We are hereby signalling to Take Profits on Hecla Mining and we sold 50% of our holdings today at an average price of $11.79.

Our selling of Hecla has been mainly motivated by technical factors. We do not really see Hecla trading higher than its recent highs of around $12.50 in the short term, as it would take a substantial rise in silver prices to push HL through that resistance level and this is a seasonally weak period for precious metals. This is also the second time that Hecla has challenged this resistance so we could be witnessing a double top formation, a very negative signal.

We have taken profits at these price levels before, back in 2007 when we sold 50% of our holdings for an average price of $11.89, locking in profits of 50% and 125% from our past purchase at $7.93 and $5.27. A correction followed and we bought the stock back and signalled a BUY again at $9.27, getting an 18% discount on our shares. This chart below maps the history of our signals on Hecla Mining.

We still believe in the long term silver bull market and the great fundamentals of this silver company. However in the short term we are locking in some profits and we intend to buy the stock back at a later date and, hopefully, a lower price.

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