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Endeavour Silver Corporation: Up 10.83% in 3 weeks

Endeavour Silver Corporation has made terrific progress in the last 3 weeks rising from $3.97 to close at $4.40 yesterday.

We expect this stock to rise above its recent high of $5.00 very soon and go on to demonstrate just what a high quality silver stock that it really is.

The tripling of its silver resources at Guanacevi Mines Project, Durango, Mexico, has no doubt played a big part in the stocks recovery. As noted on the chart it was the Chinese wobble that give us the opportunity to pounce and make our first investment. In our opinion it is still cheap so we will continue to accumulate as our cash flow allows.

The old adage of buy the dips certainly applied here. When the gloom comes down it is important not to let your chin drop as most of the others have done and hit the sell button. This selling drove the price down very nicely for us to make the best of a short-term correction. If you sold during this period then not to worry it is still cheap and buying back in now could better than trying to get back in 6 months, just our opinion of course, and we hold the stock so we are bias towards it.


The chart shows the commencement of the recovery and you can see that the volume has increased gently over the last 3 days. Now that the US interest rates have been kept on hold we could see gold going on a little run and silver is sure to join in the fun.

You can locate Endeavour on the TSX: EDR, AMEX: EXK, DBFrankfurt: EJD

08 March 2007


Endeavour Silver Corp: Silver Resources Triple

Endeavour Silver Corporation has announced today the tripling of its silver resources at Guanacevi Mines Project, Durango, Mexico.

Micon International Limited have completed their audit of the silver reserves and resources at the Guanacevi Mines Project and Endeavour are now in receipt of a summary of the NI 43 101 compliant reserves and resources for Guanacevi. The full report will be filed on SEDAR in due course. The highlights however are as follows:

Proven and probable reserves at 9.93 million ounces of silver at year-end up from 3.48 million ounces of silver in March 2006.

Indicated resources are up from nil in March 2006 to 21.06 million ounces silver at year-end 2006.

Apart from the above and yet to be audited Endeavour also reports a silver inventory totalling 571,000 oz silver in stockpiles at year-end.

Bradford Cooke, Chairman and CEO, commented, "Reserves and resources at Guanacevi now total 41 million oz, well in excess of the 10 year mine life. The Santa Cruz vein system not only contains multiple large mineralized zones with robust silver grades, it continues to be open for resource expansion."

Well, isn’t that just a terrific start to the day, which should impact on the stock price as the news filters through.
As you know we made an investment in Endeavour on the 5th March 2007 when things were looking at little glum in the markets as the sell off has given the silver mining sector a good pounding along with all the precious metals. This sell off did not deter us as we used it as a buying opportunity and managed to get in at US$3.97 and yesterday it closed at US£4.34 for an 8.77% increase in just 3 trading days.

We have high hopes for this one but as always don’t go too mad on any one stock.
You can locate Endeavour on the TSX: EDR, AMEX: EXK, DBFrankfurt: EJD

08 March 2007


Endeavour Silver Corporation: Looking good.

Endeavour Silver Corporation is one of the smaller silver mining companies concentrating on the growth of its silver production, resources and reserves in Mexico. Although the market capitalisation is only $174 million this company has plans to become one of the top five silver producers in the world.

This is an ambitious mission to undertake but in our humble opinion it is doable. The biggest threat that we can see against this mission being fulfilled is that it could well be taken out by one of the majors before it gets there. The market is in a mood of consolidation as evidenced by the recent spate in takeover activity. It is sometimes easier to add to your reserves by purchasing other known reserves through the acquisition process, than it is to explore new ground.

The attraction for us as investors is that Endeavours properties contain a high grade of silver currently standing at 15 ounces plus per ton with the substantial exploration upside of the Guanacevi mines project at 30 million ounces.

From a geopolitical stand point Mexico is viewed as a politically stable environment in which to operate. It has a 500-year mining history, reasonable environmental policies, a good infrastructure and a government committed to the development of its natural resources reservoir.

All figures are in US$. The Market capitalisation is $174 million with 42 million shares outstanding and closed on Friday at $4.15, although the asking price was $4.13 in extended hours trading. The 52-week trading range is $1.78 to $6.08 on an average volume of 222,000 shares for the last 10 days so the liquidity is good.

Taking a look at the chart we can see the effect of the pull back suffered across the markets worldwide. This can be seen as a problem or an opportunity, to us it is an opportunity as we believe this a good entry point enabling us to get into position before silver makes a run at $20.00. The figures on the chart are all in Canadian dollars. If the market volatility continues then we may be able to make an investment at around $4.00, which we would regard as a steal.


Endeavour Silver Corporation trades on the AMEX as EXK, on Toronto as EDR and on Frankfurt as EJD.

05 March 2007



A quick update of our portfolio of silver stocks shows just how well these silver investments have performed to date.

We are very pleased with the progress however we have lost patience with CDE and have decided to sell it and we will replace it shortly with a new silver mining company.

Below is a list of what we have and a record of the progress that has been achieved to date.

HL $8.28 BUY
Bought for $5.27 has gained 57.12%

PAAS $31.03 BUY
Bought for $18.00 has gained 72.39%

SLW $10.89 WATCH
Bought for $9.41 has gained 15.73%

CDE $4.68 SELL
Bought for $4.85 has lost 3.51%. Our patience has come to an end. The geopolitical shadow hangs heavy on CDE, which has resulted in the market perception of this stock turning from exciting to dull. CDE may well come back and has recently made a great effort to regain lost ground. However we feel that this recent upward move could be short lived so we will go back to the sidelines and watch how it develops from here on in.

SSRI $36.05 BUY
Bought for $19.98 has gained 80.43%
The average gain for the above silver stocks is 44.39%. We try to invest in ‘quality’ silver stocks and expect them to rocket as and when silver takes a run at $20.00, which we believe, is imminent.

EPL $0.80 HOLD
Bought for $0.53 has gained 50.9%. This stock has a reputation as a project generator with the ability to develop and then spin off a project. Investing in EPL is a bet that their management can continue to surprise by way of innovation.

Our research continues but it is difficult to better the above list.

For now though we are content to hold and enjoy as steady progress is being made.
We are expecting silver to move to higher ground and do it very soon so hang on in there we also expect the above stocks to move dramatically higher along with silver.

25 February 2007


Silver-prices: Change over to Feedburner

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All new subscribers will automatically be entered into the new system.

Those of you who have been with us for a while have now had your email addresses added to the new system. You should receive an email from us enabling us to confirm that you wish to stay on the distribution list.

We apologise for any inconvenience that we may have caused you but hopefully the newsletter will be delivered to your inbox on a regular basis from now on.



23 February 2007


SILVER: Preparing to challenge recent highs?

After a $0.44 price rise yesterday, Silver looks to be poised for an ascent above and beyond its recent highs of $15.00 or so.

From the chart we can see that silver has been dragged down by the bears but has managed to hold at the 200DMA and rally back again. It is now in position for a serious assault on $15.00 and from there we expect silver to take a run at the $20.00 level.


When this happens we believe that some sleepy investors will be awakened to the true value of silver as a metal and as an investment in terms of holding the metal and silver mining stocks. Their participation will bring new money into this small sector of the market and it will chase prices ever higher.

So now is the time to get your portfolio into position to take the maximum possible advantage of what’s to come. We will shortly add some new silver stocks to our portfolio and will indeed publish the reasons for putting hard earned cash into such investment vehicles.

When we do this we invite you to comment and add your thoughts to the debate as we may well have missed a vital piece of information. Your comments add balance to the debate and all of our other readers will benefit from it.

Time to get moving if you are not already in!

22 February 07


Silver compared to silver stocks


This is an interesting chart, which clearly demonstrates that good quality silver stocks can outperform silver by a long way.

As we can see for the graph the quality silver stocks have performed very well indeed when compared to silvers progress to date. However a long political shadow hangs over CDE so we have decided to re-deploy our hard earned cash elsewhere.

Our portfolio is small at the moment but is about to grow as we have been researching a number of very interesting possibilities.

We believe that it is not the number of stocks that you have in your portfolio but the quality that counts and that quality will pay handsome dividends in the longer term. Come to think of it, it’s not doing too badly in the short term.

Go gently.

12 February 07


SILVER: Preparing for another attempt at new highs?

Having been hammered back from $14.00 silver once again brushes off the dust and climbs back into the ring.


From the chart we can see that despite the sell off silver did not break through its own 200 DMA but managed to hold and then bounce to higher ground. This is great to see but we must expect more volatility as more and more speculators decide to try their hand in this sector of the market.

In our humble opinion we believe that the longer silver goes sideways the greater the breakout when it finally arrives. That could be a downside breakout I hear say, yes indeed it could be. However we think that this Bull Market has a long way to go yet so hang on to your stocks and be patient, the best is yet to come!

25 January 07

silver, stocks, Bull Market

CDE: Disappoints

This is a real shame that such a well-managed stock is suffering at the moment.


From the chart we can see that a recovery has begun and that the technical indicators are heading north however as an investment we are not impressed. Stock performance is all about comparative analysis and when compared to other silver stocks in this sector CDE pales badly.

PAAS and SSRI have out performed CDE by a long way so we have to ask the question of why do we still have our hard earned money in this stock? Well we had hoped that the Bolivian political situation would only affect the stock for a short time but on reflection that does not appear to be the case. Our conclusion is not fight this stock but realise that this situation may persist for a long time to come, in which case we have got to move on.

There is nothing more distressing than being in a Bull Market but on the wrong stock. We will reduce our holdings from here and place CDE on the Watch List just in case the environment becomes friendlier towards CDE.

25 January 07


COEUR D ALENE MINES: The shadow of Bolivian politics

It’s a pity that the geopolitical situation in Bolivia is casting a huge shadow over CDE, which in our opinion is one of the best silver mining companies around today.

From the chart we can see that CDE has taken a battering and looks to be in a in a beaten state. Has this silver stock now found a support level, which incorporates the political situation, or could it drop further? The question now is where do we go from here? Do we sell and take a small loss, do we buy more and average down or do we continue to observe?


An anti capitalist government wishing to use its weight does not fill us with confidence. Can the management at CDE negotiate their way through this minefield and strike a win-win deal with present government? Its all a little hazy and does not get any clearer with contradictory statements coming out of La Paz on a seemingly daily basis.

For now we will remain patient and observe the movements of the market. Market perception is a powerful tool and should not be ignored. If a recovery begins to show itself then we may well put more money in to this stock to reduce our average price.

Be patient for now.

Coeur de Alene Mines trades as CDE on the NYSE.

11 January 2007