First Majestic Announces Extension of Share Repurchase Program
First Majestic Silver Corp. ("First Majestic" or the "Company") announced [on Monday] that its board of directors has approved the extension of its share repurchase program (the "Share Repurchase") pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange ("TSX") or alternative Canadian market places over the next 12 months. Pursuant to the Share Repurchase, the Company proposes to repurchase up to 5,865,931 common shares of the Company which represents 5% of the 117,318,624 issued and outstanding shares of the Company as of March 4, 2014.
In order to implement the Share Repurchase, First Majestic has received TSX approval of its notice of intention to make a normal course issuer bid. The notice provides that First Majestic may, during the 12 month period commencing on March 13, 2014 and ending on or before March 12, 2015, purchase up to 5,865,931 common shares through the facilities of the TSX and alternative Canadian marketplaces.
The Holy Grail of Trading Has Been Found: HFT Firm Reveals 1 Losing Trading Day in 1,238 Days of Trading
Think JPM's zero trading day losses in 2013 was impressive? Prepare to have your mind blown. The chart below shows the chart of daily net trading income by High Frequency Trading titan Virtu, taken from its just filed IPO prospectus. The punchline: in 4 years of trading Virtu has had one, one, day in which it lost money.
Silver is likely to trade in a range between $17.75 and $22.75 for the rest of 2014 as the global silver surplus widens to around 156m oz. this year, says HSBC.
According to the group's latest silver outlook publication, there are three main trends that are likely to drive the silver market in 2014:
• Supply remaining strong,
• Investment demand making a modest recovery
• The current pickup in demand from industry and jewellery.
This market analysis by HSBC is the usual drivel one sees in the main stream press about this precious metal---and sounds very much like it could have been written by Jeff Christian over at CPM Group. Not once did I see them mention the illegal short-side corner in the Comex futures market that JPMorgan Chase currently holds---and what would happen to prices if they were forced to cover some or all of this position in the open market
The headline is misleading as is most information on the internet. I believe Virtu is a market making firm and probably gets most of their profits from exchange rebates against the opposing markets commission. The more volume they do the more rebates they do as the trade the "zipper" or the arbitrage between electronic exchanges at the same price. You maintain a market at every tick on both sides and bid and offer on the exchanges that give you a rebate for either providing or taking liquidity. Since they are all computerized and co located with their own gateways into the exchanges, they always maintain there spot in the from of the order book.