zzthnx, management is under certain regulatory restrictions and can  only buy USA common during certain very short windows of time.  For management the big money in USA stock is not buying it at the market with their own cash, but rather the free USA stock option awards.  The longer the stock stays low, the more time management has to award themselves millions of free low priced USA stock options which will be worth, in my opinion 5x-7x the strike price once 1Q2014 production numbers are on the table and the production trend at Galena is in black and white.  In my opinion management is unconcerned that a low stock price could cause another hostile run by HL et.al. because as the last hostile bid showed, the Toronto pool has USA managements backs and trading in USA common locked up tight.  It wouldnt matter if HL offered $1.80 or $2.80/share, the Toronto pool would offer the market a penny more than HL and soak up the volume offered.  In the market currently, companies and company managements are big sellers of stock overall by a wide margin so in my opinion it is bullish that not only has USA purchased its own stock in the market for cash money in the recent past but so have company executives, with no selling at all.  When I state my opinion that USA stock is under aggressive accumulation and those accumulating have an interest in suppressing the price of the common so as to pay as little as possible for their long position, this is not to say that I think there is a large sustained naked short out there, because as you point out, there isnt.  Any shorting of USA is done tactically, against the box, to move the price down at key times by hitting the stops in the book, moving the stock lower and then cover the short against the box into the volume created by those stops getting tripped.  Something like 85% of overall market volume isnt even real and is just a computer churn for volume rebates from the exchange - the trade in USA common cant be any different than the market itself.  That big down day this week with a volume of 330,000 shares traded, probably only 40,000--50,000 were real, the rest just tactical shorts sold by the pool to themselves to stop out the longs.  I rest my case by pointing out the volume for the last trade in USA on Friday in Toronto, one share -  to my mind footprint of suppression scheme or is it some piker is selling one USA share at 3:51pm on a Friday afternoon to have the money next Wednesday to buy a cup of coffee?