Member Info for PortfolioPower

The 'days range' in Silver over the past 24 hours was ONLY around $4

Just when I was getting used to seeing daily swings of around $30 in the price of Silver over a 24 hour period.... and developing a risk tolerance for it like its a normal event. :-))

(UK's Best Silver miner)

Short term games mean nothing as has been shown over the past few months

Expect some day to day volatility

Silver shortage isn't going away over the next few years.

Longer term trend is ongoing massive increases in free cash flow for FRES that will feed through into significant Share Price appreciation

GLA

Ticking up nicely towards incoming news.

Silver demand massively outstripping available supply for the past 7 years in a row

Hence why the vaults are being drained as the demand for physical continues to outstrip supply YoY

>> Total annual Global Silver production is running around 800 Moz

( flat over the past decade )

>> Total annual Global Silver demand is running around 1.2 Billion Oz

(Industrial demand, which enjoyed another record year was underpinned by record electronics & electrical demand. This reflected structural gains in the green economy flowing through from the PV and automotive sectors and grid infrastructure development)

The physical Silver supply demand economics havent changed

JP Morgan still expecting $6300 gold price by year end.

Volatility is to be expected along the way.

US / Iran talks later on today.

Looks like we might be about to head back to the days where we all look forward to CH doing a interview with Katie :-))

The German bank added that Fresnillo was currently trading on 1.83x net asset value and 6.9x underlying earnings.

I simply adjusted for today's share orice which obviously shows FRES is now even cheaper by the same valuation metric

Obviously the breaking news that FRES is trading at a discount to peers and the wider market, and by doing so highlights that FRES is CHEAP by any traditional financial valuation metric needed to be accompanied with a trigger warning for one individual .. . :-))

According to the analysts FRES is presently trading at 6.5 x earnings.

It therefore can't be described as being expensive vs a sector average of 28 x earnings

At 6.5x earnings it's actually cheap.

Not just against the sector but cheap vs other companies.

There are companies like Tesla who are trading on P/E multiples in the many hundreds which have massive stretched valuations.

That's just not the case with FRES.

I wonder of Tesla are regretting paying $120/oz for 85 million Oz of silver

Or

I wonder if they are thinking why can't we buy the same amount of Silver at the paper comex price??

SP drop looks overdone given G&S pretty much where they were this morning.

They seem desperate to try and shake a few out each session with these fishing trips for stops.

JP Morgan target on FRES was 4700

They released this target when they were more bearish on Precious metals than they now are as they flipped from short to long last week

JPM and other broker targets were calculated using $45 oz Silver and $3750 Gold.

Expect several broker upgrades to come out through the year along the lines of the following

'With Precious metals prices now clearly in a much higher range than the prior year and forecast Gold and related metals expecting to move higher over the next 12 months we're forecaating massive hikes in free cash flow for the producers of precious metals and therefore upgrade our price target for FRES to 9700 etc etc..

Yeah, the good thing is that Gold is now back over $5000 so that's now giving Silver some more headroom to run back up higher which it can do at anytime

Take a look at countries like Turkey

The population has seen their local currency (lira) completely debased.

Gold has risen over 100% in 2025 vs lira

What's going to happen to the price of gold when the US has to refinance their sovereign debt in a few months..

They know it's going much higher

So what will their target need to be if we start to see.a broader allocation of 20%.gold rather than their 3-4% that would see Gold hitting $8500?

$8,000-$8,500 if households bumped up their allocations"

They have based the upper targets on portfolios moving to an allocation of just 3-4% Gold allocation

Not taking into account that many fund managers are now advised that the traditional 60/40 portfolio is finished.

With most fund managers calling to ditch bonds for precious metals.

That's a massive tsunami of potential cash rotation into metals

The bank now expects gold to reach $6,300 per ounce by the end of 2026, saying that “demand from central banks and investors” should keep pushing prices higher, according to Reuters.

The recent TheStreet coverage about J.P. Morgan’s prior framework noted that gold is “pushing toward $5,000/oz. by Q4 2026” with an upside path to $8,000-$8,500 if households bumped up their allocations"

Gold moving back up nicely

Now $5,078.80... wow

New FRES Aquasition of Probe gold looks well timed.

Will add an additional 200,000 oz P.A. production onto the existing 600,000 oz

Maybe more acquisitions to come?

Clearly a big rotation is going to happen

Https://techcrunch.com/2026/01/28/tesla-earnings-profit-q4-2025/

"The electric vehicle company reported last Wednesday that it recorded just $3.8 billion in profit across 2025"

Whilst the market hasn't woken up yet to how undervalued the Silver miners are vs the 'big tech'

By the end of 2026 FRES will have made Multiple billions in cash

A major re rating of FRES SP to follow.

STRONG BUY

Back tagging 4000

Wants to move back up to 4400

Then onwards and upwards

6,000 by end of March

10,000 by year end

18,000 by FYE 2026