Gold Reserve, Inc. (AMEX:GRZ)

Gold Reserves, Inc is about as NUTS as you can possibly get for an equity trading an average of 50,000 shares per day. I avoided downthumbing it while it rose with the gold prices. The last few days are either a dent in the armour or some reconsolidation of fresh future bagholders. I understand that valuing precious metals still in the ground is subjective. I question junior non-producer miners share price rising with Gold prices which are a temporary snapshot in time that may not correlate to getting the stuff from the ground, (if ever).

In the case of Gold Reserves, however, it's even more ludicrious....Gold Reserves would imply that you have some. Gold Reserves doesn't even OWN A MINE or a claim!!! ???? Huhhh?? They do have over $65 Million in the bank which might warrant some share price, but they are using it to try to get their mine back from a government entity that is unlikely to be moved. Huhhh?? They also owe over $100 Million so are net negative!

10-Q's are excellent reading on company's such as this....try this snippet and the full report and see if this company is worth even cash on the books.....

http://biz.yahoo.com/e/110812/grz10-q.html
"Gold Reserve, an exploration stage company, is engaged in the business of acquiring, exploring and developing mining projects. From 1992 to 2008 we focused substantially all of our management and financial resources on the development of the Brisas gold and copper project located in the Kilometer 88 mining district of the State of Bolivar in south-eastern Venezuela (which we refer to as the "Brisas Project" or "Brisas").

On October 26, 2009, in apparent response to our filing on October 21, 2009 of a Request for Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes ("ICSID") against the Bolivarian Republic of Venezuela ("Venezuela"), government personnel arrived at the project site, claimed ownership of the Brisas Alluvial Concession, seized assets, expelled our personnel, and took physical possession of the property. Subsequently, on November 4, 2009, Venezuela notified us through the issuance of an Administrative Act, dated October 20, 2009, of its intent to cancel our underlying hard rock concession which it formally completed in June 2010. "