L, I undersand your logic, but remember the human psychology component plays a huge role here. Remember Cicso buying everything with its stock as its stock was rocketing to the moon in 97-2000? The euphoria affected them (the people at Cisco) too. They figured that no price was too high to pay, because Cicso (their stock) would keep rising forever.

Basically what I'm saying is that a bubble is a bubble for the reason that very few people can see it. When Agnico-Eagle gets to $200 a share, they won't think twice about paying $10 a share for Kimber, because they'll be seeing their stock at $300 a share in a few months. That's how it works in bull markets and manias. Everyone gets happy and nothing can go wrong.

I'm more worried about you guys and even myself than I am about Kimber and Agnico-Eagle. I'm Agnico will buy Kimber for $10 a share and we'll all be sitting on huge amounts of Agnico stock when gold hits $10,000 an ounce and Agnico is at $750 a share and I'll have to come on here and tell you all that I'm thinking it's time to unload, and you'll write back that "Bull has turned traitor" and "Bull has lost it."

Bull markets, and expecially final stages of bull markets are very hypnotic. I sold $70,000 worth of Intel stock in March of 2000 and felt sick for about 12 months. Even when it kept dropping I felt I should get back in. This is a tough game, let me tell you.

Anyway, L, I don't think a ceiling can be placed on Kimber's buyout price unless a ceiling can be placed on human wants and desires. Bull