Pinto, you may have a different view on the difference between...

Pinto, you may have a different view on the difference between investing and speculating. Just because you're holding over a long period doesn't mean it's investing. Speculation doesn't have a time limit.

For me investing means lower risk, relative stable earnings, capital return and capital appreciation in order to preserve your purchasing power. This does not describe FML. There are very few measures to value FML accurately because they have no ROE, dividend/dividend yield etc etc..

Speculation is high risk in the hope of extraordinary gains though capital gains. Whether you're investing or speculating you still need to manage those risks. If your in FML at 10 cents or 8 cents, you probably shouldn't be still holding at 3.1 cents.

It's thought if you can't value something, it's speculation. Treasure Island is 100% speculation. Ask Deano, there is a chance TI will yield nothing.

It doesn't matter if Deano finds elephant droppings in the field or spots jeeps driving around with illegal tusks hanging of the bullbar. The fact of the matter is, there may be no elephant.

The gold price may be $1600 or $1800 or $1400 next month. You don't know and I certainly don't know - Speculation.

There's nothing wrong with speculation but I don't think FML is what you class as investment grade. Your opinion may differ and that's fine.

In saying that, I have FML as a short term buy. My opinion only, however I have my eye on other over-sold gold stock that are operationally performing well and haven't been sold down to the extent of most.