Silver, here is my 2 cents though others may disagree:

Investor: Looks at long term opportunity and mostly bases decisions on fundamentals and industry outlook as well as economic environment.

Trader: (Me) looks at technical and other indicators for short term movement. I'm a swing trader so I look for emotional triggers where I think there will be action...often contrarian to what the market is currently seeing. Things like fibinacci levels, bollinger bands etc. where historically people change positions. Also in this are momentum players who look for stocks rising (or falling) and try to jump in and ride the wave, then get out.

Speculative traders: They look for risky stocks whose fundamentals really don't support any kind of normal valuation but they have something or some event that may trigger a steep gain. Examples are a buyout, FDA approval for a drug etc. KRY was never a gold stock but had a speculative event in the permit that could have triggered a steep gain with a decent reward/risk ratio. Even for spec players, few majors look at stocks under $1. KRY really doesn't have a permit trigger any more but with our MOC and what we could get in arbitration there is a good reward/risk that a deal or a settlement could send the stock higher.

In short, there are no fundamentals that support investing in KRY regardless of the value of LC because we have as of now been denied a permit, so major investors would not look at KRY. However, there is a very real possibility of an "event" that could trigger a decent gain even if short term. I believe that those who have been buying in are speculating on that "event".

Depending on the nature of the "event" we COULD move from a spec play to an investment, which would attract large investors, but for now we are a speculation on a single event.....JV, buyout, settlement, arbitration or even a remote chance at a permit. Before that, regardless of the nature of the event we will likely move from a spec play to a trading stock....which will make me happy.