(Here was today's trading response to AUMN's manipulation assessment (posted below):
Karen,
The manipulation of AUMN is so blatant that it is not even debatable.
Here is what I wrote fellow large ECU/AUMN , long term shareholder GWR at exactly 9:14 am CST:
“Okay, after 5M bid at 1.62 and only 500 offered at 1.63 a few minutes ago, here comes the blockade...just watch!
I hope I’m wrong but we’ve seen this act too many times.
The shorts will limit the escalation before the momentum crowd jumps in.”
Then, at 10:20 am CST I followed up with this:
“As expected, 1.57-1.58 despite silver much higher and gold now up to even.
They cap it from the high systematically over and over by stuffing the offer side and redirecting the inflow (as indicated by John Kaiser).
I notice the same trading crap occurring with HL and MUX simultaneously, which are both well off their highs.
I wish we could annihilate these culprits!”
Well, looks like that prediction came through with the stock now trading down at 1.48. Lucky guess on my part?
Truth be known Karen, if AUMN’s mgmt. has not been able to recognize this since the ECU merger, there’s no hope.
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(from Karen Winkler)
Please know that so far, we have spoken with legal counsel who specialize in securities law plus with our market maker about this activity – and multiple price drops of several cents at the close on 100 shares did not raise any eyebrows. In fact, our market maker says they see this with many NYSE MKT shares; it is typically day traders/short-term traders getting out of a day’s position at the close via an electronic trade. NYSE MKT shares attract this activity, I’m told, due to their lower trading volume and the price volatility that accompanies it.
In investigating this we face the same conundrum we did with investigating potentially illegal short selling: accusers must provide clear proof that an activity is illegal before anything will be investigated, Golden is unable to investigate without incurring $ millions in legal and other expenses to do the research, and counsel informs us that most actions prove fruitless even after incurring the time and cost. How does one prove that selling 100 shares at the close is done solely to manipulate the price when the counter is they are closing out a day’s position? Spending millions as a small company without a strong chance of success is arguably unwise, especially in the current environment. If you have specific information laying out why you believe what you are seeing is illegal, please let me know – but so far in my discussions, I’m told the trading patterns provided aren’t proof of illegal activity nor do they raise suspicion.
