3 Silver Stocks With Big Upside Potential [View article]
Paullev - Lower price of $6, $5, $4 or $3? SVM claims mean nothing. All that matters is what you can prove. Labor costs are rising, debt levels of Chinese companies (SVM's subsidiaries) are completely indeterminable (Big 4 agree). Canadian corporate governance? Did you forget about Canadian listed Sino Forest, the largest Chinese stock fraud to date? New royalties? The problem with China is not government expropriation, it's the fact you can never know if a company owns the assets they claim to own. Many Chinese Canadian and U.S. listed companies have been found to consolidate sales and earnings from Chinese "subsidiaries" they don't really own.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
UPDATE: SVM has removed all 5 of the false presentations from its website and slideshare site. SVM no longer has any published operating cash flow forecasts..
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
UPDATE: SVM has removed all 5 of the false presentations from its website and slideshare site. SVM no longer has any published operating cash flow forecasts.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Others, either less knowledgable about mining grades or more biased to support their investment theses published various pieces in support of SVM in 2011 when the stock was $7-$10. In 2012 SVM reduced the key SGX resource by 55 million ounces and blamed its declining grades on failures of management brought on by "distractions" from... short sellers! When that flimsy excuse failed to work, management changed the way they reported results and changed the mining method. More excuses. Stock still in the dumps.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
I just want to remind everyone again that auditors, even Big 4 auditors, have been totally ineffective in China. A company can easily "prove" to a Big 4 auditor that they have billions of RMB in cash in china. It means nothing. That's why I never ever challenge the cash claims of chinese companies. Even when the cash is really there, often in various time deposit investments, the auditor never discovers that the CD's are collateral for undisclosed loans that management took out to invest in pet projects or real estate.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
First of all, A*L was clearly identified as ANONYMOUS on its site and on Seeking Alpha at the time I published the first SVM reports. The anonymity was for a very sound and necessary reason - to protect my researchers. As soon as SVM found out who we were, they paid for Chinese police to terrorize and arrest my researchers.
What is more important than anonymity is track record. My researchers' efforts allowed me to expose 7 chinese stock frauds, all delisted from the U.S. exchanges and 3 charged with fraud by the SEC. I have a perfect track record of exposing fraud. Every company I called a fraud, turned out to be a fraud, as anyone can see: http://bit.ly/12ryjEb
Metal Augmentor supported SVM in 2011, making weak/rhetorical arguments against my reports, helping SVM management engineer a short squeeze, but then disappearing as a supporter in 2012 as SVM continued its relentless decline and the key SGX resource was lowered by 55 million ounces. SVM stock has been in the dumps ever since.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
SVM switched to AMC after I criticized that "BK" had no business license, office or employees. Recall that in my report I first suggested and recommended that a reputable firm like AMC might provide more accurate estimates. (However, I also recommended a firm experienced in China, with mandarin speaking geologists managing the project. AMC Vancouver office has neither, as far as I can tell.) Nevertheless I was pleased to see that AMC found 1) 79% (60 million ounce) decline in the Inferred silver resource, 2) 46% (55 million ounce) decline in total silver resource.
I never challenged Proven resources or even mentioned the word in my reports. Looking at the measured and indicated resource of the SGX mine, they went up by a combined 5 million ounces. Compared to the 60 million ounce decline in the inferred resource, this is nothing. A few people keep acting like the huge 60 million ounce decline in the Inferred resource doesn't warrant concern. I strongly disagree and I believe it borders on fraud. How did some changes in calculation from 2011 to 2012 make 79% of the resource disappear? Unless the 2011 figures were exaggerated.
Neither SVM nor any of its few remaining defenders has shown the math to explain how so much resource vaporized!
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
One year later, who was right?
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource, 2) 46% (55 million ounce) decline in total silver resource
3 Silver Stocks With Big Upside Potential [View article]
JNG85, one year later, who was right?
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource, 2) 46% (55 million ounce) decline in total silver resource
3 Silver Stocks With Big Upside Potential [View article]
Independent "Big 4" auditors have repeatedly failed to detect fraudulent financial statements of Chinese companies. All of the paper supporting documents that go into an audit can be fabricated in China. This includes VAT and income tax returns, bank statements, time deposits, etc.
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource, 2) 46% (55 million ounce) decline in total silver resource, and
3 Silver Stocks With Big Upside Potential [View article]
Ryu, can you explain how BMO's metals price forecast being off a couple percent in any way impacted SVM's +42% operating cash flow forecast when reality is so far YTD -29%?
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
JNG85 - I WISH I knew what value to place on SVM. I have never given it a price target because it is too plagued with red flags. I have never called it a fraud because clearly there is a real business there, producing ore (I have filmed them for months trucking ore from the Ying mines to the scale). I have also heard Henan Found mine managers saying that the JV partner keeps all the profits and SVM gets nothing. So I am skeptical of everything and wise investors always should be. Beyond that, I have no clue what level of profit SVM really generates.
Keep in mind that all my experience in China shows that ANYTHING is possible. The most profitable business I saw was Puda Coal. They also raised over $100M from investors (at $12 per share) and then I discovered and blew the whistle on the chairman who had secretly transferred ownership of the operating subsidiary mines to himself. Poof, all value vanished. PUDA is at 5 cents today. SEC charged the chairman with fraud.
China Integrated Energy Engages RBSM LLP as its Independent Auditor due to Auditing Merger [View article]
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3 Silver Stocks With Big Upside Potential [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
What is more important than anonymity is track record. My researchers' efforts allowed me to expose 7 chinese stock frauds, all delisted from the U.S. exchanges and 3 charged with fraud by the SEC. I have a perfect track record of exposing fraud. Every company I called a fraud, turned out to be a fraud, as anyone can see:
http://bit.ly/12ryjEb
Metal Augmentor supported SVM in 2011, making weak/rhetorical arguments against my reports, helping SVM management engineer a short squeeze, but then disappearing as a supporter in 2012 as SVM continued its relentless decline and the key SGX resource was lowered by 55 million ounces. SVM stock has been in the dumps ever since.
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
2) 46% (55 million ounce) decline in total silver resource.
I never challenged Proven resources or even mentioned the word in my reports. Looking at the measured and indicated resource of the SGX mine, they went up by a combined 5 million ounces. Compared to the 60 million ounce decline in the inferred resource, this is nothing. A few people keep acting like the huge 60 million ounce decline in the Inferred resource doesn't warrant concern. I strongly disagree and I believe it borders on fraud. How did some changes in calculation from 2011 to 2012 make 79% of the resource disappear? Unless the 2011 figures were exaggerated.
Neither SVM nor any of its few remaining defenders has shown the math to explain how so much resource vaporized!
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource,
2) 46% (55 million ounce) decline in total silver resource
full report here:
http://bit.ly/Wt7UU6
3 Silver Stocks With Big Upside Potential [View article]
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource,
2) 46% (55 million ounce) decline in total silver resource
full report here:
http://bit.ly/Wt7UU6
3 Silver Stocks With Big Upside Potential [View article]
The 2012 AMC technical report totally contradicted the previous 2011 BK technical report on SVM's key SGX mine (74% of historical sales) and found substantially lower resources:
1) 79% (60 million ounce) decline in the Inferred silver resource,
2) 46% (55 million ounce) decline in total silver resource, and
http://bit.ly/Wt7UU6
3 Silver Stocks With Big Upside Potential [View article]
Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News [View article]
Keep in mind that all my experience in China shows that ANYTHING is possible. The most profitable business I saw was Puda Coal. They also raised over $100M from investors (at $12 per share) and then I discovered and blew the whistle on the chairman who had secretly transferred ownership of the operating subsidiary mines to himself. Poof, all value vanished. PUDA is at 5 cents today. SEC charged the chairman with fraud.