Pretty quiet

It looks like the 9.6 million share day on Aug 1 and the 75% gain was a speculative blip now. With no news to feed the speculation we have drifted back down to a low of 4.5 cents today.

If there is any consolation, today is the first day in several months than RBC didn't sell a single share. Today it was a TD seller that sold almost 1 million shares and much of the buying came from flippers looking for a half-cent gain.

I haven't been posting the daily trades recently, but if this something that anyone is interested in now that Wega is not much of a factor, let me know.

SJ must be keeping the company afloat while efforts are continuing to secure bridge financing.
It is not helping that the price of gold dropped $30 today in about an hour. Is this a steeper than normal correction in the long term gold bull or a reversal? There is some pretty good insight about this topic in this Resource Investor article:

http://www.resourceinvestor.com/pebble.asp?relid=45229

Here is an excerpt:

We are in about the same position as the big plunge in the CDNX in 2002 for just about all the comparison metrics except that both gold and silver are multiples of where they were then. So, what we are witnessing right now is much, much worse than the 2002 retreat in the index’ relationship to gold metal. That’s what makes the ghastly conditions in the small resource companies today so dang maddening. It just doesn't make any sense to those who expected the small resource companies to leverage the price gains for the metals. Calling small resource companies cheap right now is like calling the universe big. Both are gross understatements.

Anyone can rattle off a long list of reasons for the illogical price action, investor fear, the Credit Crunch, flight to cash, etc., but what it boils down to is a vacuum of liquidity in the small resource sector. Hardly anyone is buying and every day someone quite literally HAS to sell. Today, often that means selling into weak or nonexistent bids, driving the small guys into or under the basement.

Investor confidence in small resource companies (and for that matter virtually all highly speculative issues) has been shattered. Holders of those stocks are demoralized and reeling from portfolio shock if they have held on at all. Very few of the funds which had been buying these unbelievable high-percentage-on-tiny-volume dips are still doing so, and now rumors are swirling that more than one large Canadian or Bahamian hedge fund, funds that were heavily invested in the small miners have blown up and have been (or are being) liquidated, putting intense downward pressure on shares of the companies those funds held. (The rumors are likely true.)