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Biggest Chinese RTO fraud yet? Sure seems like it may be. Always do fundamental research rather than just buying something cause it has silver or gold in its name.
and when buying a Chinese company, always always always check the SAIC filings.
GMX,
Yeah.. a lot of fraud companies generate significant earnings and cash flow, dupe their auditors into believing this cash flow is fraudulent, then have a share re-purchase plan to 'dupe' the retail investor. Sounds like you are pumping and dumping...
This has been the Chinese RTO business model for years now. The auditors are idiots *Deloitte and CCME for example*, the cash is fake *China Biotics and its fake banking websites* and the assets do not exist *SinoForests wicked woods*. Look up CCME, or RINO, or SNOFF.PK, or CHBT, or fifty other similar Chinese companies. Just because SVM is involved in mining does not change their ability to use the Chinese RTO business model.
I want to see the letter before I am convinced there is fraud here, but the odds are quite low of SVM being a clean company.
GMX,
Perhaps this 95 page press release will satisfied your 'concerns': http://silvercorpmetals.com/attachments/News_Release_Sept_2_2011_Combined.pdf
Better cover now. Frankly GMX, I'd say you are walking a very fine line here...
JFC
all i see from you GMX is empty insinuations and speculation, no real facts.
if you want to say that svm is like those other companies that commit fraud, you have to do better than just to say well they are chinese, too.
i am open to examining the evidence, but unfortunately you've provided none.
in my experience, when someone goes around calling themselves "Xpert" or some such thing, it usually indicates a very arrogant person who is full of hot air.
The SAIC filings are claimed not to match. SAIC mismatched filings by themselves are conclusive evidence of fraud. SVM claims the shorts have doctored the SAIC filings. This same claim was made against Absaroka Capital, and Citron Research ... two extremely good research firms, and both times, the Chicom was lying and the short sell research firm was correct. Do I suspect SVM is lying? Yes, because just about every Chicom listed in the West has had phony books and has come up with long false defenses against shortsellers. Re: CCME, RINO, SNOFF, CHBT, et. all.
Do I know SVM is a fraud? Absolutely not. Am I eager to see the letter? You betcha. Am I short? Well I did put a red thumb with dollar sign next to SVM when it was trading at nine bucks. Could I be wrong? Sure.
Excuse me, green top pick check mark next to my pick.*
Yes, Sinchy, I made another mistake. Feel free to quote me for years to come since I made a mistake when referrencing CAPS user interface. ;)
Have a great weekend everyone.
No comment on the cash being overstated in the FRAUDULENT LETTER sent by a spineless person named anonymous, Mr. Expert or ?????? Just give us your comments on the cash fraud allegation and how credible the rest are after SVM's EXCELLENT response. Everything goes through cash. We're waiting..........
Seems GMX has gone underground. Is he being hounded by the Feds as we speak? Cat got your tongue GMX? Karma is a bear isn't it?
JFC
http://labemp.files.wordpress.com/2011/09/silvercorp-metals-final-report.pdf
Who prepared the "Silvercorp-metals-final-report.pdf?" I could not find a source or an author.
alfredlittle.com
Alfredlittle.com is a blog - almost always negative - nothing more - read the company reply -
Alfred Little buys Chinese stocks too. Not almost always negative. http://seekingalpha.com/article/288467-feihe-international-rapidly-improving-balance-sheet-growing-market-share-and-strong-earnings
I think people are getting too emotionally invested on this one. Is there fraud in the Financial statements? Maybe. Maybe not. Just like all other companies, 99% of investors cant know for absolute sure because of our limited prerspective of the company. I would edge towards there isn’t, but I would say that the possiblity is definitely not 0.
On that note, remember the one rule: Don’t lose money. Is there a lot of potential downside risk for this company. Yes. Is there upside potential? Yes. Are there stocks that are less risky that have the same upside potential without the downside risk? Yes.
On the note the GMX is committing a massive fraud…Seriously? Get out the tinfoil hats everyone.