Ouch and double ouch.
My current position goes further and further underwater. I have not sold a share to date, but also have held off adding any more over last few weeks.
I did talk to Larry today to see what in the blueblazes is going on. It seems everyone is frustrated with someoen else. At first Larry said I could do what I want and flip some more shares. I let him know that I have not sold a single share and am seriously underwater at this stage. Once that hurdle was crossed he cooled down and we had a good chat. Larry insists that they are not causing this, and he thinks it is more daytraders and possibly some shorting. I told him if they were not diluting then it would have to be shorting. He said I could very well be right but they are as upset about it as those holding their shares. He said they even bought some this morning on the drop to try to provide support but he said there continues to be Bid whacking. I know some do not believe him, but I do at this stage. Maybe I will be wrong for doing that, but thus far he has done pretty much what he has told me they were doing when we have talked in the past. On the flip side I have seen some occassions where others have indicated Larry told them differently than what I heard and each time thus far what I heard with my own ears turned out to be the actual truth.
He did have to attend to other business so we did not have enough time to cover everything I wanted to in depth, but he did tell me to call him back later which I am definitely taking him up on. Here are two things we did discuss:
He is meeting with China principal in NY next Tuesday to sign the final papers. He said they could fly there just as easily as EQBM parties could get to China so NY is now the meeting place to finalize that deal. I asked him about the Tailings potential and he said there are mass quantities of gold and Silver in the Tailngs from the past mining that has been done. The previous problem was there was no clean way to get the Precious metals from the tailngs. There now is apparently a new leeching method that is much cleaner and recently approved. Previously it caused all sorts of arsenic issues with older methods. If one goes back to older PR's they will see mentions of environment and an Israeli company that has Salt Water from the Dead Sea which will be used. I am not all that read up on Tailings and such but the potential here seems to be very good IMO. Hopefully we do see a PR or two on this project with finalization and also some Revenue numbers associated with the project next week.
We discussed Frankfurt briefly. He said they are listed but what is needed is a Bank or MM to have actual EQBM shares to put up for trading there. He said at this stage that has not happened but that is what is being worked on. There is a one to one share coorelation between the two markets so these have to be actual shares that the Bank or MM have in their possession to be able to trade in Frankfurt. This is only my opinion and theory, but I do wonder if this is what has caused part of the weird action we have seen on this stock? If one believes Larry about the tradeable float which I still do, then retailers very likely own a good bit of the actual tradeable float. Retailers and MM's alike like to buy low and sell high. If a MM or Bank want shares to put up in Frankfurt then they need blocks and they surely want them cheap as possible. To me this seems like we have been in a death struggle for these shares as UBSS is squeezing this stock like few I have seen before. Maybe they have been shorting to try to drive the retailers out of this stock to free up the float again? Meanwhile the stubborn retailers like myself have not given an inch and the squeeze is tightening. Eventually something would seem to have to give? As much as this price drops hurts my current position I do like some of the capitulation I am seeing. I do not think UBSS is going to give up until they get the shares they want at the price they want them at. Maybe UBSS will be one of the entities that does some of the trading on Frankfurt eventually? Just a crazy theory of mine as this is some whacked out hammering we have taken by holding on to this stock.
I did not get a chance to talk to him about Red Lake or Ecuador but will do so when I talk to him either today or tomorrow.
These are all my opinions and theories from an investor who still holds over 2.6 million shares and who is also underwater. I could be wrong on my views, but simply sharing what I believe. If you believe differently on what is happening and why then absolutely do your own thing.
