"So, I take it that you do believe private placement shareholders have been selling over time."
I do not know. What I do know is that the so called "private placement" investors are just like you and me. Some no doubt have sold, some no doubt have bought more and some like yourself haven't done anything. Since we are talking about 20M shares and nearly two years ago, I do not think it even matters. Said shares are already reflected in the public float of shares outstanding.
"The highest price of gold was $1,896.50 on Sept. 05, 2011 at which time Claude share price closed at $2.03 and reaching a high of $2.29 on Sept. 09, 2011.
Today, price of gold is $1,663.00 and Claude share price is $0.55.
Quite the share price disconnect as related to the price of gold, don't you think."
You forget things like "momentum" and "investor enthusiasm". You bought shares at the high and you thought said shares were going to go higher. Everyone did! But that was then and that is not now. Today, you have a gold price that languishes along with an entire PM sector. How long this will go on is anyone's guess but should Au put in another run to $1900.00, I think that price action will correlate bullishly to CRJ's stock price (ie: much like it did previously). Afterall, is that not why you are still invested in shares of CRJ?