Think it was oversold friday along with most mining plays as analysts harped on low PM prices, fact is though the Pm's HAVE HELD thier low support levels over te past weeks and selling has weakened substantially giing way to pretty strong sort covering that we saw early in yesterdays session. I was looking at the charts and looking for any news links on the early blast-off in silver(about 8am) but nobody seems to make any mention of it. We managed to hold over 22.00 on spot, last bid 22.075, but in spite of the move silver stocks got whacked. Gold only enjoyed about a little over a half percent gain as opposed to silver's 1%+ gain, and yet, we still got hammered anyway in spite of the strength it showed. BK candndate, absurd, best positioned, lowest cost production per ounce silver co. out there. It seems always when people start selling and throwing in the towel on an unfounded warning, it just sets up for the next leg up. My call(just my humble opinion) is AG crosses 12.00 this month.
Every single time I have seen someone throw out 'stick a fork in this one, its done.' on a company like AG, and then throw out a low figure at the same time, it was pretty much the bottom. So, thank you for your classic contrarian signal. As well as just sounding like an idiot...
Take it easy. There is nothing in this stock that could imply bankruptcy now or even in mid-term (few years). Actually, this is one of the most durable silver producers; about every other silver stock could go nowhere before AG would go in the same direction. Keep in mind the idea above, if you wait for $5 here.
Regarding pricing, it is more complicated. As of now every silver stock lost fundamental support because of huge drop in earnings caused by low silver price. It allows market forces better chance to move these stocks freely.