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« A Monster day for Gold and Silver Stocks! | Main | Hecla Mining sells Gold Properties in Venezuela! »
Jun222008 Portfolio Update 22 June 2008

Silver Chart 22 June 2008

As we write silver is trading at $17.39/oz, as it continues to consolidate over the summer period. As we anticipated, silver came within $0.50 of its 200dma before turning north. The 200dma is moving up and now stands at $16.11, which will ultimately support silver prices going forward. If you agree with us that there will be a terrific end of year rally in silver prices then now is the time to be accumulating a few more of your favourite silver stocks.

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. On the 14th April we sold 50% of this stock for $11.79 in order to lock in some profits as we anticipated a fall. On the 18th June 2008 we re-purchased Hecla’s shares for $9.61. We also purchased Call Options on Hecla, which are detailed in the Traders Corner section below.

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%. On the 18th June 2008 we re-purchased PAAS shares for $31.06 and they closed on Friday at $30.65.

Silver Wheaton Corp (SLW) – Bought for $9.41, this stock is making steady progress and is showing a paper profit of $43.46% since we bought it. Silver Wheaton is a unique silver company and should continue to profit from rising silver prices. SLW closed yesterday at $13.50.

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 $27.94.

Eagle Plains Resources Limited (EPL) – We bought this stock for around $0.53, it closed on Friday at $0.34, having traded as low $0.27, a very disappointing performance by this stock, but hopefully this EPL is on the road to recovery. We will continue to hold for now and keep a close eye on it.

Endeavour Silver Corp (EXK) – 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.” We have 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. Yesterday EXK closed at $3.05. The companies quarterly results were good and the news flow suggests that there are better things ahead.

Minco Silver Corp (MSV) - 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, yesterday it closed at $3.40, having traded as low as $3.00 a few weeks ago.

Traders Corner:
We have purchased Call Options on Hecla Mining Limited, they are the JAN09 series with a strike price of $10.00 and we paid $1.00 for these contracts. We could well hold these contracts for the duration, however should they experience a spike we will take a short-term profit, so stay on your toes!

We continue to look for short term trades on silver and silver stocks as we have done in the past. Our short-term trades have worked out reasonably well for us and we are pleased to have taken some profits as we could now buy those stocks back again at cheaper price levels. However, the silver market will remain volatile so watch carefully and try not to pay too much for your favourite silver miners. The month of May is now behind us so we may get a summer mini- rally. Silver is holding up well so the downside does appear to be limited. We will continue to look for opportunities as we go forward as this year could well be different, so stay alert and be prepared to pick up some cheap stock during the summer doldrums.

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Have a sparkling week.

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Reader Comments (2)

I follow your Au/Ag newsletters very closely. Good work. I LOVE SST.V, Silverstone. Capstone owns 21%, Lundin 19%, and they just inked a BIG deal with Aquiline[800 million oz Ag]to take 12.5% of all silver from Navidad. SST.V will also have their own silver mine in 2010.

This is a mini,currently,SLW. Why no mention? Your comments would be appreciated. I see this as $5-6 by end of 2009!!!

Also love AUN.V- aurcana. Will be doing 3-4 mil oz AG by late 2009. It is a giveaway at 50 cents. I see this as a Mexican miner that will be trading at $3-4/sh maybe by 6/09.

June 24, 2008 | Unregistered Commenterbulletbob


We cant cover all of them our team is just not big enough. However if you want to do a write up on one of your favourite silver stocks we could publish it on here for you. We do try and put a few of our readers views on here from time to time as there are lots of stocks out there that get no coverage.

June 29, 2008 | Unregistered CommenterSilver Prices

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