George Soros Bought $10.5 Million of Silver Wheaton Corp.; Should You Buy, Too?
Tuesday, October 14, 2014 at 06:26PM
Silver Prices

It’s my favourite way to invest in precious metals, and apparently George Soros agrees with me.

The stock is Silver Wheaton Corp. (TSX: SLW)(NYSE: SLW). Originally, the company was a small division of mining giant Goldcorp Inc., until it was spun off in 2004. But over the next 10 years, Silver Wheaton has grown into one of the largest players in the mining sector.

It’s an odd bet. Silver Wheaton doesn’t actually own any mines at all. Instead, it buys what’s called in the resource business as a “streaming metal deal”.

It works like this: Silver Wheaton fronts mining companies with the cash they need to fund new projects. Once completed, Silver Wheaton is allowed to buy a percentage of a mine’s production at a fixed price. This allows it to lock in a source of silver that it can often buy at a steep discount to spot rates.

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Be careful with the use of an average of US$4.15 per ounce that it pays for silver as we once calculated the figure to be around $7.50/oz and it may have changed since then: click here. 


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