Endeavour Silver Corp: At a stink bid price!
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| Topic: Silver Mining Companies — September 9th, 2008
Silver is down from a high of $21/oz to $12/oz, which represents a fall of 42%, however Endeavour is down from $5.54 to $1.70, which represents a fall of 70% and is now trading at what we consider to be ‘stink bid’ prices.
As we can see from the above chart Endeavour Silver Corporation has taken it on the chin over the last two months to close yesterday at $1.70. Yesterdays fall came despite a very positive news release from the company whereby they announced the discovery of:
“Four New Zones of High Grade Silver-Gold Mineralization at Guanajuato Mines Project in Guanajuato State, Mexico”
It looks like a case of sell the news as the dash to cash continues. This rush into the dollar is a puzzle as it now approaches the ‘80’ level, which was previously a support level. This support level is now the resistance level for the dollar so it will be interesting to see just how strong this dollar rally is. Our opinion for what it is worth is that we will see the dollar run out steam in the short term and re-commence its trek south. However it is election year so everything in the garden needs to look rosy.
Endeavour Silver Corporation has a Market Capitalisation of $83.37 million with 49.04 million shares outstanding, a 52 week high of $5.54 and 52 week low of $1.65 and trades as: EDR: TSX, EJD: DBFrankfurt, EXK: AMEX)
As regular readers will know we do own this stock and it forms part of our core holdings.
Have a sparkling day.
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I think SSRI is a great buy at todays price. What do you guys think? Any SSRI technical research coming soon?
Comment by Obiwan — September 9, 2008 @ 8:52 pm
loads out there PEZ.v, SVM.to and SSRI — the list goes on and on — now is the time to buy; until the next down leg; hopefully a bottom is now in — as today looked like a capitulation day — felt like one anyway
Comment by Trevor — September 9, 2008 @ 11:46 pm
And yet so many are unwilling to see the elephant in the living room…the absolutely blatant take down of all commodities and commodity stocks, along with the buying up of the dollar as agreed on by the G-9 in Japan in February or Mar of this year. This is not “normal market forces.” This is manipulation of the market by those with infinite paper money. This is criminal. jt
Comment by jt — September 10, 2008 @ 3:05 am
Silver is down another 50 cents today - we need to see this selling spree come to a halt before we buy again.
Comment by Silver Prices — September 10, 2008 @ 10:15 pm
Silver Prices…you call this a “selling spree”…???!!! Then show me all the silver lying around like acorns falling off a tree…should be easy pickins. But it’s NOT!! There is a scarcity of investment silver…worldwide!! This isn’t a selling spree…this is a shorting spree…this is a paper market / physical market disconnect…the purest evidence there is that this is manipulation and not normal market forces. Unfortunately, the paper equity market of the PMs is being taken down right along with paper silver (and gold), so I can’t disagree about waiting to buy more paper anything. But what I would recommend is to buy up physical silver whenever you can find a decent deal. jt
Comment by jt — September 11, 2008 @ 3:32 am
jt,
We were talking about the stocks when we mentioned the ’selling spree’ and not the metal, which we think is very close to the bottom (silver), but we would like to see some consolidation before we buy anything else.
Comment by Silver Prices — September 11, 2008 @ 3:55 am
Question to the group, which seems more accurate at the moment?
People have not been flocking to gold or silver in a flight to quality. PM are not acting like they normally would. Everyones risk appetite is very low. No one is willing to step in and buy at this moment.”
Or
Investors in physical metal are piling into the market as witnessed by the physical inventory shortages of silver? It remains to be seen when that high level of demand begins to counter hedge funds’ paper stock liquidations.
Comment by Obiwan — September 11, 2008 @ 5:21 pm
The fact is, obiwan, that investment demand for silver was picking up steam whe it was over $19!!! This takedown has been in the face of major invesment demand, and with tight above ground supplies, and with decreasing mining of silver in store for this year and followingyears.
This has been coordinated by the Fed thru Paulson of Treasury, in collusion with a few bullion/investment banks, most likely JPMorgain4elites, along with gold. The purpose is and was to prop of the dollar in preparation for the ‘
“bailing out” / takeover of Fannie and Freddie. This upward rocket of the dollar has been contrived. TPTB knew all about FNM/FRE’s books 4 years ago when they had them audited…they did not make it public, but shortly after that, March, 2005, the Fed announced they would no longer be publishing M3… they KNEW this was coming. The takedown of the entire commodities complex has been part of this propping up of the dollar in preparation for this. There was also a meeting of the G-9 back in February of this year in japan where it was agreed that the dollar would be propped up, partially b/c China and Russia held / hold a lot of fannie and freddie’s paper and they were NOT happy. And it was only thanx to a little japanese press birdie that we ever heard about it.
As far as the hedgies…they’re just the stooges that the plutocrats, the intl bankers, use to create the momentum. They know where all the trailing stops and support lines and trend lines are. They tip the dominoes at the right places and the right times and they know that the hedgies, often with billions on the line, will let their little black boxes run their programs and bing bing bing bing bing…down go the dominoes.
Are there hedgies run by these bankers…probably. But they prefer to work thru “govt” agencies and remain anonymous…no tracking back to them, and who’s going to sue Treasury?? Well, the fact is, there are lawsuits being drawn up as we speak. They’ll most likely have to name the bullion banks involved, since as far as I know, one can’t sue the Treasury, despite the fact that it has become the right arm of the mafioso banker cartel who now runs our govt. These are criminals in high places. The USA is not what it used to be…we are fast becoming the USSA…with a Fascist Socialist Govt that manipulates and rips off for its own good and the good of the elite to whom it is beholden.
It will all end very poorly. In the meantime, make sure you own some REAL money…not the US dollar or the EURO…but gold and silver. Trade in some worthless fiat paper for what has been real money for 5 millenium or more. jt
Comment by jt — September 12, 2008 @ 1:16 am
SILVER PRICES does this mean you are buying endeavour silver now ? or are you still waiting for a better price?
Comment by lou — September 18, 2008 @ 10:38 pm
hmm no reply to my above post ….. must be a tough call right now eh? im not worried —- with 700 billion bailout being soon passed this can only erode the value of our dollar even more resulting in gold and silver stocks to have a nice rally this coming fall / winter season ! hold tight –its coming !
Comment by LOU — September 28, 2008 @ 3:46 pm
Lou,
We did not buy it because we have a lot of it, but we saw it as an opportunity at stink bid prices. When we are fully invested we will not be able to buy, but we can still say that a stock looks good to us, can’t we?
Comment by Silver Prices — September 29, 2008 @ 6:38 am
silverprices, if you said if you did have the money to buy exk at that stink price bid you would buy it then ,i think i wouldve understood what you were trying to say..thanks for newsletter though ….lou
Comment by LOU — September 29, 2008 @ 2:16 pm
Lou, point taken, Bob
Comment by Silver Prices — September 30, 2008 @ 6:06 am