Endeavour Silver Corporation: Order Filled!
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| Topic: Other — April 2nd, 2008
In early morning trading our target silver company flirted with us by trading at $3.26, so we upped our instruction to buy by 1 cent to $3.26 and in small lots our order was slowly filled. The temptation became too much for us and as we said before we are not very good at being patient so we pounced.
However as the days trading progressed Endeavour managed to close at $3.38, giving us a paper gain of 3.68% on the purchase. We have bought into Endeavour twice in the past but this is the largest single purchase that we have made in this silver stock.
Our strategy has been to watch Endeavour perform before making our first purchase and then we added to our position once again when the stock had pulled back. We have meet with some of the management team and we do keep in regular contact with them in order to try and keep a finger on the pulse. Do bear in mind that this stock may go a little lower as silver works through this pull back so there may be another buying opportunity ahead. For us though, our objective has been achieved so all we can now is watch from the sidelines.
(Endeavour Silver Corporation trades as: EDR: TSX, EJD: DBFrankfurt, EXK: AMEX)
Well not exactly, as there are few other stocks that are coming into range so its back to work, but what an exciting time to be involved this market!
Enjoy the day.
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Bob,
Would you mind telling us how currency exchange affects the bottom line of this company please?
Thanks.
ep
Comment by ep — April 2, 2008 @ 1:54 pm
Good move!
It’s a great time to be in the market especially with silver rising and the resultant benefits to a company like Endeavour Silver.
I am more patient…targeting a price overshoot to the downside (just below the 200 dma). This stock has recently been trading in a range with the 200 dma acting as support and the 50 dma acting as resistence. Although, the time is nearing for a breakout above the 50 dma (resistance)- all things being equal. That’s my two cents worth…good luck all, keep focused and cheers!
Comment by Mark — April 2, 2008 @ 4:12 pm
ep, the latest figures will be published on the 4th April, so we will take a look at them then and try and answer your question. We see where you are coming from in that they mine in Mexico, sell in US Dollars and trade on 3 stock exchanges.
Comment by Silver Prices — April 2, 2008 @ 8:01 pm
Mark, If we get the overshoot then you will do really well - good luck with it.
Comment by Silver Prices — April 2, 2008 @ 8:03 pm
Endeavour is up 7% today, maybe a few more investors had the same idea and have have decided to buy at these price levels.
Comment by Silver Prices — April 2, 2008 @ 9:17 pm
As far as currency exchange goes, Mexico is actually very good. The peso trades pretty close to the dollar. This is good. Currencies that rise against the dollar are the ones that hurt the miners. They have to buy supplies in local expensive currencies and sell their product in cheap US currency.
Maybe you know this already but I just thouhgt I would chime in.
PS
I’m long EXK. I love silver!
Comment by Rich — April 3, 2008 @ 12:36 am
Rich, Well put and please do chime in more often.
Comment by Silver Prices — April 3, 2008 @ 1:04 am
What do you all expect for Endeavor from here on through May? I got in at 3.35 Will mining stocks continue to do well even though silver spot price may fall?
Comment by Ray — April 19, 2008 @ 3:18 pm
Ray, Too micro to call! We could see a short run up til May, then the summer doldrums!!! Endeavour is still a buy in our humble opinion.
Comment by Silver Prices — April 20, 2008 @ 3:26 am
This summer may not be as usual for the PM with the housing, foreclosuers, banking, credit, dollar and oil crisis still unfolding. Investors are seeing PM as the only true reserve currency. There are a lot more Bear Stearns lurking out there that can explode at any moment.
Comment by Lee — April 21, 2008 @ 8:17 pm
Patience pays off. Today 50% of my new stake in Endeavour Silver was completed at a price of $3.00/share CDN. Will enter again shortly, if the price drops even further.
I am well pleased by this weeks developments in Endeavour’s stock price (a price I never thought I’d see again for a long time) and thought I would exercise half of the order…I am locked and loaded and ready to deploy funds for the second half of my order…cheers to all for a good weekend!
Comment by Mark — April 25, 2008 @ 9:46 pm
Mark, Well done with your catch, but be warned though the next few months could be bumpy!
Comment by Silver Prices — April 25, 2008 @ 9:57 pm
Warning accepted…Bob, not to worry…Technically, Endeavour is in an oversold position. I am well aware of the seasonality of PMs and can weather any storms. When purchasing, I look for solid companies (mgmt) that are oversold and are in a bull market. Personally, I would welcome a $100 correction in the price of gold.
Thanks and cheers!
Comment by Mark — April 26, 2008 @ 3:51 pm