Posted on 03/02/2006 7:12:11 PM PST by Atlas Sneezed
The prospect of further rises in interest rates in the eurozone unnerved both equity and bond markets on Thursday.
...
The price of silver rose to a fresh 22-year high above $10 an ounce amid expectations that a silver exchange-traded fund would soon receive US regulatory approval.
Exactly! More and more people are becoming eager to ride the precious metals bull, but too many of them do insufficient research into the geopolitical situation of the area in which mines are located. Hopefully this Bolivia tragedy will (albeit very painfully) illustrate the need to do that.
I'm a full-time player in the Canadian junior mining market, so SIL is a little outside my investment universe, but similar government threats pervade much of the world.
Vancouver's Fraser Institute has just completed its annual survey of World Mining Companies and ranks Bolivia between California and Zambia in terms of overall 'policy' threat, these low-ranking jurisdictions being particularly subject to socialist scheming.
Such political threats are an unquantified fundamental of mining companies.
SIL has recovered half its loss, and is down 17% at the moment. CDE was hit this morning, too, down 15% because it has a property in Bolivia, and has recovered to around down 7.5% currently.
All the silver stocks are doing somewhat badly at the moment, apparently because the money is going into the ETF instead of stocks. I doubt that will last too long, however.
There's a few silver winners on this list of today's traders:
http://www.golddrivers.com/Juniors/juniorpagesintraday.htm
GPR and SPM are my two silver stocks, and both are holding onto recent gains. ;^)
The link in #244 must be copied and pasted to work.
It will definitely be a VERY bumpy ride..., but silver is going to follow (and probably exceed) gold in percentage appreciation!
Let's just hope that lead/brass assets do not follow!!!
Absolutely!
Silver: $14.52
Gold: $676.90
I heart this market!
You heart it? What, lol?
What, lol?
Gotcha/duh me.
(and I also Heart this market)
The POG has increased, at one point, another ~1% since you reported it at $677 a few days ago.
There’s mosty definitely a change in the air.
I have held a certain gold mining stock for about three and a half years now
For a while, I held about 20% of my shares as ‘trading shares’ and would trade in and out of them rather predictably. It was often possible to tell when the stock was at or near a short-term high, at which time it was time to sell those trading shares. Then, when she re-traced 8%-10%, I would buy in again and wait for the next short-term high.
I probably repeated that pattern several dozen times over the years, and did well by doing so (not to mention the on-paper profit in the 80% long-term-hold shares, which have seen significant appreciation over the years).
Over the past several weeks, that kind of short-term top has been hard to pin down, mainly because each potential top tends to be taken out again within a day or two. (I have several times wound up buying back my trading shares at, or higher than, my original sell price.)
The recent rise in the POG itself has seen very few recognizable pullbacks. Even today, the headline in Kitco’s major ‘news’ story (‘Gold Futures Retreat as Iran Concerns Ease’) ... and several analyst reports that gold and silver are overbought ... didn’t pan out. The POG stayed relatively stable in spite of the negative predictions, and is up ~$4 in Asia tonight.
Ahmadinejad's letter to President Bush changes nothing regarding Tehran’s burgeoning nuclear program. In addition, the dollar continues to slide down the path to eventual worthlessness. Our government does not believe in living within a rational federal budget. Our trade deficit continues to deteriorate. We are involved in an open-ended war with madmen who are not confined within recognizable borders.
Where better to be invested than in gold (and silver)?
The recent action of both the POG and PM stocks suggests that we are entering a new phase in this bull market – that institutions and investors are beginning to pay attention to the once ridiculed ‘gold bugs’, and that those who hold PM shares are no longer allowing themselves to be divested of their holdings by claims that the bull is slowing down, or the metals are over-bought, or a madman is making meangingless peace overtures to the west.
This bull has just begun to run.
(No response necessary. Going to be off-line for a while.)
~ joanie
Silver bullion in New York, closed up 71 cents to $14.59.
The bulls have again been unleashed - - and are running amok!
[freepers - it's just the 'beginning' - - - call a few coin dealers asap!/compare/
see my above post/free hints - - on how to make good deals with coin dealers/
then later -remember to donate a bit of your profits to fr -
and to conservative candidates of your choice]
fyi
fyi
fyi
Yes, all sorts of breakouts and near breakouts today. The XAU went to a new high, HUI broke out of its box, and gold stopped just a few cents short of $700 an ounce.
I expect we will now go mostly up for the next couple of months before the next major correction.
Due diligence is recommended, but I like SSRI among silver stocks.
We reached somewhat of a milestone today.
Current price on Silver is $14.39
A 1964 silver dime contains .071 ounces of silver (roughly).
$14.39 X .071 = $1.02
A '64 silver dime right now is worth more than a dollar for it's silver content alone.
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