mad scramble to get back in, page-13

It was due for a correction after such a speedy rise and evidently some who bought in the 30s and early 40s cashed in some of those to make a quick small profit. I bought in the 30s too to add to mine but couldn't bring myself to sell.

Unfortunately the market is so utterly irrational you can never quite tell where things are going.

Gold is maintaining its record high when some thought it might correct. Others say it is headed for $1,350 and even higher - name your figure! Obviously there is a good reason gold is going higher and higher.

We hear of gold miners scrambling for gold in the ground and paying some very fancy prices and there have been a number of takeovers recently.

It reminds me a little of real estate. You put your house on the market and other houses and units are selling and you wonder if yours will. Maybe some months later there's a sudden rush and you have two or three buyers simultaneously vying for it. Your property has "fallen through the sieve" as one real estate operative said to me.

Really we only need one serious buyer - perhaps that 500,000 buyer yesterday is one- to make a difference. We are after all sitting on four million ounces of resources and reserves!

Not so long ago sales of over 100,000 CRK a day was a rare occasion, not it's almost the norm. There are only a few million shares floating around to acquire - most are held very tightly. Yesterday's turnover may well have been 10% of all the shares currently available. Where are they all going? You'd think there'd be a crunch time when there's no one left prepared to sell at these low prices. We'll just have to wait and see I suppose.

Meanwhile we are edging closer to decision time for this management and anyone else who wants to get involved. Yes Bball surely we must resume the upward trend when all those cashing in will have sold.

I actually thought there'd be very big sales at the 40c mark but we sailed right through that, so perhaps we are making up for it. You look at almost any chart and you'll see it's almost never a continuous upward curve whether it be gold or shares. I guess the key is picking the temporary tops, selling some or all and then picking the temporary bottoms and buying back in! I find that very hard indeed. Others are more expert.

I'll just sit and wait and if it drops to even more absurd levels again I'll get some more.