FIRST GOLD: FIRSTGOLD CORP. FILES FOR BANKRUPTCY PROTECTION

Interesting.

Still - there's a good way to play the juniors in gold and silver: GDXJ

It was up over 7% today and is diversified so you don't lose everything by betting on a soon to be bankrupt company.....

Firstgold Corp. is already in bankruptcy, c'mon, don't manipulate my statement.
I have wrote that company is filling for bankruptcy TODAY and you should not run to buy but wait. Now stock is $0.007, then it was $0.017 and I think now is the best time to buy it for $0.005 limit. 100,000 shares for $500 is no big deal, explanation why FGOCQ is better than GLD or NEM are also pointed to. The entry level to own gold is very high, what can you buy for $500? Half of American Eagle? 10 shares of NEM?

Considering Firstgold have 3 million ounces of gold sitting somewhere, worth $3 billion today, and then they have about 100 million shares outstanding, so the max. share is worth at today's prices is $30 per share. If you also think in 2-5 years gold will be worth about $2000, then this is what FGOCQ is worth, minimum $30.
I just looked at bid/ask it's already $0.008-0.01, I can't promise you will be filled at $0.005. The cheapest way to invest in gold, is to invest in Firstgold!
http://www.​firstgoldcor​p.com/rc_exp​loration.asp

It seems that $0.005 is gone at the moment, stock is at $0.014 or up 47% today.
http://finance.yahoo.com/q?s=FGOCQ.PK

I just added a chart, where you can see that Firstgold Corp. offers much better investment than all the stocks in the Gold/Silver index or XAU.
This is the stocks in the XAU: http://finance.yahoo.com/q/cp?s=%5EXAU
Considering this are the most held stocks by investors in this sector, FGOCQ beats them all in a gold bull market. That's why if you believe that gold will double (in my opinion gold will be worth $3500 by year 2015), Firstgold Corp. is the cheapest entry into this sector, you buy the spot gold today not for $1100 but for $10 AN OUNCE!!!!!!!!!!!!!!
Look: http://zhgkh​bjghcdfcj.ang​elfire.com/ch​art/firstg.gif

Just a quick observation from a well-tested hand at this game, if I may...
Pumping good money into bad is the precise reason most folks that speculate in this favorite sector of mine (no pun intended) don't ever seem to make any progress, and then cry about what a bad investment buying gold or its diggers has always been for them. Why would anyone salivate over a bankrupt miner? Are you kidding? A digger filing for bankruptcy during a decade-long bull market in gold? I can rattle off at least six $1 juniors that have trainloads of verifyable ounces underground, boast cost of production under $500/oz, keep hitting records of production quarter over quarter, and will likely get takeover bids from the majors when things really go into high gear--all of which have delivered 400%+ gains since gold hit bottom in Nov of 08.
Sometimes, we get lucky in this game. Buying bankrupt diggers is usually not the way to fortune, however...

Nice to meet you too, good point everybody. JoeGold should know a thing or two about such stocks, look into his name :)

I have created another funny chart, that compares Firsgold Corp. over 5 days with biggest and most widely held Gold/Silver stocks :)
http://zhgkh​bjghcdfcj.ange​lfire.com/char​t/bullgold.gif

It outperformed all this stocks by 80%

This is the stock only for the big bull in Gold, if it materializes as I expect then Firstgold will be really first. For this stock from $0.01 to $0.10 is a matter of days, not a single stock in the XAU Index will rise 1000% even if Gold will be $3000, they will go up 300-600% max., by then Firstgold will be worth $10 minimum and your 100,000 shares will be worth $1,000,000. I really want every investor who is too poor to buy big caps or gold bullion, to buy such micro caps in Gold/Silver sector, I am not sure these are available, FGOCQ is the cheapest gold stock on Earth.

Good buy, I also think you should not buy it again, 100000 shares is enough to gamble on Gold. But if GC moves as expected ($3500) don't sell it for less than $10.
I think they were delisted from TSX, also I expect very soon somebody will take them over. They have very good locations of their mines, it is worth billions $.

The real issue here is not gold prices at all. It is U.S. government lifting restrictions on mining, the ability of the company to raise financing for mining operations, and the actual presence of gold in the first place. All three issues have to come together for this business to make any money. Just because gold goes up will not mean anything. This due diligence took about two seconds... I would hope you all do much more than that before investing any money. Also realize that this security is a namechanger from a previous entity, and it is now likely trading only in the greymarket and other unreporting, unregulated markets.

Look at this Canadian miner, it went from $0.03 to $2.40 or 80 fold.
There is no difference between Firstgold and Crocodile Gold, the news have no effect when Gold is rising. In a bear market even very good news will be very bad for the stock and the opposite. That's why I think if Gold will rise, Firstgold will rise over 100 fold.
http://zhgkh​bjghcdfcj.ang​elfire.com/ch​art/croco.JPG

Here I am playing devil's advocate again (perhaps the voice of reason for any newcomers to this game?)...
Devilangel: I'm not sure I understand how a comparison can be made between First Gold and Crocodile Gold. One is bankrupt, the other is a viable, flourishing enterprise; the latter's stock price has risen as it has for good reason, and there are many such examples in the junior universe. Also, how can it be stated that the performance of a gold miner has nothing to do with the price action of the underlying product? Show me a miner who can pull gold out of the ground for less than the price of retail--provided they don't carry a hedge book--(there are many), and I will show you, almost without exception, a stock who will rise immediately and without hesitation as a direct result of that price action.

Pennyking: while anything is possible, I think you overspeak when you claim that the issues I hold/invest in will drop by 99% should gold halve in price. As only one example: one of my holdings has a cost of production under $325/oz. With gold at $500, your mathematics don't quite add up, I'm afraid. At least two of the silver miners not listed in my MG portfolio pull it out of the ground for less than 1/5th the cost of retail, and one at less than $1/oz. after byproduct credits How, I wonder, would their respective prices fall 99% if its main product fell 50%?

I do understand the appeal of the "lottery ticket" play, however misplaced the rationale may be...my caution extends to the new players here at MG who might get caught up in the "this play cannot lose" siren song of bankrupt companies. I've seen this movie
before.

I think it's too late, neither me or you will stop this traders from buying FGOCQ.PK
I want to support their motivation and have urged them that anything over 100,000 shares (then $500-$1000) is very risky. But it had the opposite effect and I see volume everyday somebody buys in 100,000 shares tranches. I don't know if this is this crowd or new are coming, but from 185,000,000 shares outstanding, none are dumped after the Chapter11 filling. Usually immediately after bankruptcy filling, volume jumps 10-100 fold, depending on the story, here nothing happens, nobody dumps here nothing.

Besides Firstgold mines are of good quality and are in very known and famous Gold/Silver areas, Crocodile Gold has very similar characteristics for g/t (gold grams/tone) in most of it's mines. Total Crocodile Gold reserves 1.5 million oz, Firstgold 3 million oz.
They are very similar stocks, one is trading for 1 cent, the other for $2.
Chapter 11 by the way is reorganization, so it's not over yet for Firstgold Corp., if GC price will rise, they will suceed and stock will be worth 100 times over.
If not, then listening to this crap will lose you $500-1000.

http://www.cro​cgold.com/i/pdf​/ReservesResour​ces20090531.pdf

http://www.​firstgoldcor​p.com/rc_exp​loration.asp

Hear hear joegoldbug. In case new traders are unaware, if a company goes bankrupt, most often the initial shares from the initial offering go worthless if a company emerges from bankruptcy. Most often, when a company emerges from bankruptcy, they issue NEW shares, which then have value with the newly-emerged company. You can still buy bankrupt shares of the old GM, but they are intrinsically worthless, because a bankrupt-emerged GM will issue new shares should it be publicly traded. The U.S. government, in a rare move, issued a formal announcement explaining this to investors who still owned bankrupt GM shares, who had irrationally rallied the price of the bankrupt shares over threefold, some without knowing that the paper they were bidding up was worth nothing. Due diligence is the name of the game. Do not buy anything - anything - without understanding what you are doing. Investing in FGOCQ is investing in worthless paper. Unless you think that magical bidders are going to come out of the woodwork and be a greater fool than you to relieve you of that paper, I wouldn't recommend paying for it.

Investing in bankrupt companies is a highly speculative field that is dominated by some of the smartest minds on the street. These minds are visiting executives personally, touring facilities, hiring appraisers, working with lawyers, consulting with debt specialists, and usually buying a preferred version of debts or assets that limit their liability and increase the attractiveness of the investment. If you are interested in FGOC, call them. Buying their bankrupt shares on the open market should be your absolute last course of action, as common equity gives you the least preference in any company liquidation.

It's already up 400% :) from the low
Congratulations to all the buyers of FGOCQ, I don't care how many members bought it and made this money, if you can recover some of your $$$ that WS stole from you in blue chips, great!
I would not write about my stocks, options, warrants on MG I write independent research so you can buy or sell short and make money, my hobby is to show you a big picture so you can find the details that you like and depending on what you see to buy or sell.
In the FGOCQ case everybody bought I hope, otherwise they would have a F off short covering squeeze. :)))
I keep my target in tact depending on GC price, GC 2000$ stock 1$, GC 3500$ stock
10-30$, GC 700-1000$ stock 0.005-0.10$

Good luck boys&girls, stock is up today and this reflects the real situation of GC sector in general, there is much more demand for GC equity than there are mining stocks, sentiment is bullish overall and everything sells. I don't care if it's a bubble or not, investors who bought internet penny stocks in the late 1990's made from 1000$ to 1,000,000$ without asking too many questions. Timing is everything.
PennyKing, JoeGoldbug is not bearish on GC he simply buys higher valued miners at a later stage, I mean if you didn't buy XAU or other miners 10 years ago then all small caps entry is considered late stage since the last 5 years. That's why FGOCQ is like buying GC for nothing, you havn't seen anything yet. Keep your stocks then sell it at the good time, make 100 times your money and enjoy your life.
http://finance.yahoo.com/q?s=FGOCQ.PK

nice return since my $0.005-0.007 call
Long live the gold bulls
http://finance.yahoo.com/q?s=FGOCQ.PK