The way the miners are acting today the big money knows something. Expect a smash on the metals tomorrow.
Earnings should be coming out within the next few days. What's your guess on earnings? I'd be happy anywhere between 3 to 3.5 million dollars for the quarter.
Next quarter will be the one to watch for though because it will be mostly without the gold hedge.
Unfortunately, the prices of gold and silver are currently controlled by the paper markets. The fact that they have been consistently hit and not allowed to rise tells me that there is some really bad news coming up that will benefit the metals. In a few months we will look back and understand why they did what they did.
This is a bad market to trade and it requires patience for the long-term investors. Sometimes the best thing to do is turn off the computer screen and totally avoid the mainstream financial analysts. Remember why you are in the gold/silver markets, remember that gold/silver have been around for 5000 years while the dollar has lost 95% of its purchasing power in only 100 years. In a bull market the job of the bull is knock off as much people as it can. Try not to let emotions cloud your thinking, emotions will ALWAYS make you do the wrong thing.
It’s taking more and more paper metal to keep down the price, the controllers are starting to lose control, which is the reason they trotted out the three stooges a few weeks ago to bad mouth gold.
It might not seem like it at times but you are in the right market. People think back to what happened in 2008 but I doubt that will happen this time, the physical demand will be too strong.
You should get them in the mail within the next few days. I got mine from the Proshares website.
I had the same question as you Bernank, it almost seems like a double tax. I hope your right about adjusting the cost basis.
Thanks for turning me on to Starcore. I bought in at about .16 a share.
I don't see how this stock doesn't provide a 10x from here. Once the hedges come off next year, along with higher metal prices and a possible dividend, maybe an Amex listing, Starcore will be trading at a much higher price.
I'm looking for First Majestic to hit $100 per share once silver hits 100 an ounce. You'll be fine buying anywhere in these levels. Today AG is down 5%, probably not a bad time to buy. We are entering the strong season for metals, AG might not pull back much.
My recommendation would be to buy an hold. We don't buy AG because of what silver is doing right now, we buy because of what AG is going to do once silver rockets. The only downside I can think of is AG getting dragged down if the general stock market drops. I'm not a financial advisor, I just play one on the internet.
Dahlman Rose: 27.62
BMO Capital Markets: 28.60
M Partners: 24.00
CIBC World Markets: 24.25
Cormark Securities: 27.53
El Latino: 100.00
Good move, as soon as I get even a minor gain in the miners that I hold I will put that money in either physical silver/gold or AGQ. As wild as the swings are in AGQ at least it follow the silver price.
I've been investing in miners since 2000 and noticed in the last few years that the leverage is gone. They move with the Dow instead of the silver/gold price. The people shorting these stocks have won.
Good chart, I was surprised to see AG outperformed AGQ over the last year, I first bought shares of AG a few years ago and for me it has been by far the best silver investment.
I remember when I first bought into First Majestic and Endeavour they were trading a little over a dollar a share. Looking back now I wish I would have really loaded up on those two. I think Xtierra will go along the same path.
I could see them changing their name to Xtierra Silver once they are near production then getting on the AMEX. I'm picking up shares for the long-term. This company will be a ten bagger.
Lately First Majestic has been showing strong leverage to the price of silver. At what point to do you think one share of AG will equal one ounce of silver? I'm thinking maybe the $60 to $65 range.
I totally agree, I would have been surprised if they made a profit. Most companies sit around thinking up ways to make money, sometimes I think the management of GSS sits around looking for new ways to lose money. I've done good in the past trading this stock but my long term holding have been a disaster.
50 dollars here we come, I'm sure everyone on this board is familiar with Ted Butler's work on the silver markets, when you take a good look at it, its amazing how undervalued silver is even at $10.
Once Kimber is done with drilling the Monterde property I wouldn't be surprised if it ended up with 5 to 7 million gold equivalent ounces, if silver moves the way I expect it, companies will report silver equivalent instead of gold equivalent ounces.
That's the way these companies start, Gammon Lake, Western Silver, Nova Gold once sold at a dollar then ending up where they are at now GRS at 18, Western Silver at 21 and NovaGold at 13. One day we'll look back and regret not buying more Kimber shares when it was under $3.
To the new investors in Kimber and other silver companies, remember we are in these companies not for what they are doing now, but what they will do once silver explodes and surpasses it's all time high. Don't let the small correction buck you off. Use these opportunites to buy more shares. This could be the biggest bull market ever, don't miss out.
Budfox....I remember you from either the Goldcorp or Wheaton River message boards, it's good to see you in Kimber Resources.
I bought shares in Kimber Resources at .60 back when it traded in the pink sheets. The thing that caught my attention was a presentation called "Monterde Making the Grade" it showed a chart comparing Monterde to Dolores (Minefinders) and El Sauzal (Glamis Gold)
During that time (August 2002)
El Sauzal had 187 drill holes
Dolores had 230 drill holes
Monterde had 21 drill holes
El Sauzal had 2m gold equiv ozs (Proven & Probable)
Dolores had 3.7m gold equiv ozs (Measured and Indicated)
Monterde had 830k gold equiv ozs (Inferred)
Since only 20% was explored at the time I knew Monterde had big upside, things have changed since then, it's been almost 4 years since that presentation. I think they are up to 1.6m ozs if you add the inferred to the measured and Indicated.
The Sierra Madre Gold Belt hosts:
Dolores (5.6m ozs)
Mulatos (3.4m ozs)
Ocampo (7.0m ozs)
Palmarejo (3.1m ozs)
El Sauzal (2.0m ozs)
I think more gold and silver will be found by Kimber, Western Silver is being taken over by Glamis Gold, these producers are looking to add ounces, I think we will see a lot of that in 2006. I'm expecting Kimber to be taken over at much higher prices.
on Bloomberg a few years ago, they interviewed an author of a book on the real estate bubble; I forgot I even had it.
On the side they were showing the ticker symbols of the Dow, Nasdaq, S&P, also shown was the price of gold and silver, gold was at under 300 and silver at 4.50.
I remember back in 2000, Little Latino was buying shares and a few coins here and there, man I wish I would have bought much more gold and silver and gold/silver shares when the price of the two metals were very low. I knew the price would move up but I always had that little doubt.
I think a few years from now we could be looking back at 430 gold and 7 dollar silver and think the same thing...why didn't I buy more? why did I doubt?. It's moved up nicely but there is still much more to go. We are still a long way off from the old highs.
Not too many people are in the metals market, I have never came across another person who is interested in the metals. I'm as close as your going to get to the "average man on the street" and let me tell you, the average person is FAR from being interested. They are all caught up in real estate. They have no idea of whats going on with the dollar. YOU know what�s going on because your reading these message boards, you know about the 1500 ton yearly deficit, you know we are mining less gold every year, you know huge deposits are hard to find, and you know that Goldcorp is on its way to my target of 40+. Buy now while it�s still early in the bull market, sell when Clarence (The truck driver) comes to my work and shows me the nice gold coins he bought.
Thoughts on Real Estate..
I was talking to my boss last week, he was trying to get me to buy a house. He was talking about how real estate is going up forever and ever. I look around my neighborhood and keep asking myself, how in the hell can these houses be worth $200,000? Later that day I go over to the barber shop, and there they are, the barber and a few other people discussing real estate:
~~prices have doubled in the last few years they say~~
~~they'll double again in a few years they say~~
whenever the barber is in his shop putting a strong buy on real estate, you now it's damn close to being a top. A few days later I call my financial advisor and and he's recommending I buy a house with an Adjustable Rate Mortgage. It's great because they give you money at the end of the year. Uhhhhhh, will that money at the end of the year make up for when I get my ASS handed to me when interest rates rise because I wasn't smart enough to know ARMS will bury you in a rising rate period? Folks, right now it's a time to be a SELLER of real estate not a buyer. Can these three people (my boss, my barber, my financial advisor) possibly be more intelligent than El Latino? I don't think so, they follow the herd while I listen to what people like Richard Russell and Jim Puplava have to say.
What does all this have to do with Gold???
Not much, except I was trying to picture the 3 Wise Men talking about gold. Once these 3 even mention the word gold it's going to raise up some red flags. We are a long way from topping out on gold. It takes courage to buy when something is at the bottom, it's going to take even more when it comes time to see at the top, I think most people on this board will have an idea when it's time to sell, I know I've been in gold since $260 to $270. GoldCorp was the first stock I bought. To the people who feel they might have showed up to the party late by buying gold at $450, be patient. In a few years you'll look back and kick yourself for not buying all you could.
Thought on El Merger..
If Glamis and Goldcorp merge I'm gone, this one should be a no-brainer.
Earnings since 1st Quarter of 2003:
The score is:
Glamis - 32.8 million
Wheaton - 33.7 million (just in the 1st Quarter of 2004)
downgrading a company with no debt in a sector that has been in a bull market over the last few years, what a sick joke these bunch of clowns are. They downgraded from a buy to a neutral in late August then they hit us with the exact same downgrade again today.
To whoever sold over this stupid downgrade needs to think, you didn't buy Goldcorp on a recommendation from UBS so why sell it over their downgrade? I would say your a moron but if your in the gold market buying gold and gold shares then you are not a moron, your more intelligent then the average investor. Your now in a sector that has under 1% percent of the investors involved. Stick with it and don't be shaken out so easily. Gold is headed for it's old highs and those who never sold but instead bought more on corrections will be glad they held on. Downgrades from UBS don't mean
Another thing...why does Donald Trumps ugly grill keep poping up on my computer? Does anyone else have this problem? He just sits there and stares at you, then, he keeps creeping closer and closer, I don't want to see you on television and I sure as hell don't want to see you on my screen..hey Donald...GOOOO AWAY...