Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199


Search Silver Prices
Silver Price
[Most Recent Quotes from] Our RSS Feed

Silver Updates by Mail

Enter your email address:

Follow Us on Twitter
« We Are Now At A Major Tipping Point For The World | Main | George Soros Bought $10.5 Million of Silver Wheaton Corp.; Should You Buy, Too? »

Fighting back, First Majestic delays sale of silver amid price weakness

In this morning's mail bag we received this heads-up from Todd Anthony of First Majestic Silver Corp a post that appeared on GATA:

7:42p ET Tuesday, October 14, 2014

Dear Friend of GATA and Gold:

Ninety-nine point nine percent of gold and silver mining companies and their executives are brain-dead, merely geologists and accountants, unaware of the monetary nature of their product and how their product is priced by surreptitious market intervention by central banks. But here and there certain companies and their executives have a clue, and First Majestic Silver Corp. today again proclaimed itself to have far more than a clue.

First Majestic announced that it won't sell its metal into the recent weakness in the silver futures markets. In a statement the company said:

"Silver prices declined 19 percent in the third quarter, representing the second largest quarterly decline since the financial crisis in 2008. As a result of this weakness, the company decided to temporarily suspend silver sales in an attempt to maximize future profits. This suspension of sales will result in lower revenues and earnings for the third quarter. However, it is likely that these inventories of unsold ounces will instead be sold in the fourth quarter. As of September 30, 2014, approximately 934,000 ounces of silver were held in inventory."

This isn't the first time that First Majestic has withheld production amid price weakness. The company and its chief executive officer, Keith Neumeyer, long have acknowledged that the monetary metals are monetary and subject to attack by issuers of other forms of money. Unlike most other gold and silver mining companies, First Majestic is not inclined to cooperate with such attacks. It even mints its own silver rounds, bars, and ingots and sells them directly to the public:

First Majestic's statement is posted at the company's Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Its good to someone making a stand.

If you would like to know which stocks we are buying and selling please join us atStock Trader our premium investment service.

Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

Please remember to check your spam folder once you have subscribed to ensure that our verification email has not gone astray and you are getting our emails.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>