Continental Minerals (KMK-TSX-V $1.50) is my largest personal holding which I added to aggressively this morning. While I don’t work for the company, I do work for other companies managed by KMK’s management group, Hunter-Dickinson.
I’ve been speculating that KMK is a takeover target. The recent entry of a Chinese mining company as the second large Chinese company to hold a significant stake in KMK, IMHO has set off a ticking clock for either them or another party or parties to make a bid for KMK. This news today was the tip off as far as I’m concerned. I believe they’re posturing to make a bid. The original large shareholder can not afford IMHO to wait and must be preemptive.
I’m raising the buy limit on KMK to $1.55. Please remember, one must be prepared to lose part or all their capital when speculating/gambling.
wow i saw that maybe 10 minutes after u posted it and i couldnt even get it for 1.60 and i was trying to triple my holding. frustrating……
Don’t chase the stock. $1.55 is my limit.
yeah ive got it at a limit right now so im hoping that it comes down by day end as i got a partial fill.
Sure would be nice to see this type of special alert with regards to NAK!
Hi NAKTOTENBUCKS
Am considering buying NAK at today’s price. but before i do am trieing to come up with a plan on a sell stop. Want to have it before. But on the up side want to have a price i will automaticly sell at. was thinking about 10% above current price. Do not have a core position like you shucks. Have followed NAK since it was $4 a share.
Um Peter, you are aware that the story cited an investment of 1 billion Chinese Yuan for all of 2010. Just so we have our currency conversions straight, that’s US$146 million. So their entire 2010 acquisition budget is not even 75% of the market value of Continental Minerals. Not exactly a screaming buy signal. Have fun running off the cliff, lemmings. KMK will be back below $1.50 next week. I sold on this 13% pop, and I’ll be buying back next week. Thanks for the pump Peter.
RICH do you math it is more like 3 hundred million brother rich.auf wiedersehen.
6.82 to the dollar brother RICH.
NICE TRY.
1 bn / 6.82 = $ 146m, brother pete… Go back to school !…
if anybody wants math lessons let me no. thank you.
yes me. Show me please how you get to $300m from 1bn CNY with an exchange rate of 6.82
Pete,
You got the conversion rate right, but the arithmetic wrong. Try this:
US$146.4 million * 6.832(CYN/US$) = 1 billion CYN. Exactly like I said.
In any case US$146 million is not a lot of money for a year’s worth of acquisitions.
1,000,000,000.00 CNY = 146,430,040.21 USD
China Yuan Renminbi United States Dollars
1 CNY = 0.146430 USD 1 USD = 6.82920 CNY
Rich is right pete. so explain your case then rich. you dont think that there is the money to take over kmk but you will be buying it again lower? to be honest though i think that kmk may correct after this pop but for someone like peter that chats with management personally to be buying aggressively and has over half of his portfolio invested in it, i would bet you peter knows more about it then u and me and that the case for it is bullish over the next 6 months.
naktotenbucks i can remember this type of special alert when nak was 12 and it was peters largest holding .
Ryan, I don’t disagree with anything you had to say. KMK went up to C$1.70 today with no news (that insignificant story notwithstanding) on a generally dismal day for juniors. Peter said not to chase, but they did. Hedgies probably fed the fire on the way up. The SP is already back down to C$1.64. When something like this happens, it is a very profitable trade to short the stock in the short term. I’m buying back next week because I like the story long term. No truly good news is likely to happen in the short term.
sorry rich but 1 billion yuan is just a prediction of what they want to spend. my aunt does the math she apologizes.
also if zijin has 25000000 shares what does it take to buy out the rest.
PETER what about the 1 billion yuan.any explanation.
LOL, LOL, LOL You got to love some people! First you have the “I’m smarter then Peter” posters and the “I really hate Peter and love to take shots at him” folks. Yet I bet everything I own none of them can remotely match Peter’s 25-year track record. Again I say to my amigo, why do you give it away to people who can’t even appreciate it?
Susan and the other good people here. Don’t let these self-appointed know-it-all’s ruin your day. Petey has his own set of birdies and I’ll bet a freaking eagle flew into his window this morning.
Like all the others who came and challenged Peter since this blog began only to be proven wrong and Petey right, such will be the case on KMK.
By the way Susan, I hear Petey is a fan of yours.
Yes, I agree
“Continental Minerals (KMK-TSX-V $1.50) is my largest personal holding of which I added to aggressively this morning”.
Neil Please show me where Peter put out anything similar on NAK at $12 or any price above $7. When you can’t please come back an apologize.
If you math wizards did a little more research, you would know why Peter noted that article and how you’re misreading it (surprise, surprise). Don’t ask me to explain because you’re totally undeserving of even the time of day. Susan and the rest of the good people, relax as you’re in the clear and heading for the end zone.
I guess all those posters at $1.20 who were whining can expect the current whiners to join them soon. LOL
i agree with ed. there has to be good reason for peter to aggressively buy so i set my limit buy at 1.55. not going to lie though i hope it dips so i can get some more cash in. but i would say that rich does have an interesting point…..is $145,000,000 enough to pose a take over? i guess we will find out.
on another note though i am getting slaughtered in EAS-TSX and thinking about buying in low here. maybe a good entry point for others as it fell of a cliff today and it looks like it has a trading range of 1.80-2.80 at the moment.
ED it was in peters old letter before this blog . thats why i am in at 12.but its not all bad by doing what naktotenbucks is doing my average cost is down to 7.75.
George Peter first recommended CXX at $.33 and when it hit $3,60 he told people to take profits. That a 1,000% return. GIX was a favorite of his from pennies up to $2.30 but blew up in the credit crunch. But one had plenty of opportunity to make profits there too.
Ed is right about losers like yourself who love to hate Peter and post the inevitable losers Peter and all of us end up having. But I find it ironic out of 100+ or more recommendations of his, you losers only talk about a half dozen or so losers and never the big returns on all his others that make the small minority of losers not even measurable when all are added together.
Tell me George, is it penis envy?
RyanM
“someone like peter that chats with management personally to be buying aggressively and has over half of his portfolio invested in it”
Please confirm
who says anyone is against anyone ED THE TREND IS YOUR FRIEND UP OR DOWN THATS WHAT MAKES MARKETS.
Read between the lines gents……last week HD were doing ‘cart wheels’ and this weeks the SP is doing ‘cart wheels’…..I can see a $3+ buy out coming this way!
I agree Jay