or the week after or next month...thinking like that will never make you money and you will be the suckers of wall street. I made my fortune buying oil shares when oil was near 12 bucks and they went down further after I bought and bought...but I was not on margin, I neveredbet the entire house thus I never panicked. I ended up making over 500% and 1000% on a few.
IAG can still g to all time lows...can go to 4, even 3...BUT I bet you that in 2-5 years, it will be up 500% plus.
Its impossible to pick bottoms.
I bought a bunch more at 4.80 level, and will buy more at lower levels without fear. PAAS is my only other precious metals holding along with gold and silver. in for the 5 year play.
after being filled at 11.70 today. Bought a ton more IAG at 4.80 as well. Cant say where these are going horterm with gold, but I am convinced gold will see 2k plus in 2014 and silver will see 40 plus. These miners will triple,
My shorterm trader friend...Ive made xxxxxxxxxx in the mkts for over 20 years buying shares when everyone hated them. ( was buying oil shares when oil was at 12 bucks ) I couldnt care less if Im down 20% tomorrow as will keep buying PAAS and in a year or 2 or 3 or 5 will be up massively. I buy when the fear is on, and I sell when nobody fears. I sold my S&P's recently and am only buying gold/silver miners now when everyone hates them.
rainman, I am long as hell IAG and gold, but dont kid yourself...the paper price of gold is where IAG sells at, so its important as hell.
thanks to whoever or whatever machine sold...Ill take the 4% dividend anyday. Siver heading back to 40 by 2014 and PAAS will be at 30-40 bucks. Easy as that.
took my average up to 12.20. The more I llook at this company the more I see a huge bargain. With silver going to 40 in 2014, we could easily see 40-50 bucks a share and a way bigger dividend. Load up boyz.
" Physical silver has a floor in the low 20’s, regardless of what the paper market does." you said
PAAS and all producers sell at paper price, not physical premium price
I am long a bunch at just under 12, but didnt buy for the dividend. I actually feel they should lower the dividend and preserve cash...please no share buybacks either. Better to preserve cash to buyout smaller mexican producers in the future.
On Argentina they are doing the right thing. No point in wasting money if the future is murky...they may have to take a writedown in the future, but that is baked in IMO.
On silver...I dont think it will outperform gold...they will go up in tandem or even gold will outperform.
The point everyone intentially misses, especially Sprott, is central banks only buy gold. Physical demand for silver is only retail, while physical gold demand is sovereign.
meant PAAS at 11.95. IAG under 5. yes, their balance sheet is v healthy. Very little debt and cash hoarde. Costs increasing ( still low, mostly in Mexico ) and no growth...but a cash cow.
Dipped in to IAG at 11.95 after stayig away from miners ( not gold ) for a long time. Good position for the logterm.
Although I think the increase in dividend and buyback are a waste of money. ( they should hold on to cash for acquisitions ), their strong balance sheet and low costs ( although rising ) should allow them to stand out amongst peers. Personally been buying more silver than PAAS, but can see this at 20 with 30 dollar silver within a year. Can go lower of course, but with no margin, its a good bet in here IMO. IAG is my only other miner bought below 5.
I am long s&p's knowing the bubble will deflate. Goldis a much better investment mid to longterm. If the Cyprus situation hasnt woken you up to the eventuality of US deposits being whacked, then you deservethe bankruptcy that you will eventually face. I do like gold and silver over the miners however.
Cyprus by pulling all deposits and another much bigger problem in Cyprus arises. They will need a MUCH bigger bailout. Already gold futures heading higher.
I am long the s&p's as well for the past month even though I know that bubble will deflate eventually. I am also long goldfrom 750 and silver from 12. Gold miners will have their day shortly. Personally long NEM, ABX, IAG from the lows.