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I am grateful for this little intervention so that I was able to reopen my positions at 1270 and 1290 after selling out 1330s. If usd, gold and silver stays around the current levels, I am going to let this run. I reckon we would break 1360 over the next fortnight.
Fully loaded to where I want to be on silver and fres on spread bets.
I have been light on silver compared to my gold investments.
I was lucky to invest substantially in Fresnillo @700 so it has been great for my portfolio.
I have top sliced twice and the recent posts gave me some other silver shares to look at.
I have taken three smaller silver investments
Wheaton Precious Metals,First Majestic Silver & Pan American Silver.
I still think Fresnillo has much further to rise but can’t keep all my silver eggs in one basket.
GoldenBull, good luck with your investments. I bought WPM back in May & am currently sitting on a 15% (paper) profit. I bought Pan American back when I bought FRES (October'19), & whilst FRES is currently edging-out PAAS, it is PAAS that I regard more highly. First Majestic has been on my radar for some time. I can't bring myself to buy-in at these levels, but will certainly BTFD.
Good to have you along for the ride.
'I cant bring myself to buy in at these levels.' I couldn't agree more - I actually thought £5.65 was too dear for Fresnillo and I still think that. Luckily someone bought my holdings for £13.35... far more than I ever expected or wanted...
Nuri, I was referring to First Majestic. I bought (& continue to hold) FRES & will review my position once we hit my price target (£30).
I suspect we see PMs going in opposite directions.
FM with Keith Neumeyer as CEO, is a sound investment.
I asked an acquaintence of mine who works for a certain bank, if he or his colleagues were loading up with shares due to the low SP, and he laughed and said 'you are joking, arent you'
I am just working on the fact that the ratio between gold and silver means silver has further to rise.
I am thinking any decent silver producer is set to rise.
Fresnillo seem to have sorted their production and have had a much higher SP historically.
NURI, glad I didn't take your advice to short OCDO at £12, Up another 10% today.
Anyone looked at MAG being JV at juanicipio and due to start producing this year? Surely that is good value for 12mths down the road?
BTB, thanks for tips on Pan am and WPM. I am actually in quite a few miners already like Newmont, POG, McEwen, Hummingbird plus some fast moving SPACs but if I stick anymore money in PM miners, my portfolio would be way too heavy PM. As it stands now, it is already a bit over 50%! Am I mad?
Carvegyber, I'd considered MAG silver, but as I already have exposure to the Juanicipio project, I didn't want to double-down. It does, however, remain on my watchlist & I may well BTFD in the event of a significant sell-off: I'm still waiting for this & still expect it by year end, but would (honestly) be happy to be wrong.
Financial advisors will (of course) never urge you to go "overweight" to the extent that you have.
That said, however, it seems we are in a similar position. Of my market exposure, I hold about 55% in miners. The others are mostly defensives, although I have been unloading some of these with the expectation of buying them back cheaper. Time will tell on that front.
I often make the point (to anyone who will listen) that there's not a financial advisor on the planet who doesn't think you should have any gold exposure, but most will only suggest 5%. By the time the last financial crisis reached it's peak, those same advisors who were advocating holding 5% in PMs, were then advocating 30% in PMs......AFTER the gold price had risen 300%. I prefer to buy low & sell high ;)
I think most people here are ahead of the curve. I'm no "expert" (we've all seen how wrong they can be over recent years), but I've done my research & I understand the monetary system: how it REALLY works, & I believe it is the monetary system that will ultimately drive the gains here.
I take responsibility for my own investment decisions & prefer the back-&-forth of these forums to listening to some snooty financial advisor who doesn't even know where money comes from. Right now, both my instincts & my knowledge are screaming "PMs & miners". It's possible I'm wrong & I get battered like a fish fillet, but if that is the case, then it's on my own head &, frankly, were that to happen, I think we've all got bigger things to worry about.
FWIW, while they're not (yet) my best performing holdings (that honour belongs to CMCL & GPM) I'm a huge fan of Pan American Silver & Chesapeake Gold (I know Sprott just piled $15M into Chesapeake last month) & the two together give you a nice gold / silver combo. But let's not forget, a rising tide will (to a large extent) float all boats: just being in the sector should see you through what's coming.
GLA.
BTB, on Mag, when you think about it, you are not doubling down if you sell some Fres to buy Mag. You are actually leveraging up because Mag will give you outsize performance if you believe a) Silver will outperform gold in a bull. b) small caps will outperform large cap miners in a bull. Fres is diluted compared to Mag on Silver. If silver gets to $50, then MAG will probably be many multiples of today's price in a year.
PMs have been pared back by usd due to the feds comments but looking at GDXJ offload of around 10m shares, they should finish selling either today or tomorrow so price would be free to rise again come next week. If there is any weakness today, I am going to load up more. I expect us to be around 1260 by COB today looking at the pattern over the last 3 days so I am going to get some into my spreadbet.
Does anyone know if GDXJ has finished selling their stocks yet?
good to see how moving upwards ,this and a number of other shares ,had thought of buying this morning , spent to much time distracted , watching ncyt with share price starting to move up ,with more news likely to be released next week ,
like the potential here at fres ,for more of a move up this afternoon ,good volume here again today ,
Carvegyber, in his "weekly wrap-up" podcast today, Eric Sprott indirectly suggested that GDX / GDXJ would complete re-balancing by 4pm (EST) today. For all we know, that could already have been done, & given that the UK market has now closed, I would suggest that it has been.
If anyone isn't already doing so, I would encourage you to subscribe to the "Sprott Money News" YouTube channel. They publish a 20-30 min review of the week every Friday (at roughly 4pm GMT). They always take listener questions & there's usually some good stock discussion, too.
I found discussion of the large number of Comex EFPs this week particularly interesting. That's a LOT of metal.
Tks BTB. I have bought back in after trading it couple of times during the last week. By wed, I worked out their very predictable pattern of climb up mid morning which they start selling into and by the evening, price is way down. It starts again the next day. If anyone needs convincing of MM manipulation, then this is it.
What was the takeaway on the Comex EFP discussion? I am going to subscribe to the news...
Carvegyber, on the day of the Fed announcement (Wednesday) there were 13,000 contracts that went EFP. On the following day, a further 7,000 contracts went EFP. That's contracts & not oz (so multiply by 100 for oz). 2M oz in two days. This is off the chart compared to normal volumes.
BTB, I don't quite understand the concept of EFP and what that means. Could you elaborate please to educate me on this? I am bit underinformed on this subject. I can't seem to work out the implications of that.
Carvegyber, I'm no expert on this, but my understanding is that a Comex EFP takes place whenever the holder of a maturing contract demands physical metal (rather than taking settlement in cash) & the Comex does not have the metal to settle the trade. Delivery of the metal is then undertaken by members of the LBMA (the "exchange").
Back in March, when everything went to ****, we saw about 3,000 EFPs p/day at peak, & yet suddenly we're seeing 13,000??? Admittedly, this has not been sustained, but the message to take away from this is that, on Thursday & Friday last week, following the Fed's statement, somebody was standing for delivery of an unusually large amount of metal.
Perhaps there are others here who can elucidate further...
Carvegyber, I'm no expert on this, but my understanding is that a Comex EFP takes place whenever the holder of a maturing contract demands physical metal (rather than taking settlement in cash) & the Comex does not have the metal to settle the trade. Delivery of the metal is then undertaken by members of the LBMA (the "exchange").
Back in March, when everything went to ****, we saw about 3,000 EFPs p/day at peak, & yet suddenly we're seeing 13,000??? Admittedly, this has not been sustained, but the message to take away from this is that, on Thursday & Friday last week, following the Fed's statement, somebody was standing for delivery of an unusually large amount of metal.
Perhaps there are others here who can elucidate further...