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What were the reasons for the 29 Jan jump? I never did get to the bottom of it.
On Mon/29, the reasons for a jump were different.
Somehow, I believe in silver breakout and miners following this time. One of my top holdings, Avino Silver, moved 21% up yesterday. I would not touch FRES until the price reaches the 600-700 range, or even higher, depending on how silver goes. One caveat of short-term trading is occasionally missing the real move.
This jumped 10% on Monday 29 Jan and then quickly lost nearly all the gains in 4 days. So I'm not holding my breath it'll hold this time!
My break even is £5.43 btw.
Montofino, Tony and Mary, not much faith in FRES to flip it that quickly then? 😂
About time this moved! Took long enough. Let's see how the data impacts PM price this week.
Bought in at 446. Offloaded 25% today. Will be keeping the rest.
Taken a chunk off for nearly 8-10% profit. This look a top of the market peak going through. Still have a good slice on and watching where this goes.
450p not 4500 lol (even I am not that bullish)
All we need is a breakout on FRES to go to £6. Silver heading to $28 again it seems.
The 440 / 4500/ 462 purchases looking trimmable around 540/560p later in the week.
Good call, Max!
"Been saying for 13 weeks that #gold has a blue mega breakout.
Now also #silver has a blue mega breakout."
https://twitter.com/graddhybpc/status/1775064909857824775
Pen oles on a rip today
"Silver is above $25"
As it was last December, amazing I know.
Gold and silver breakout.
Silver is above $25.
"With #Gold at all-time highs, #Silver is just following the roadmap (as it should)."
https://twitter.com/NorthstarCharts/status/1773345185147081132
Gold well above $2,200 and FRES languishes in the mid £4.xx. Too many better opportunities out there. Is Gerald Ratner still around???
Let's see if they make me eat my words :)
https://x.com/bonker_99/status/1773301371246199073?s=20
"Been saying for 12 weeks that #gold has a blue mega breakout.
#silver now has 1 day to the quarterly close,
and a blue mega breakout on quarterly time frame."
https://twitter.com/graddhybpc/status/1773282975834062853
Well, I enjoyed your gallows humour quip, fog. Have a recommend :)
Last year the profit above costs margin on silver was $6.50 per silver ounce. Silver contributes 50% of Fresnillo profits when adding on zinc and lead. At $26.90 an ounce the margin is up 50% or 25% increase in gross profit overall. Gold the other 50% is already above 6% on increased revenue going back to 1 January and is adding 30% profit at the annualised rate. The overall profit line may still be under 2022 levels, but is way above the figures seen in 2023. The off set is further appreciation in the peso, but that would need to be higher than what has occurred in 2023 to cancel all the increased profits. If the Mexico peso continues to appreciate it would smash up the Mexican economy and would decrease company profits for tax purposes and the Government would also run into fiscal difficulty. The central bank in Mexico is likely to cut again in May. The first cut at 0.25% had no impact and is still collapsing growth in the Mexico economy.
Where are those days that Fres would climb 50p or more a day? LOL! They will return, for sure!
Fogthemogg, I hope you are kidding. 56M Oz annual silver production, with the silver price increasing from 25 to 50, gives 1.4B USD extra annual profit, before tax, etc. Also, what value would you assign to 2.2B Oz silver resources, at $50?
According to my regression model, on a very conservative basis, $50 silver for the next 50 years should get us back to 600p.