RE:RE:Sprottbob333666 wrote: In the case of Eric Sprott selling. I don't think it has anything to do with KL. Sprott is wild over Macassa describing it as another Swan zone development, talking about Macassa's new discoveries now, like he did 2 years ago about the Swan Zone. Eric Sprott is no longer chairman, he is under 10% anyway. Eric Sprott is a billionaire and maybe he has rules that won't let himself put more than a certain percentage of his wealth in any one investment. The way KL keeps going up, his ceiling maybe keeps being hit over and over, which makes him divest some of his holdings as KL goes up. Sprott is prudent, he didn't become a billionaire for no good reason. Also as they say, you can sell a stock for a million reasons, but buy it for only one. For all we know he could might be setting up trusts for his grand kids or future great grand kids using this money, which has nothing to do with KL. In fact this could mean he is wild about the future of KL as he talked about $4.76 in earnings in 3 years time on his show, and Macasssa and Fosterville going to a million ozs each in the future. So he took some money off the table, and KL will keep going up making his investment greater again. IMHO
Bob,
I think you nailed it. Sprott did not sell because he thinks this has topped out. Sprott sold because he MADE 660 million dollars off of KL! Last I looked, and that was a while ago, he was worth 1.2 Billion. ADD 660 mill to that and KL was up to 33% of this net worth. Anyone knows that having 33% of your net worth in any company, especially a mining stock is crazy. Sprott is just doing the prudent thing, taking some profitable money off the table, and diversifying.
Just remember if he stays where he is, he could lose 300 million in a heartbeat if one of those two mines collapsed. Or the communists in Australia got greedier than they've already been (note the recent 5% Net Smelter royalty imposed). Or Quinton and Tony have heart attacks. Or...or...or....And he knows very well that those things happen in this business.....
Icarus