FDR and the institutional buyersIt is awe-inspiring to watch the FDR trades march forward like an irresistible army, ever higher up the mountain slopes of our money-making ambitions. On healthy, rising volumes. Big institutions tend to have that effect. Chatter on CEO.ca has risen too, in quantity, meatiness and entertainment level.
Add to this Eric Coffin making another new high himself in terms of his level of optimism. I always avoid mention of any private HRA content out of respect for him and my fellow HRA subscribers, but lately he is sharing more of his own wisdom in public. Not that I am complaining.
Coffin is nearly the mirror image of my personality, as he stays sober even in the midst of the run of a rare stock like Founders. That he is now openly discussing with Goldfinger some massive Froyo zone ounce projections, makes me dizzy. All still done in his usual careful tone, mind you.
And speaking of dizzy, that also describes my own estimates of the arrival date for the first Buese assays. In the past two months, I think I’ve swung from one end of a three-week window to the other and back again. And here I go once more: maybe mid-August is too pessimistic after all.
If it takes 3 or 4 days to drill one hole, and the Buese rig has been operational for at least 16 days now, our crews may have completed 4 or 5 holes to date. If the cores get flown out every day or two, results from the initial hole(s) could already be in Colin Padget’s hands.
Whether the best cores are extracted first, third or fifth is probably mostly luck. But one way or the other, the richest of the initial five Buese drillhole assays could arrive as early as July 31st. The market sure senses something. Were some of the Buese cores already glinting extra beautifully in the sun while being packed up for shipment?
Meantime, I was not counting on such a strong Froyo assay report Monday. I wasn’t even sure we’d see another one from Upper Antino before the Buese results. It definitely doesn’t hurt our stock price.
And clearly I was wrong regarding a $2,400 gold price lighting a fire under our stock price. We nearly hit $2,500 without causing a blast off in FDR. Then we get a mini-collapse in spot gold, and FDR rallies right through it. You’d almost think Founders had discovered zinc or crude oil… anything but gold.
But we all know what element we’re hitting at Antino. And we all love it, and believe in it – despite its erratic attempts to climb towards $2,500 and beyond.
Finally, it is unfortunate that political risk is hitting some of the explorers who compete with us for spec money. But not unfortunate that it is maybe shaking loose some of that investment capital for immediate re-deployment into Founders.
I hate to win for that reason, but it’s a hard game and a hard world. Lots of people were sure Suriname came with more risk than Canada. Lately, those same people are learning otherwise. FDR shareholders’ confidence, extra research, and sense of adventure are paying blue-chip-sized “dividends” this week.
If it *is* mainly institutional buyers who are driving us higher these days, that is as it should be. We are a big enough success story we deserve this kind of interest and demand. And now every opening bell feels like Christmas morning.