My two cents...

 Although you can buy ARU in the US it is not easily purchased and I am pretty sure that the holding of ARU stock in the USA is very small. If you know anything about the "US Over the counter" markets you know that market makers take huge "fees" for there services.  Fortunately a lot of discount brokers have Canadian brokerages that will trade through the Canadian markets at more reasonable prices.

Unless ARU starts to trade on a US exchange there will continue to be a very small amount of US investors that hold ARU stock.  Wether you like it or not the US market is at least 10 times bigger than the Canadian and a lot of potential buyers in ARU stock never will here of it until Newmont or someone else buys it out.

There has been much said about MM on this board and I will not elaborate except to say that I am not convinced as to it's ability to drive the ARU stock price down to the extent that we have seen in the recent weeks.

I do feel that traders in ARU are much more likely to be a serious cause  of the price decline.  As I understand it you can borrow on margin in Canada to trade ARU ( you can't in the USA).  Whenever you combine trading and the ability to buy and sell stocks on margin you create the "the perfect storm" for great price fluctuation in the stock price.

Traders ( right or wrong) feel they can "see" the trends in the stock either up or down ( today there are all kinds of market programs that will give them this "perfect advice").  With this superior knowledge they will then trade the stock!!

Anyone who trades or has traded stocks for any period of time will tell you that you do not win them all...in fact YOU ARE LUCKY IF YOU ARE RIGHT 40 TO 60 %  OF THE TIME !!  Depending on your money allocation you can either win or lose.

All that said. there comes a time that traders and even long term investors get tired of stocks moving negatively over extended periods of time and WILL DECIDE TO LIGHTEN UP AND SELL SOME IF NOT ALL of their position !!

I like all, or at least most of you, think ARU is the Gold Stock of the future ( hopefully not too future) and want to see how it plays out.  We all must remember that you can own the greatest stock in the world for the long run but get killed by market trading conditions in the short run.

All in MHO.