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« Silver Still Heading for Correction: Trading Opportunity Approaching | Main | Hecla Mining Company: A Golden Cross! »
Oct202007 Portfolio Update 20th October 2007

Silver Chart 20oct07

Last month silver was at $13.64 and we suggested that it could take a breather, which it appears to be doing. However please note that silver is higher than the 200dma but not alarmingly so. In our opinion the downside is limited, as silver has not rocketed ahead as gold has done. Any correction in gold prices will of course have a knock on affect on the silver prices.

We did decide to take some money off the table in our gold investment account but have not sold any silver stocks as we anticipate the correction if and when it comes to the gold sector will be short lived.

The following is an update of our portfolio of silver stocks enabling us to see where we are and where we go from here. We are tracking other silver stocks which are on our Watch List but not worthy of our hard earned cash just yet. But things can change fast so don’t be surprised to see a new name pop up.

Below is a list of the stocks that we own along with a record of the progress that has been achieved to date.

Hecla Mining Company (HL) $8.43 – HOLD Bought for $5.27 has gained 59.96% - a quality silver stock going along nicely and remains one of core holdings.

Pan American Silver Corp (PAAS) $29.99 – HOLD Bought for $18.00 has gained 66.11%. On the 23rd August we gave another BUY signal on PAAS when we said “We made a further purchase today at $24.10” for a gain of 24.43% in two months.

Silver Wheaton Corp (SLW) $14.59 – HOLD Bought for $9.41 has gained 55.04%.
Sold 50% on 10 July at $13.48 for a gain of 43.3%, we intend to buy it back later. We should have made a purchase before the recent run up however we missed it. The next correction should present us with another buying opportunity.

Silver Standard Resources Inc (SSRI) $37.78 – HOLD Bought for $19.98 has gained 89.08%. On the 20th August we gave another BUY signal when we wrote “we think Silver Standard is at a good level to buy at the moment and we bought today at $28.99.” that is now showing a gain of 30.32%.

Eagle Plains Resources Limited (EPL) $C0.82 – HOLD Bought for $0.53 has gained 54.71%. We expect this stock to challenge its hold highs before too long and trade above $1.00.

Endeavour Silver Corp (EXK) $3.98 – HOLD We bought Endeavour for $3.97 so we are now back to evens. We also bought Endeavour again on the 29th June when we said “We decided not to wait any longer and purchased a few more shares in Endeavour Silver Corporation today at $4.53. Please note that Endeavour have since hit a new record in terms of silver production.

Minco Silver Corp (MSV) $C2.35 - HOLD
Bought for $2.80 has lost of 16.07%. Minco Silver has took a battering since trading at $3.50 but now looks to be in recovery mode.

Traders Corner: For the more hyper active traders amongst us we predicted a 50 cent rise in the price of silver on the 1st July and by the 11th July it was up 62 cents many thanks to those of you who wrote to tell us that you managed to cash in on this trade. On 20th August 2007 we signalled another Trading Opportunity in Silver: BUY as we anticipated silver to rally and gain around $1.00 going forward. This trade has been closed showing a gain of 100% in 30 days. Please be patient, as these opportunities do not pop up on a daily basis so sit on your cash until the time is right to trade.

Going forward we intend to identify other such short-term moves that may just add a little extra spice to this investment account, so keep an eye or you could miss out. However do not go mad on this sort of trade and only put small amounts of your cash at risk. We did this via a spread bet based on a silver futures contract. The spread bet provides limited risk as the most we can lose is the stake and it is also tax free in the UK.

We do believe that this portfolio of silver stocks is heading to higher ground, so when you look back these prices will look really cheap lessening the importance of whether you bought at the very bottom or not.

Precious metals are slowly beginning to gain some limelight as the US Dollar and the price of oil play their part in this Bull Market. However the progress made will not be in a straight line so be prepared for snap backs coming from nowhere just to give you a few sleepless nights.

Please be warned that we are suffering from a severe distraction today as England prepare to meet South Africa in the Rugby World Cup Final tonight.

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Reader Comments (2)

I am pleased to discover your website and highly appreciate the timely information you share with readers free of charge unlike most other websites. You are a breath of fresh air, thank you.

My Eagle Plains shares are down 35%, should I keep this stock or getrid of it?

December 1, 2007 | Unregistered CommenterMumtaz Syed


Thank you ver much indeed for your very kind words which are much appreciated by all the team here.

EPL; we are holding for now but we are not allowed to give you individual advice, the final decison is as always yours and yours alone. Good luck.

December 1, 2007 | Unregistered CommenterSilver Prices

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