Starting a month long road show, with institutional investors yesterday, Goldcorp chairman Rob McEwen and Wheaton River CEO Ian Telfer, who are pretty good guys in my book, had lots of bad things to say about Glamis.

This is a time (when the heat is on the participants) that the public can really learn a great deal.

Per McEwen: "This is not a place to put one's money " in Glamis. I have US$110 million invested in Goldcorp and I'm interested in making it grow;.I'm going around telling shareholders that (the Glamis offer is) a terrible deal for them and it's a terrible deal for the Glamis shareholders;I'm issuing a warning now that this is going to be a bad situation. I'm certainly not sticking around and I'm recommending (Goldcorp) shareholders don't stick around; (Re the Glamis proposal) There's a six times differential in the net result. So I ask you: How do you make a small fortune? You start with a large fortune in Goldcorp and accept the Glamis bid; Glamis produces gold at a higher cost, they have no money on their balance sheet, and they're way over-capitalized;My money is on Wheaton. But if Wheaton isn't successful for whatever reason, and Glamis comes in, my money is going out the door."

As if that wasn't enough, while handing out anti-Glamis buttons, McEwen toured the room saying that Glamis management was just trying to get bigger at the expense of profits. He was reported saying that GG 2004 earnings were 19 cents a share for the first nine months, but would have been 5 cents in a deal with Glamis, and in combination with Wheaton could have potentially been 32 cents.

Ouch.

For his part, Ian Telfer added: "(Under a Glamis take-over) there's going to be a rush to the exits and the line forms behind Rob. And a lot of these retail shareholders, I can tell you, are going to come with him."

For the record, I used to be a relatively large trader in GLG in the 1980's, but management has changed. I think Glamis is still a very good company, however I think it's hard to argue against the track record of McEwen and Telfer. In spite of the tone of the remarks, these are two fine gentlemen, highly respected by their industry peers, and deserving of your support.

Gold bullion is down $2.00 to $424.60 this morning. If you take the long view that the USD is headed much further south, these stocks will all be in a secular bull trend.

BCara@BillCara.com