GOLDBUGS AMEX Goldbugs Index (GOLD)

[YankeeAce]

Nice entry point for WITM today. Selling pressure must be from the comment that a cave in forced them to abandon parallel drilling at the 165 foot level of the Bates Hunter Mine. IMO the potential for gold at that level was limited anyways. If you check out the diagram on the company website you might agree. Historical finds at lower levels had a higher average then up there (265 feet would be ideal). So IMO this is not really that bad of news. The dewatering process should continue to pick up momentum as we continue through the summer months as dry as it is here in Colorado.

On top of all that, the company is exploring a Mexican Silver Mine that it may purchase. Ok, so maybe it isn't gold, but the team that had come on board recently has a real eye for potential. Check out Mr. Mottley who is CEO of El Capitan Precious Metals (ECPN). He took his company from $0.40 to $4 this year.

WITM also has interests in South Africa and Canada but I think their best value lies in Colorado and the potential for Mexico to work out. We have completed a 60% retrace from recent highs and should now we set for the next leg up. I have cashed out twice on this one and the full potential is still there. If you are interested I started an iHub board. Plese let me know what you think.

Thanks