GSPG

From CaseyPedia

GSPG is the ticker symbol for Goldspring Inc., one of two speculative gold mining stocks touted by Casey Serin. Most quote services refer to the stock as GSPG.OB because it is not a listed stock, and trades on the Nasdaq Bulletin Board.

In a blog entry on April Fool's day 2007, Serin announced that he had purchased 1.3 million shares of GSPG^[1], presumably using his corporate credit. Casey later admitted to Nigel Swaby that the purchase really happened and was not an April Fool's joke as some initially thought^[2]. Duane LeGate also commented that Casey verbally confirmed the purchase. Haterz™ noted that the stock, which is highly volatile, lost more than 70% of its value in the weeks after Casey's announcement and lost Casey more than $2000 which he could not afford.

On other occasions, Serin has repeated his assertion that gold is a good investment due to his newfound belief in the imminent collapse of the dollar^[3]. He has touted Goldspring as well as Golden Eagle International (MYNG.OB) as the best opportunities to take advantage of this development. It is unclear why Serin has decided to focus on gold in addition to real estate at this time, or why he would pick two extremely speculative stocks as the best opportunities in the industry.

During his Australia trip, Casey explained that ...it’s gonna go through the freakin’ roof one of these days. Well the most likely scenario is its a hold term play and as he dollar keeps going down and gold goes up this thing should play out in the next year or two. Either that or my gold “guru” has been blowing smoke. Wil [sic.] will see^[4].

Haterz™ noted that at the time of that writing, no recognized security analyst, newsletter writer or other research service had published a recommendation for GSPG, and that apparently Casey's "gold guru" was an unknown, unpublished and unreferenced "expert."

[edit] Later Developments

A crowd of ~~investors~~ bagholders observes the purple-painted equipment that now typifies GSPG's operation. Casey Serin at the far left with murse. October 2008

In January 2008, Casey briefly (for a matter of hours) posted an article on a new blog called Millionaire By Christmas that touted GSPG's success and encouraged every reader to buy shares in the stock.

Speculation amongst the Haterz as a possible "pump-and-dump" scheme quickly circulated, and within hours Casey had taken the blog offline, following up with an e-mail to his mailing list explaning that people should "do their own due diligence" and not take his word for it.

During his EMH phase, Casey repeatedly touted GSPG and indicated that he had made a significant amount of money investing in it. According to Nigel Swaby, Casey's initial investment had grown to over $50,000, at which point Casey sold the stock, only to repurchase it higher a few weeks later. This gain was used by Casey as an excuse to quit his part-time SEO consulting job.

Casey has visited the GSPG "mine" on at least two occasions: in June and October, 2008, when the company held "investor days." He has made much of his meeting with CEO Rob Faber, and declared Faber to be "world famous," despite evidence to the contrary. He has also used the "investor days" as an opportunity to meet several friends from the Yahoo stock messageboards, including the top GSPG-pumpers Daniel Moore and the mysteriously-named "PMTrader," who appears to be Casey's "stock expert."

Following the second mine visit, a series of pictures were published on Casey's flickr account that showed much of the Goldspring equipment now painted purple. BelowTheCrowd immediately began to refer to the company as the Purple Painted Prospectors™ and to the messageboard pumpers as the Purple Painted Prospectors' Posse™. Haterz™ speculate that purple paint was on sale, as there can be no other reasonable explanation for its use.

Casey recently claimed to have asked his broker to mail his certificates so he can hold them personally. Casey believes, like many GSPG longs on the Yahoo boards, that the government may use or seize his shares in conjunction with his professed belief of a great depression part 2 materializing in the coming months of late 2008 or early 2009. After reaching a peak of $0.06 in mid-summer, GSPG's share price quickly fell and reached roughly $0.01 by late October 2008.