Post by
ALLEN4 on Jul 01, 2013 9:40am
Looking through the front Window
gold_diggers, agreed not everyone has money available; almost noone does, there's always an excuse; but if one could predict the future with certainty and knew for sure we would be over a dollar in a year, people would find the money somewhere. Where there's a will there's a way. BP is not the only one who holds shares bought at much, much higher prices. I think the only purchases I have that are not currently under water were bought at 16 cents recently.
As for the cash we had during 2008 I don't recall; probably had some money from financings from the likes of Sprott, etc. But we had just gone through a similar decline, I think from close to a dollar down to 18 cents or so. But there was not this sense of desperation then as there is now. Gold was still below $1,000, and we were scouring West Africa for opportunities and had yet to come across Kiaka. But there was a sense that our management would make a discovey or acquistion to develop into a worthy project and that our share price would ultimately return to normal levels and higher. Remember, while there has been a few shares issued since those times, there has not been many and our market cap remains at levels that it was pre-Kiaka and pre-$1,000 an ounce gold. But we survived that down-turn and we will survivie this one. This is not a tiny venture stock with 300,000 dollars in the bank, no assets, and no management. This company has been a significant player in West Africa for years, and its management team even longer.
Here's a quote from this morning's Globe Report on Business insert, from David Rosenberg at Gluskin Sheff that |I liked:
"The rear-view mirror is helpful, but I'd still rather drive by looking through the front window. And considering how depressed the commodity sector is, I think there is only upside from here".