The stock is running hot, and here is why, in my view. No, it is not just because it is a new issue.

There was the original shares that were called Kadywood KDC-H.V, and those became shares of Gold wheaton. Some but not all of those Kadywood shares are what are trading presently. Then there is a whole huge bunch more shares that were:

A. given to FNX for the privilege of taking its old off-take from Sudbury, and

B. sold to whoever got their hands on them for 50 cents apiece, including a half-warrant. for the next few months, those private placement shares are locked up, restricted. I believe, but do not
know for sure, that they were tough to get in on, anyway.

Now, within that framework, there is another shorter-term event that is about to take place, or is in the progress of taking place, that may have allowed the stock to get even more out of hand than it should have.

Believe it or not, it is the simple bureaucratic act of changing the CUSIP or unique numerical idenitifer for the shares from the old one for Kadywood to a new one that has been assigned to Gold Wheaton.

Here is what happened. the Kadywood share were free trading, but then when they officially became called Gold Wheaton on a one for one basis, the CUSIP changed. Until that CUSIP is officially registered with each brokerage firm, that particular firm will not allow Kadywood owners to sell those shares. They are in twilight zone transfer process and untouchable for a few days.

My original Kadywood shares in my account are currently untouchable by me. Can't sell them. They are recorded as 2000 shares of N/A and they have the right price, but I can't sell them as Gold Wheaton yet. Why? Because my brokerage firm, which is a large one, has not yet officially received the new Cusip number into its system. A woman at the firm said this process can take five six days.

It is also possible that Gold Wheaton's fledgling management accidentally did not deliver some CUSIP form or other to the brokerage firms ASAP.

Why Am I Telling You This? Because when that new CUSIP hits the accounts, or as it does hit different accounts on different dates, what will happen is that shares that have been locked up while the stock ran up will be tradeable again. So somebody who paid 1.14 and has been looking at 1.75 (a 53 percent move in a matter of days) might indeed be tempted to sell as soon as this is feasible.

Please understand, I am totally psyched on this stock and want to be a long-term owner. I think Gold Wheaton is a great idea!

I am just saying not all the action will be to the upside in the next few days. I am also saying that there will be a second danger period in November, I think it is Nov. 4, when the PP stock and warrants become free trading. Just two trading events to keep in mind.

Regards, Michael

And here is the trading history.

Price History for Symbol: GLW-X
Last: 1.650 Last Trade: Jul 17, 2008
Date Close High Low Volume
Jul 17 1.650 1.850 1.500 484,950
Jul 16 1.450 1.490 1.390 184,768
Jul 15 1.390 1.390 1.390 0
Jul 14 1.390 1.500 1.200 369,140
Jul 11 1.120 1.240 1.010 293,710
Jul 10 1.000 1.110 1.000 166,300
Jul 09 1.070 1.100 1.030 154,450
Jul 08 1.050 1.050 1.000 98,200
Jul 07 1.050 1.050 1.000 82,600
Jul 04 1.020 1.050 1.000 191,350
Jul 03 1.010 1.040 0.970 91,801
Jul 02 1.040 1.050 0.960 156,800
Jul 01 1.000 1.000 1.000 0
Jun 30 1.000 1.050 0.990 63,970
Jun 27 1.050 1.050 0.990 128,600
Jun 26 1.000 1.090 0.990 249,200
Jun 25 1.000 1.040 0.970 160,950
Jun 24 1.040 1.100 1.030 163,600
Jun 23 1.050 1.150 1.050 148,600
Jun 20 1.050 1.150 1.040 354,550
Jun 19 1.100 1.200 1.100 431,150
Jun 18 1.190 1.200 1.110 349,800
Jun 17 1.100 1.130 1.050 370,725
Jun 16 1.130 1.200 0.900 1,181,180
Jun 13 0.900 1.250 0.880 2,595,300
Jun 12 0.590 0.590 0.590 0
Jun 11 0.590 0.590 0.590 0
Jun 10 0.590 0.590 0.550 122,000
Jun 09 0.550 0.550 0.520 19,500
Jun 06 0.520 0.520 0.520 8,300