I'm guessing forced redemptions, some of which appears to be tax loss selling. It could just be his clients. If you look at the 200 shares amount for example, that seems to be the correct answer. Why would JP unload just 200 shares? Doesn't make sense. He would do several thousand shares per day, more evenly spaced.

For some of the bigger blocks of shares - another possibility is that PFS Group income is down, like most brokers' income in times like these, and he saw an opportunity in, say, the futures market that was even better (short term) than Kimber. If he does well in the better opportunity, he may repatriate the money back to Kimber after locking in the taxable loss in Kimber for 08. I actually sold some Kimber in my taxable account this past year to lock in the tax loss, and bought it back in my Roth. After the Wash Sale time requirement expires, I will repurchase more Kimber in the taxable account.

I don't think Jim is bailing, because A. he had been buying up until December, so it would show goofy inconsistency. JP is not that type. B. He would probably still have much to unload, albeit gradually, in January, which it appears he has not done. It appears to be all or mostly client redemptions for tax losses.

This might also be telling us Kimber isn't going anywhere for awhile. Notice the lack of movement on the days gold moves up?