...as they would simply say they are in a black out.

They aren't even supposed to say they are in a blackout, because that alone would tell us something material has happened.

They would have recently been in a blackout though because they were working on the annual filings. Now, they could be engaged in an acquisition. Elmer has been meeting with Teck to talk about the 2014 activities and that could have caused a blackout too. There are so many possibilities.

The fact that they are not buying is not enough information to guage whether they think the stock price is going to go up significantly in the near-term.