Hi everyone,

I've been thinking a lot about this question:

Being somewhat of a numbers guy, I decided to do a quick volume analysis on GCO using Yahoo!
For disclosure, I'm a shareholder for many of the same reasons as you may be.

Volume Analysis:

- Total number of shares traded before Oct. 29:
32,323,300

- Total number of shares traded on or after Oct. 29:
24,674,400

- Difference:
7,648,900

I chose Oct. 29th because it is the day that the stock reached levels of 16 cents or greater.

At this rate (the average volume that shares have traded on or after Oct. 29 = 1,370,800) it should theoretically take us 5.58 trading days to have turnover.

Now I realize that not every shareholder that held before has sold or intends too, but this is a general volume analysis that can explain, in part, why the stock hasn't been able to hold within the 16-20+ cent range. I realize there are other factors in play here as well that fudge with the numbers, such as the market maker, etc.

Why hasn't it been high enough?

- Maybe some investors are waiting on the sidelines for drill results, even though it seems that historical results have siginificantly de-risked the process. Not to mention that core being pulled out of the ground has the same mineralization, confirmed with pictures.

- Maybe there are not enough people who know about this story just yet and the buying power of those that do is currently not enough to trade shares with profit takers from Oct. 29th and before.

- Any current shareholder that gets spooked for personal reasons or other and sells shares adds to the volume that is necessary for this stock to go higher.

I hope this is of value and am expecting higher prices in the coming weeks.