By Otto Rock
…as today has proven to the satisfaction of anyone with a stock market brain. As noted this morning when PVG suddenly fell of a cliff on XXL volumes, “If this dump today turns out to be yet another leaky boat moment from PVG and Q4 production comes in weak, I don’t see how we can ever trust this company again.”
And sure enough, it was. And we cannot, because they perpetrated a fraud in front of our eyes. The 96,342oz production on poor average head grade missed the target, one that was reiterated mere weeks ago, by over 10k oz and if the playing field were level every penny of the drop we saw today would be in tomorrow’s trading. But it’s not, because this is Canada and the crooks behind this scheme can get away with murder. It’s not as if it’s the first time insiders have been tipped off on PVG results before the rest of us and piled into the market for the stock either, just two quarters ago we saw the same type of suspicious pre-announcement activity in the market and sure enough, the ones with the secret information were on the right side of the trade.
Now I know some of you out there will go “Yeah it sucks, leaky boat, it’s the way it is” and leave it at that, but it’s high time these scumbags stopped getting away with it. What we saw today in PVG is illegal insider trading, a criminal offence that should be investigated, the perps prosecuted and sent to jail. And what about all today’s trades being rolled back, how about a little justice into this crooked game? As for PVG, as a repeat offender, it should have the book thrown at it by the Canadian regulatory authorities. If they start with the CEO (buck stops here and all that) and find out who inside PVG has been tipping their friends off. This fraud has cost retail investors (you and I) millions of dollars today and it’s not as if those dollars have somehow disappeared into thin air, as for every party there’s a counterparty and what you have lost, that one with the solid data in their hands six hours before the rest of us has won.
Pretium (PVG) can no longer hide behind a “won’t happen again, honest” defence because it HAS happened again, what’s more on a much larger scale than before.
[biiwii edit] IKN’s chart from yesterday as the rats were scurrying…
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