Member Info for BuggerTheBanks

Knew it (as per my post of 22/7)!

The mining sector is the place to be for the foreseeable future. More will follow; probably not in the next quarter, but make no mistake, they're coming.

GLA.

Forgive my ignorance here, but is this FRES buying back / making early repayment of $800M of its own debt?

Carvegyber, apologies: I wasn't aware of that. All I can see is the Barclays upgrade (to £11.50) on the 15th September. I used to be able to see broker recommendations on H/L, but they pulled that earlier in the year.

That's positive news.

888 is only worth 1/3 of William Hill. You need to compare market cap; not s/p.

IIRC, during the last round of take-over speculation (a few years ago now) the BoD said they saw intrinsic value beyond £3 p/share. As a holder since 2006, I'm happy to sit & take divis. This is an absolutely rock-solid company which has proven that it can not only survive in the most difficult of environments, but it can THRIVE. When we hit £4 p/share (& I accept that maybe some way off) I'll re-evaluate my position.

Plan B would involve selling some in advance of a global market crash (which I believe is on the cards) with a view to buying back cheaper.

Two broker upgrades today as well. As usual, they're playing catch-up (rolls eyes).

Maybe because the SP remains above the brokers' target price. Not that brokers know any more than the rest of us.

EC, you think people are going to spend money on new phones just so their tyrannical government can track and trace them? Are people really stupid enough to pay for their own slavery?

"Imagine just how stupid the average person is.....then realise that half of the population are even more stupid than that". George Carlin (I believe).

People will buy phones for Christmas (assuming it's not "cancelled" by the Satanists behind this virus scam) so they can play the latest games, or upgrade to 5G (if they think that's important), not so they can be monitored 24/7.

The MIC is looking for a new proxy war: let us hope this doesn't become it, because if it does it will drag on for years & lead to the destruction of both countries.

Looks like we're going to get clobbered tomorrow.

If you're trading, could be good. I buy & hold, so I'm waiting for a minimum 30% correction before I BTFD (already up 100% + since last year, so it's paper profit & not capital at this point).

GLA

Probably a combination of the FinCEN news & imminent second lockdown (which they won't let you out of until you take their "vaccine"). Get ready for a global stock market collapse (think -40% or more).

Capita (as we have already seen) will fare worse than most. As a current holder, I'll add more at 10p.

GLA.

BBBear, yes: I've been watching the market this-morning & wondering the same thing.....Is this the pull-back I've been expecting???

It does feel like it, but hard to tell just a few hours in. If it's anything like March, we're all about to get battered, but the buying opportunity for anyone with cash on the sidelines will be truly epic. I'm not brave enough to trade in & out, so will stay invested, but I'll be doubling-down on all of my mining positions if falls exceed 30%. If not, I'm happy with the skin I already have in the game.

GLA.

Oh, hang-on: I might've mis-understood the hedge. So FRES are guaranteed a minimum price of $20 for their hedged silver, but will receive the market rate for it if it's above $20 & below $50? Have I got that right? So they're only out of pocket if silver tops $50 next year? I guess then it simply boils down to how much they've paid for the hedge.

TwoGoals, yes: dividend banked. Check with your broker; some are faster than others.

As a holder of Shanta (SHG) I've seen what a price hedge can do to profitability in a rising market. Now, FRES are hedging 7% of their 2021 production at a 24% discount to current silver prices. Am I the only one who thinks this is crackers?

As an investor in miners, I believe that the long-term trend for PMs is upwards. Now, admittedly, the FRES board know a lot more about this industry than I do, but really??? Yes, it's a relatively small proportion of their production, but even if we get a March-style correction (which I fully expect), that would give us $16 silver....for about a month, before we're off to the races again.

What do people make of this?

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...

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.

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.