SOLD ZSL $33.82 BUY CDY $1.03 / Are the Bargains Still Bargains?

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This is Cardero Resource Corp (CDY), which I bought more of Friday at $1.03.
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CDY currently sells at .62X Book Value, has $1.20 per share in CASH and a tangible Book Value (Most Recent Quarter) per share of $1.68.  Trailing Twelve Month PE = 1.23.  58M shares outstanding.
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So what is the catch?  Why is this stock so obviously (or at least 'apparently') underpriced?
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I have no idea, other than to note that the stock market is not always either logical or fair.  
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I do know that I have checked this out at Scottrade Research, Yahoo Finance, Zacks, AOL and Reuters.  Everybody says the same thing.  
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Also, CDY announced on July 31 that they have bought a 17.1% interest in a Canadian base metal miner Kria Resources (KIA.V) for 10 cents per share.  KIA.V closed trading yesterday at 12 cents per share.  CDY announced on June 21 that they had acquired a 49% interest in a privately held Canadian coal mining company Coalhunter Mining Corp.  
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Click on the charts to ENLARGE

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This is a daily chart of Proshares Ultrashort Silver (ZSL) which I sold on Friday for $33.82.  Though I continue to believe that gold and silver are now in a short term corrective phase and ZSL would be a decent hold, I had a nice quick gain and decided to just pocket the money.
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My TSI trading record has been updated to record the sale of ZSL and purchase of CDY.

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Two weeks ago, Saturday August 7, I did a post titled Looking for a Bargain?  Just for the fun of it, let's see how things have worked out for my bargain list.  CDY was $1.07 then and closed yesterday at $1.04, so no improvement there.  
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How about Kobex Miners Inc (KXM)?  Kobex was 84 cents then and today is 80 cents.  No improvement there.  This stock, we recall, has 99 cents per share in cash.  Huh?  I thought 'cash was King'.  :)

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OK, lets look at US Silver Corp (USSIF).  US Silver was 21 cents then and 21 cents today.  No improvement there. 

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Darn it!  This just does not seem to be working out at all, does it?
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Well, last chance.  How about Vista Gold Corp (VGZ)?  Vista Gold was trading at $1.38 then and now......oh wow - LOOK AT THAT!  $1.95.  
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Hey, maybe this bargain stuff does work if one is patient.  
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Just because we know the stock is bargain priced does not mean the market knows it is bargain priced - yet.

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And in all fairness to the 'bargains' that have done nothing in the past two weeks, let's put that in perspective with what the general market was doing these past two weeks.  If you will notice, the stock market has been in only one mood of late - the sell mood.  The SP-500 has dropped from about 1130 to 1070.  That is 60 points of almost non-stop selling.  
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I wonder what these bargains will do when the stock market gets into the other mood - the buy mood?  
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I guarantee you the buy mood will be back.  Sentiment is getting so negative again that it is just a matter of days, would be my guess.
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Let's check back in a few weeks and find out how our 'bargains' are doing then, OK?