PG update PG has got to have a good felling about this. Read the last line. makes you go hummmmm?
GLTA
Doublem2
https://www.grandich.com/2012/09/update-48/
Like it or not (I’m somewhere in-between at the moment), Oromin Explorations, (a client of mine) has become my single largest holding ever (by far now) and readers, friends, business associates and the like own it (including my entire IRA accounts). So I’m obviously highly bias and its always possible I’m not thinking with a clear head (at least that’s what the wife tells me for nearly 30 years now).
This commentary of mine has been made not only to update the parties noted, but to satisfy for now the thumping in my heart that occurs on the down-ticks.
After being key support going back to 2010, the $.80 gave way and is now key resistance. As noted in earlier updates, I suspected we would see the recent rise run into resistance there. It did (Point B).
The stock has never been a very active trading stock and like many other juniors, it suffered the wrath of the recent bear market. Like others too, it rose off those crater lows and is now trying to build a base.
In recent days, a seller (Stonecap) has been feeding out shares and from almost three decades in and around this game, the pattern of the selling suggests it may be an order that has to be completed by the end of the third quarter (Friday). Believing this, myself and some others have put bids under the market and some have been filled (I had one in yesterday at $.60 and may put a similar one back in today and/or tomorrow on the assumption that seller may be more motivated as the week comes to a close).
In the meantime, the company is due to put out a resource update (but unlike some Internet posters who seemingly have little else to do but squabble on chat forums, I won’t hang myself if its not out until next week or so). Unlike these squabblers, I’m not expecting such a release to immediately launch the share price into orbit. Instead, I believe if the merger and/or takeover talks the company has alluded to since last December are still ongoing, then I believe this resource allows them to get real serious with the Feasibility Update due in the fourth quarter and year-end a good target area to hope those talks turn into something that leads to OLE no longer being an independent concern.
At these share price levels and the assumption the resource update shall show a company with lots of gold, speculators/gamblers can consider using this apparent seller as a way to buy a lottery ticket on OLE.