares that result from closing out an illegalposition in the first place. The industry calls them phantom shares,since so widely spotted. See the weblog by Mexico Mike, an intrepidsoldier (CLICK HERE).
Alpha Group was established in 2007 by nine of leading Canadianfinancial institutions with the aim of increasing the equity tradingefficiencies and making Canada more globally competitive. Maybe so, butit also opened the door to naked shorting and deep corruption with noprosecution. The Alpha Group partners are all major players in theCanadian securities industry. The nine partners are: BMO Nesbitt Burns,Canaccord Capital, CIBC World Markets, Canada Pension Plan InvestmentBoard, Desjardins Securities, National Bank Financial, RBC DominionSecurities, Scotia Capital, and TD Securities. Among the list, the onlyprevalent complaints heard by the Jackass and fellow colleagues has beenCanaccord, in my view the most corrupt brokerage house in Canada, withnaked shorting offices in Toronto and Vancouver. They are the biggestand most corrupt. See the description of who Alpha Group is (CLICKHERE).