Dismissing the cat and dog fights that seem to rage daily in this forum, and not having much of my lifetime left, and having had the privilege of being able to invest money, I still remain a long term holder of this stock, which by volume and trading prices has since 2016, had an average price of around 7-8 cents. I do so on 2 main factors.
Rightly or wrongly, only time will tell, at present I have not considered selling for the following reasons...
Firstly - the Political change: at present, the company has some form of legitimate mining concession to one of the largest Rare Earth projects known, but is unable to mine due to political change. However, that political change, is in itself somewhat unique, and IMO not generally appreciated.
Give or take minor variations from different sources, the country has a population of 56,421. There were 41,126 registered electors for the recent election, of whom 27,109 voted, less 581 informal, leaving 26,528 effective votes. No party could form a Govt, so a coalition govt was formed, with a very slim majority. The trend of change in that election was around 5%. In reality, somewhere around over 13,500 votes made up that coalition. Therefore the 5% swing related to around 650 people achieving the change of Government. That was democracy at work and must be respected.
However, noting the more recent changes of Govt in the last 3 elections in Greenland, in reality, what longevity does those 650 votes provide for any coalition, be it in Greenland or anywhere?
From GGG perspective, they have followed the rules of the legislation and are up to the "whitepaper" stage. Retrospective changes in law are always difficult situations to navigate through, so now we have a company with a reasonably substantial "cash at bank" engaging a world standard law firm, to argue a position with a cash strapped Govt with a 650 vote mandate. I'm not making any judgement here of the rights or wrongs of either party, but under these circumstances, I am not being panicked into selling my shares. I've been through this political position before.
Secondly - following the money: Global X took a big position, which they are now reducing, however the price to date has remained at the 7-8 cent long term average, therefore, some big money somewhere, (not us bottom feeding retail investors), see a long term future for the stock with whatever mining rights GGG does or doesn't have, regardless of the intentions of the newly elected govt. The take up of these shares at this price, under these circumstances again gives me confidence. The big money making their decisions have far greater analysis facilities and advice than me!
I hope I live long enough to see if my judgement was made on reasonable grounds.
Good luck to all investors, whether you go or stay. Be grateful you have the money to play with - not many in the world do..... a lot have to worry about their next meal!
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