TORONTO, ONTARIO, Feb 27, 2015 (Marketwired via COMTEX) -- Soltoro Ltd. (SOL) has completed the panel sampling on its 100%-owned Tecolote gold project located in Jalisco, Mexico. The Tecolote Project lies within the Guachinango District, which includes Soltoro's El Rayo Primary Silver Project and the El Barqueno Gold Project recently acquired by Agnico Eagle Mines Limited. All three projects lie within a broad northwest-trending belt of gold-silver mining districts that also includes Endeavour Silver's San Sebastian Project (see maps 1 and 2).
Silver now up to 16.52 or +1.52% and EXK still only @2.29 mark. Applying recent algorithms, this should be in the 2.40's range when silver trades at the 16.50s level.
Gold importation into India set to rise, as importation restrictions are lifted today.
It's funny to see EXK down -0.83% this morning, while silver is up 1.34%. This is of course on the cusp of Grexit, and the FOMC basically saying yesterday that raising rates this summer is a near impossibility. The bond markets are also approaching dangerous territory.
Dump, it sounds like (just spitballin' here) Golf went short on EXK. Tomorrow should be a nail-biter, being a day before options expiry. Wouldn't be surprised to see EXK in the 2.70-80's. We shall see.
Think of it this way...silver is up today @17.08 from yesterday's close, while EXK is trading down over 2.5% from yesterday's close. There is a lot of tree-shaking going on.
EXK, being a Canadian company, should benefit nicely from the recent Forex movements and the CAD's devaluation to roughly sub-80 Canadian cents for every U.S. dollar.
Weaker FX should drive down cash cost guidance and EXK will benefit with their CAD exposure. Company-wide, FX movements by itself should push down EXK’s costs down. JMHO
My sell limit order above 3.00 is sitting nicely. So when shorts have to buy shares back, it will be available.... at increments of .10 per thousand shares :-)
It's called gastritis. What sounds even more silly is that silver is up to 17.10+ today or up 2.16% from last week, and EXK is trading at 2.57 or only +.02 from last week's close! Compliments from last week's PM take down using short contract manipulation, naked style. The market nevertheless will correct...always does.
Gotta love the concerted manipulation to not allow PMs to run in the midst of last night's two biggest macro news -- end game for Greek banks' liquidity AND China's cutting of bank reserve requirements (basically a back-ended rate cut). Even China now admits to a slow-no growth pattern in 2015 and that deflation is here. How can the FED raise rates in 2015 now? American manufacturers/exporters are going to figure this out sooner or later that the FED's policy of either raising rates or not cutting rates in 2015 is tantamount to a hidden tax to U.S. exporters. This is going to get real interesting!