Before anything else, be clear that I don’t have a dog in this fight. This is not my thing, I don’t care enough (about cryptos or about money in general), I own no shares of Bitgold (XAU.v) and that’s not going to change, however high or low it might go. And though I’m sure that one fine day it’ll collapse to a more sensible level, at which point it might (or might not) be worth looking to see if there’s any steak behind all that sizzle, I couldn’t hazard the slightest guess as to when that might be so if it goes higher than today it won’t surprise me much. And before you try to get all fundamental (and fundamentalist) on me about the company and what it has, be clear that I’ve also done what most of you out there haven’t done and read the 126 page Bitgold listing application dated May 8th and filed to SEDAR by XAU.v on May 12th. Yeah all of it, top to bottom, even the boring bits, so I know about the thing, how the company is structured, who has the shares and how much they paid for pieces. That’s not the funny bit.
I’ve also watched with amusement as XAU.v shares have taken off and flown like the veritable eagle since the IPO
last Monday two Mondays ago. Which has been fun, and rather silly too, but that’s not the funniest part either.
Nah, the fun has been watching the rise in seething hatred for the stock in people who play the Canadian junior mining companies, partly because they now feel stupid for caring about digging holes in the ground and thinking that precious metals are the true source of all wealth, partly due to the nostalgia and the “hey, remember when we could hoodwink em all like that too?” feelings it brings on by watching from the sidelines. Or maybe it’s the thought of what XAU.v directors would do if they were offered a 100m share bought deal at $3 by some brokerage tomorrow morning. Or even $2. Fark, they could raise a quarter billion, buy out ten shitty explorecos and reinvent themselves as Sandstorm’s next acquisition target. And face it, Nolan’s bought into worse stories.
All because somebody has managed to out-think the Canadian Venture Exchange regulars and man oh man, they’re gonna hate Roy for that. So good luck to Bitgold says IKN, I hope the bubble doesn’t burst too soon and even when it does, the company has enough real backbone to make something of its plan.