You don't have to say anything IMO. I can appreciate the logic you bring with most of your posts/opinions, but you have been as off on your valuation predictions, based on your EPS valuations, as Zacks has been. Being right or logical about the EPS or where the fundementals of this company are have meant absolutely squat about where the real SP is. The problem I have with Zacks is his valuations aren't realistic to where the SP trades currently. I could also make the point that in 2010 when we traded @$1.30/share that the shares were probably over-valued based on the fundementals, so it goes both ways. Hopefully the SP will overshoot to the upside at some point again.
As far as what management's accomplished or failed on I think it's been a mixed bag. They have obviously fallen on their faces with getting projects accomplished on time and failed on all their production projections in the past. There have been far too many promises made that have not been kept, but I hope we're in a place now where I can see us making a push to a higher production level with them finally getting the new ball mill going and at least get us up to a yearly production number around 100K oz., that only took us two years longer than they projected. That may not mean a thing if the POG starts tanking. I don't blame management for everything concerning the SP, but you have to be foolish to think they haven't been a big part of the reason the shares have underperformed.
What concerns me now though is where the overall economic situation is going in 2013. It's looking more likely that the POG is not going to fair very well in a slumping world economy. If the U.S. goes back into recession with the fiscal cliff looming then gold may fall hard. I assume that would knock the miners lower than they currently are. I guess at some point there will be a bottom.
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