Some time ago I questioned whether a bear operation had started in our share price. It was mentioned by a contributor that TD Securities had a sizable position and they were just selling their shares. Well, if this is true, then TD needs to take a lesson on how to maximize sale prices because they're really doing an inferior job of getting out of their position, especially with gold well established over the $910 level.

Now, if it is a bear operation, then they are doing all the right things. Usually, when a bear operation begins, they start when an issue begins rapidly advancing on, probably, increased public participation. They start supplying stock either with borrowed or phantom shares. In Canada, it's real easy to sell shares not borrowed, also known as naked selling. Securities oversight by regulators really stinks as seasoned traders and investors are well aware of.

The killer rally for shareholders usually takes place following a reaction from the first rhino horn move. This second burst of upward movement is met with greater selling pressure from the operator. Usually, following this second weaker rally public enthusiam gets noticably drained of energy and following this event there is a slow process of attrition being aided by constant offerings with an attack here and there on the bids.

This morning, IMHO, TD is acting a little more aggressive in hopes of causing some shareholder panic so they can cover their short positions. The tell tale sign of manipulation is selling a bid followed by an offering lower or at the last sale in an attempt to smother the share price and possibly bring in sellers.

This morning TD sold in order beginning at 11:06:28: 2000 at 1.05, 4200 at 1.02, 4800 at 1.02, 6500 at 1.05, 3500 at 1.05, 3200 at 1.02, 1000 at 1.00 and 4000 at .95 where they left 7800 offered there.

For the long term, in perspective, this means only that it may un-nerve some shareholders to panic a little and let a suspected TD profit from their freight. Aside from playing with shareholder's minds, the long term picture continues to look rosy with drills spinning away as Louvem's cash hoard builds up.

What the bear operator counts on is shareholders being too scared to even consider buying the stock or adding to existing positions.

I'm sure investment banks or their trading departments have models on how to make money by shorting low-priced Canadian resource companies but I ask the question, what if someone didn't do their homework and didn't discover Richmont's large position of 70%? In most cases, when a large company holds a majority interest in another it is just a matter of time until they get the rest.

Good luck to all shareholders during this attack on our share price.