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« Silver Standard: Bought Again | Main | Hecla Mining: No Correction Yet »
Friday
Nov302007

Hecla Mining: Take Profits

We have just sold 50% of our holdings in Hecla Mining for an average of $11.89 per share. We are taking profits on Hecla as this stock has not corrected with other silver stocks and technically appears to be overbought.

Hecla Mining: Take Profits

We bought Hecla at $5.27 on July 11th 2006 so we are taking a profit of over 125% on this trade.

We still firmly believe in Hecla as a silver company and we are confident that the stock's good fundamentals will carry it to higher levels in the longer term. However in the short term we are taking some profits as the stock appears to be technically overbought and has not corrected as other silver stocks have.

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Reader Comments (3)

I recently dumped by Hecla shares because of an email I recieved from them regarding the silver market manipulation. They came up with some story that they had hired an "outside firm" that analyzed the situation and were told that nothing illegal had been done. When I wrote to them inquiring for details, none were forthcoming.

This language that "nothing illegal was done" is virtually the same as the CFTB uses. They also failed to respond to specific charges. I don't like the idea that Hecla may be somehow supporting the shorts, which in my view makes other companies better investments. (Ignoring an astronomical short position is the same as supporting the shorts in my book.)

If I'm wrong, I'd like to see some evidence, including some specifics about how Hecla's "investigation" was done. In any event, I'm much happier with SSRI.

December 2, 2007 | Unregistered CommenterJohn Victor

Ted Butler recently said that the "big silver shorts"who are manipulating the price of silver are probably the government of China which is really scary because with the massive amount of US dollars they have available, the Chinese can cap the silver price for the next couple of decades.That will wipe me out

December 3, 2007 | Unregistered Commenterian

I read the Butler speculation about China, and he could be right. There is a "fly in the ointment" for the manipulators: they can generate all of the paper they want with all of the help of the market regulators, but they can't create one ounce of silver out of thin air.

I'm sure the Chinese have some backup silver to keep this going for a while, but what's in it for them to keep this fraud going?

December 3, 2007 | Unregistered CommenterJohn Victor

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