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« Endeavour Silver Corp looking for an operating profit of $24/oz | Main | Silver Prices start the week in fine form »
Monday
Mar212011

First Majestic Silver Corp Up 41% since recommendation on the 09 Feb 2011

AG chart 22 March 2011.JPG


We purchased First Majestic Silver Corp. (FR:TSX || AG:NYSE) on the 9th February 2011 having followed this silver producer for some years. The decision to buy wasn’t an easy one as the stock price had already risen in dramatic fashion. However, after discussing the companies prospects with Keith Neumeyer, President and CEO along with Todd Anthony, Investor Relations Manager Jill Arias, VP of Marketing we made the purchase for the an average cost of $13.13.

First Majestic closed today on the NYSE at $18.50 so a great start continues with a paper profit of 41%, achieved in around 6 weeks.

Taking a quick look at the chart we can see that an 8.57% gain today has propelled AG towards a new all time high on heavy volume. The RSI is sitting at 65.70, so still has a little room to move higher, along with the MACD which also has room to move higher. A note of caution here though as the gap between the stock price and the 200dma is widening which is something to keep an eye on.

As per usual everything is dependent on silver prices which are trading at $36.26/oz in the Asian Markets as we write.

Also note that the US Dollar is not looking its best at the moment and continues to drift south making it less appealing as a reserve currency and precious metals more attractive. If the bottom falls out of the dollar then this sector of the market will become chaotic as money chases prices to unbelievable levels.

Acquire a position as soon as you can before the mayhem starts and hold on to it, there are fireworks ahead.

First Majestic Silver Corp trades on the TSX under the symbol of FR and on the NYSE under the symbol of AG, has a market capitalization of $1.71 billion, a P/E ratio of 50 and a 52 week price range of $3.04 to $ 18 80.

Many thanks to those of you who have recently signed up for our options trading service, its very much appreciated, a gentle reminder for those of you who are still thinking about it, the new pricing structure will apply as of 2nd April 2011.

Our model portfolio is up 138.05% since inception, Average return of 41.27% per trade, 67 closed trades, 65 closed at a profit or a 97% success rate. Average trade open for 43.21 days.


SK model portfolio 14 March 2011.JPG



The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.


To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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Reader Comments (1)

Up again today by 5.98%, Go AG Go!

March 23, 2011 | Unregistered CommenterSilver Prices

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