Member Info for Impecunious2

Hi, Flagstaff.

Thanks for this. I note that Louis Castro is participating as well as Brad George; perhaps because in the past Brad has been criticised for his less than perfect PR skills.

Here's another Kitco interview with trader Gareth Soloway. He speaks very well about pump and dump, in the first ten minutes or so. Also, about trading on margin, which is now at a high level in the US. Also about gold, 13 minutes in. I learn a lot every time I listen to him.

https://m.youtube.com/watch?v=PBm4MGCSUeM

Hi, Damo.

Yes, I've been impecunious for most of the last sixty-five years. "Impecunious1" is also myself; but somehow I locked myself out of the account, and was unable to get back in.

You're right to be mostly in cash. The market is overvalued in the US; the only question is whether we get a brief fall of 10 to 20% on the S&P500, or something more substantial, similar to 2008. But I must confess I'm still 100% invested, 92% in GGP (which has fallen by 40%) and 8% here (for reasons too obvious to mention).

I agree entirely with your para 4.

Hi, Henry.

It sounds as if you were getting quotes for selling, not buying. I was trying to put in £24 k, and ended up splitting it into two lots. As already mentioned, the price shifted against me slightly between the two trades.

Best wishes.

Hi, Damo.

Moving averages are of no use in this case, because of the steep rise last year. But we can see that there's support at 20 and resistance at 40. If one has a large holding, it makes sense to hold some of it, and trade the rest. But it's not that easy to acquire a large holding; as mentioned, I bumped up against a market size of £12k twice last week. And who knows how easy it will be to sell? Brad George mentioned lack of liquidity as a problem, in one of his interviews last autumn. That used to be a problem in GGP, but changed as the market cap grew. So one day it will change here, too.

Hi, Damo & chrysoberyl.

Yes, I think it's very likely that we will be locked in a permanent cycle of a rise to 35 or 40, followed by a fall to 20. Like Sisyphus pushing his rock up the hill, and then when he reaches the top, it rolls down again. It's profitable, if one sells at 35, which most of us will do, given recent experience. But it's not ideal. What one really wants is an upward trend. Then we can get rich by holding.

Hi, Mulletman @ 19.46.

I didn't know it was possible for one man to contain so much knowledge. I hate facemasks, and wear a bandit's handkerchief, tied with a shoelace around my head; from which you may draw the conclusion that I will not be buying shares in this particular company anytime soon.

Hi, Strummer @17.52.

I'm with you on this. But I don't understand SME. I thought it was "small and medium enterprises;" but perhaps not in this context.

Re the billboard, people read it for information, but also for entertainment. I don't see anything wrong with this, particularly during lockdown, when there are few other sources of entertainment. Of course, friends here are not real friends; but some of their remarks are very funny, and that is a pleasure in itself.

Hi, Dodge.

The problem is, it takes two to tango, or in this case, to quarrel. Some of those speaking against Tymers have crossed the boundary of good manners; but Tymers himself would not be welcome in the drawing-room of a Jane Austen novel (nor indeed my own). Irony and understatement are not his forte.

Best wishes.

Hi, Everyone @ 11.59.

I'm with you on this, particularly the last sentence. One needs to be in both, because both are in joint ventures with much larger companies ("take me now, darling, etc"). There is a problem about the allocation of capital; at the moment, I'm 92% GGP, 8% OMI; but keeping the matter under review. The market size in OMI (on Eqi) is presently about £12k, so transferring £100 or £200k is not easy. I recently did two transactions, as swiftly as possible, and the price jumped up between the first and the second. I like to think it was some quick-witted jobber, making his money; but it wasn't, it was an algorithm.

The market size for buying (on Eqi) seems to be about £12k. I had to split my last order into two, for it to go through. It doesn't matter very much (£11 a time); but clearly would be a problem, if one was trying to put in £500k, because the price would move upwards between the several transactions (as it did slightly between my two).

Hi, Jaguar @13.00

I'm with you on this. I think he got lucky on the 22p forecast. Maybe he took a look at the moving averages (which I should have done), and decided it was overbought; but I don't think his knowledge extended beyond that (though his malice certainly did).

Hi, GG.

Thanks for the reply. It's very decent, and decency is worth more than money.

Hi, Tymers & Rob.

Yes, I've added, too. It was the white wine that did it.

Hi, GG.

You are right to make this distinction. He was a nasty piece of work. So I shall limit my shame to not having foreseen in early January that the share price would fall. I wouldn't have sold all of my holding, but I would have sold some of it.

Best wishes.

Hi, Hornblowered @10.17.

Your last paragraph reminds me of Arnold Palmer, who correctly forecast a fall to 22p, which is where the share price has now settled. I was one of those who ridiculed him, and now feel ashamed for having done so. The problem is, if one spends time reading posts on this board, one becomes too optimistic. The same is true on the other boards, of course.

Hi, Panama.

Orosur (OMI) is the one to go for. They had a fund raise in late November, which should cover salary costs for this year, and the drilling is being paid for by Newmont and Agnico. Newmont owns a stake in the company, c. 18%. You'd need to look at some interviews with the CEO, Brad George, to get the general idea.

The share price has come down recently, so you won't be buying on a spike.

Hi, Daveri @ 19.42.

I agree with you on this. If one looks at the share price from 2006 to 2019, one sees that it was a pretty miserable experience (with the exception of Newmont's interest in Ernest Giles in 2017). I bought at 3p in January 2011, and suffered a horrid decline to below 0.1 p in January 2016. These small exploring companies only become successful, when they find a partner. It's a bit like the marriage market in Jane Austen.

Hi, DrRemington.

I didn't know that people were starting to take posteriors. Reminds me of Jeremy Thorpe, who added so much to the gaiety of British politics.

You may be right, Hawk. I'm not dogmatic on this matter. And I remain fully invested, 95% in GGP and 5% in OMI.