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« Endeavour: Operating Results for 2007! | Main | Endeavour Silver Corporation: Order Filled! »
Tuesday
Apr082008

Silver-Prices.net Portfolio Update: 08 April 2008

As we write silver is trading around $18/oz, having pierced the magical $20/oz already this year. This year will be a good year for silver however; this current pull back could see silver re-visit its 200dma, which stands at $15/oz at the moment as explained, on the chart below.

(Please click to enlarge and then click again for clarity)
Silver Chart 08 April 2008

Here is a summary of the silver stocks we are currently invested in or following:

Hecla Mining Company (HL) – Initially we bought this stock for $5.27 - a quality silver stock which was going along nicely and then we thought Hecla was overbought, as it hadn’t corrected with other silver stocks, therefore we took profits on Hecla at $11.89, the stock price then dropped so we bought it back at $9.72, getting a 18% discount on our shares. HL closed yesterday at $11.74, so far so good!

Pan American Silver Corporation (PAAS) – Initially we bought this stock for $18.00 and on the 23rd August we gave another BUY signal on PAAS when we said “We made a further purchase today at $24.10” giving us an average purchase price of $21.50. On January 31st, 2008 we sold about 50% of our shares for an average price of $36.65, locking in a profit of around 70.32%. PAAS closed yesterday at $39.30.

Silver Wheaton Corp (SLW) $16.45 – Bought for $9.41 and so this stock has increased 74.81% since we bought it. Silver Wheaton is a unique silver company and should continue to profit from rising silver prices.

Silver Standard Resources Incorporated (SSRI) Initially we bought this stock for $19.98 and 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” giving us an average purchase price of $24.48. On January 31st, 2008 we reduced our exposure by selling around 50% of SSRI for an average price of $34.82 locking in a profit of 42.22%. SSRI closed yesterday at $31.24.

Eagle Plains Resources Limited (EPL) – We bought this stock for around $0.53, it closed on Friday at $0.33, a very disappointing performance by this stock. We will hold for now and keep a close eye on it.

Endeavour Silver Corp (EXK) $4.03 – We initially bought Endeavour for $3.97 and on 7th December 2007 we bought more shares saying; “EXK is down from over $5.50 and as it has been beaten down so much we are signalling a BUY again on this stock and recently we bought for an average price of $4.10 per share and doubled our position.” In the last portfolio update we wrote and expressed our disappointment as we had tried again to buy more of EXK but our order was not filled, so we decided to be patient and not chase it. However our patience was rewarded when we secured EXK for $3.26 on the 2nd April 2008. This purchase being the largest we have ever made in EXK.

Minco Silver Corp (MSV) $C3.41 - Bought for $2.80 so this stock is going well despite a tricky start and being sold off recently from a high of around $4.00.

Traders Corner: We continue to look for short term trades on silver and silver stocks as we have done in the past. We have avoided buying over the period that silver made its high and the recent pull back gave us an opportunity to increase our exposure to Endeavour which we are really pleased with. However, the silver market will remain volatile so please select your shots carefully and try not to pay too much for your favourite silver miners. The month of May is just around the corner, which could bring another sell off regardless of fundamentals or chart analysis, so stay on your toes.

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Have a sparkling week.


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