Yesterday we decided to take the plunge and acquire more shares in Silver Wheaton Corporation having failed to acquire it with low bids recently. We met the market and paid an average price of $15.61 for this stock. This purchase looks a little expensive at the moment however we expect silver to challenge and beat its previous highs by the end of the year propelling Silver Wheaton to higher ground (read more…)

Silver went on a tear today putting on $0.55 to close at $18.84 and Hecla Mining joined in the fun with a gain of almost 7%.

To recap on the 17th June 2008 we purchased the JAN09 Call options at a strike price of $10.00 for $1.00 per contract for the Hecla Mining Company. Back then we were of the opinion that this stock was oversold having been sold down from the $13.00 level to close at $8.28 when we made our purchase (read more…)

We do own this stock having made our first purchase at $9.41 and have been tracking it with the view of acquiring a few more shares. Today we put in an order for Silver Wheaton Corporation (SLW) but we pitched it a tad low and ended the day empty handed. We didn’t want to chase the price higher and so we waited patiently for the price to come back, which now looks like an error of judgement on our part. Still there is always another day and another opportunity (read more…)

Endeavour Silver Corporation have just announced that silver production will double to 98,285 oz in Q2, 2008 and is on schedule to triple to approximately 140,000 oz in Q3, 2008, compared to the 46,419 oz silver produced in Q1, 2008 (read more…)

On the 18th June 2008 we made an additional acquisition of Pan American Silver Corporation (PAAS) as our research suggested that the downside for this stock looked limited. Since then PAAS has increased by $3.62 to close today at $34.68 (read more…)

On the 17th June 2008 we purchased the JAN09 Call options at a strike price of $10.00 for $1.00 per contract for the Hecla Mining Company. At the time we were of the opinion that this stock was oversold having been sold down from the $13.00 level to close at $8.28 when we made our purchase.

On Friday the 27th June 2008 this stock closed at $9.72, up $0.94 or 10.71% on the day. The Call Options responded accordingly and put in a good day by finishing the session at $1.55 (read more…)

Agnico-Eagle Mines up 7.76%, Yamana Gold Incorporated up 6.84%, Kinross Gold Corporation up 11.76%, Randgold Resources up 5.39%, Pan American Silver Corporation up 7.74%, Silver Wheaton Corporation up 9.38%.

We are pleased to report that these are some of the precious metals stocks that constitute a major part of our investment portfolio and have had a great day!(read more….)

As we write silver is trading at $17.39/oz, as it continues to consolidate over the summer period. As we anticipated, silver came within $0.50 of its 200dma before turning north. The 200dma is moving up and now stands at $16.11, which will ultimately support silver prices going forward. If you agree with us that there will be a terrific end of year rally in silver prices then now is the time to be accumulating a few more of your favourite silver stocks (read more…)

Hecla Mining Company has just announced that it is sell its Venezuelan activities to Rusoro Mining Limited for $25 million, of which £20 million is in cash and remainder in shares of Rusoro common stock.

Company President and CEO, Phillips S. Baker, Jr., said that:

“The sale of our Venezuelan properties is part of our strategy to reduce the financing put in place to acquire Greens Creek. Prior to this transaction, Hecla repatriated approximately $39 million in cash that generated a $14 million foreign exchange loss. This transaction generates immediate cash from both the sale of the assets and the repatriation of $25 million of cash from our Venezuelan subsidiaries (read more…)

Charts courtesy www.stockcharts.com

Continuing with the deployment of our opportunity cash we acquired more of Pan American Silver Corporation at $31.06 today. As we can see from the chart this stock has been sold off from a high of $42.00 to around $30.00 recently and hopefully the downside is limited (read more…)