I don't follow the put/call option market on AUMN that closely but whenever I have looked the volumes are not that large. For sure the shorts helped the decline last fall and although it's not that uncommon for mergers to see pull-backs initially until the market sees how the synergies work, the pull-back in Golden was certainly excessive.

I also maintain that many existing ECU investors threw in the towel (even a few good friends of mine) post-merger or reduced their position last fall as they couldn't take it any longer and thus exacerbating the selling by shorts while some Golden Minerals investors didn't like the delay in El Quevar timelines. A near perfect storm so too speak.

In my case I bought all the way down to the low as was Sprott/Van Eck Associates and a few others on this board. I still think I did the right thing but only the future will judge my thinking/positioning/strategy and of course you pays your money you takes your chances and for sure I have more money that ever invested here and at stake.

BTW, I have sold none in a very long time (even when I do sell it's the fringes as I want to be very long the best growth stories in a bull market) and I don't blame friends who lightened up or sold, it's their money and they must make their choices. I do however have a problem with those who want to say I told you so long before the bull market has been completed or who blame others or just be contrary. Only at the end can we judge our success or failure in our choices and this includes those who choose another path.

Good luck to all,

GWR