Int'l Speculator refreshes Pediment buy

2008-12-30 17:50 ET - In the News

The International Speculator in its Dec. 3, 2008, issue, refreshes its buy of Pediment Exploration Ltd. at 50 cents, officially, "Buy on weakness." The newsletter said buy in the Jan. 2, 2008, issue, at $2.69, and on July 3, 2008, at $1.55. An investment of $1,000 for each of the two buys is worth a sobering $501.

The Speculator's writer goes over the press releases and notes that Pediment has not had any news out since his last update on Nov. 5, 2008, when he listed Pediment as one of his "Recommendations for the Courageous." Despite the company's flagging share price, he says he loses no sleep about Pediment because "it has the goods and it has the cash."

The writer still likes the company's main San Antonio project and he continues to believe that La Colorada will add value soon as well. Both are in mining-friendly Mexico. Still, with things so quiet, the company is particularly vulnerable to tax-loss selling, so look for strong dips down to 40 cents that could represent buying opportunities.

"For stink bids, try 30 cents." Fellow letter writer Brien Lundin in the Gold Newsletter said buy three times between July, 2008, and October, 2008, at prices ranging from $1.29 and $3.24.