Needless to say, we are all shocked and disappointed at ECU's stock price.

Let me assure you of one thing---this is the most manipulated, naked-short attacked stock I've seen in 30 years in the securities industry.

We know a "short-ECU" public campaign (Ecclestone--Hunter Securities) began a couple of years ago at C$.60 and the culprit is ignorantly determined to avoid covering and realizing his losses, thus the continual shorting despite silver's massive price escalation.

If you examine the trading by the usual suspected houses like CIBC, Jitney, and pseudo-nym Anonymous, you will realize the constant attack applied by some entity. CIBC had 17 separate sell orders this morning placed simultaneously at C$.85 @ 10:56am. Jitney "carpet-bombed 19 orders merely seconds apart. Then, in merely a couple of minutes apart again, you could find Jitney on both the buy and sell side at C$.83 at 11;07am, and the orders were not even crossed within the firm! Then, at 11:40am, "newcomer" Citigroup placed 4 simultaneous "iceberg" sell orders at C$.83. One wasn't enough--they needed 4! Are you kidding me? So blatant!

These are just 3 examples in a single morning. Can you imagine how many acts of security manipulation can be documented in a month?

Personally, I predict that either ECU or major shareholders will pursue legal recourse and in the "Discovery" phase, the culprit(s) will be identified.

Prior to that development, if the entity begins to cover, offers will dry up because most of them are his, and the stock will recover very quickly.

Hopefully, the catalyst is triggered next week with drill results.