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Yep the media shills always left mugging the 'uninformed little man' who has little to no concept of where the market is heading and time and time again gets mugged of their shares and left scratching their heads and crying in public as the price keeps moving away from them as their cash becomes worth less and less.

They will own nothing.

But they wont be happy

Cash is decreasing in value on a daily basis.

Next potential inflection points / catalysts that would sky rocket PM's

> Conflict with IRAN

> Global Sovereign debt crisis

> US debt refinancing.

> most FIATS will likely be worth half of what they are presently worth in around 3 years. Commodities will be minimum double

Massive inflation is on the way.

It's not just unavoidable.. it's required given the scale of the sovereign debt crisis incoming.

Following that, which countries will start calling for an IMF bailout?

The way rhe UK is heading unless there is a 180 degree policy change that massively slashes government spending combined with a new budget designed to produce growth then the pound will totally collapse.

They will just keep the money printing going

Any weakness in US markets and they just print more

Trump will want to leave office with the markets alot higher and this will be done with.... yep you guessed it.... more money printing.

They will continue to debase cash

The Chinese are doing the same

The M2 MONEY SUPPLY IS RISING AT RECORD PACE

And Silver keeps ticking up nicely.

Steady as she goes..

Although presently

$88.22

(+11.51%)

When you add info the mix the global debasement of FIAT currencies this is going to ensure that appetite for Gold and Silver from sovereign nations, banks, pension funds and private investors as a safe haven asset to protect against inflation and the negative real returns that cash has delivered is likely to remain strong

That's why the Bullions vaults are seeing their supplies being depleted.

The amounts they are being asked to deliver exceed annual global production

So as the vaults start to run dry and the big tech companies demand delivery, the amount of money the miners can command to supply Silver is likely to continue to increase until it reaches a level whereby they can open new mines.

If the mining CEO's are saying we aren't at that level yet, it suggests the price has some way to run over the next few years.

In the meantime the miners are going to produce massive amounts of free cash flow vs prior years FYE reports leading to ingoing quarter on quarter earnings upgrades.

>> 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)

Its not like oil though.

> Firstly there are only about a dozen primary Silver producers.

> High barrier for new entrants:

Cost of capex, time to new mine discoveries, permits, feesability plans, finance and mine construction (typically a decade to get a new mine up and running)

The likes of FRES have a mine that has been producing for over 500 years and will still be producing in hundreds of years to come.

The various Silver deposits and zones of Silver deposits that are yet to be exploited dont cost the same to mine as the ones presently in the production plan for the next few years

The miners have been happy concentrating on their existing mine plans where the AISC is around $25 and they can continue to produce from these existing mines with a very stable output.

They do have many other deposit zones with vast reserves where the cost to exploit these may require an AISC of say $40/oz or higher.

But why bother atm, when they can simply keep exploiting the existing zones of the mines with the lowest cost of production and those higher cost zones can just be ignored unless of course the price of Silver were to rise sufficiently that they would be worth bringing forward those additional deposits into the production plan.

For e.g. The CEO of first majestic stated that for them to 'switch on' additional production would require a new port to be built at the cost of a billion and a further billion on roads, and that they just aren't going to do that unless the price of silver goes alot higher.

Be interesting to see if big tech starts to do more direct deals to secure their requirements.

Elon Musk recently outbid Samsung in paying $120/Oz for 85Moz Silver for Tesla.

The physical market will ultimately dictate the true price discovery.

Should the comex default on their March delivery all bets are off then as to where the price runs too.

Profits will still Triple, quadruple and a lot more without output needing to increase one bit.

You have missed the point.

The miners won't be making the investment needed to increase output UNLESS the Silver price continues to rise and remain much higher.

So we are witnessing a period where the price rises will directly translate to increased bottom line profitability

But this won't automatically fix the supply shortages until Silver prices continue to rise and stay higher as the new norm.

Therefore the miners remain deeply undervalued against the projected free cash flow generation they are now throwing off.

Interesting comments from Keith Neumeyer CEO of First Majestic a couple of days ago.

He correctly called Triple digits Silver would happen and stated that Silver needs to move higher to incentivise the producers to put the neccesary infrastructure in place to enable production to increase.

This is something Keith stated that the traders in New York failed to understand.

Without higher Silver prices the supply shortages will continue to get worse.

He said Global Silver production has been flat for the past decade.

Keith did point to the fact that since Silver has been reclassified as a critical metal and China effectively banned exports of Silver, the USA started to throw support behind the mining sector that both the Mexican government and Carney's Canadian government have both stepped up their support as they want to permit and see new projects come to fruition.

Silver is undergoing price discovery and will keep rising until it reaches the level required to incentivise the producers to put in multi decade investments into new mines which Neumeyer states will require a Silver price at 'multiples of today's price'

Last week's pullback looking like a repeat of what we saw in October

Share price firmly back into ascending channel with multiple upside targets discussed all in play on both the technicals & fundamentals (which is a driver of the most powerful moves up)

Looking good.

✅ Silver up nearly 10% overnight 📈

My personal opinion, and not advice, as everyonrs circumstances are different....

There is sound reason in holding Gold and Silver coins, especially if taking personal custody.

The coins that don't attract any capital gains tax are where most people start stacking. Coins also provide greater liquidity vs bars, e.g. say you have $50,000 across 10 coins vs 1 Gold bar of equivalent value and you suddenly need to raise $5k or $10k you don't need to sell the whole lot, just a coin or two. So having coins makes it easy to divide some of your total holding should you want to just sell a small percentage.

If buying much larger amounts that you don't want to store at home and are happy for it to be stored in vaults there are providers that will offer VAT free services to UK purchasers

Your VAT free stack would be stored in a secure vault in Switzerland, (you'd want to make sure its fully insured and allocated.)

Some investors like this as if you want to sell its just a case of phoning your bullion dealer and executing the sale without having to carry around large amounts.

You can also still take delivery at a later date should you want to whereby VAT would then apply.

If saving for the longer term, or retirement HMRC allows physical gold to be held in a pension

Physical gold can be held in a pension via a Self-Invested Personal Pension (SIPP) or a Small Self-Administered Scheme (SSAS).

HMRC require the gold in your pension to remain securely vaulted, held in bar form and of purity not less than 995 and fully allocated to your pension name.

There are also the usual tax breaks associated with contributions to a pension.

Outside of the physical stuff, there are ETF and ETP some providing leverage, but these are really for the traders and you'd need to be classified as an 'sophisticated invesotor' or 'professional' by most platform providers in able to access some of these products.

It has been explained on here (and on other companies bb's) that when you have a sharp rise in the quarter by quarter underlying free cash flow what you will see is an period of an inverted P/E curve that will take 12-18months to play out.

This won't make sense to those that haven't experienced it before.

But it is what it is.

£36 atm

Targets?

£50 by March

£100 by year end

£180 by FYE 2026 PUBLISHED ACCOUNTS?

Just need to run the numbers on forward P/E using existing metals prices

18,000 SP TARGET (or £180) equates to forward production guidelines being hit in with an 'average' sale price of $5000 gold and and average sale price of Silver of $100 across the 2026 fiscal year & applying a sector average P/E of 26

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I ran the numbers on LLOY hitting £1 back when it.was 40p with every muggy spread better on LSE Screaming day after day that it was gonna go down as all they kept reading was the mainstream media noise designed to ensure their losses whilst I kept pointing out that LLOY was operating on a P/E of below 7 at that time and simply had to re rate massively to bring it in line with the sector average and its American peers.

But they kept reading the newspapers and 'hit pieces' and couldn't understand why the shares kept trending upwards thinking that every pullback was 'the one' where their silly spreadbet would pull them out of their sad existence.

All the while the shareholders just sat back and made the real money, collecting divs alongside capital appreciation and let the excess cash generated put to work doing share buybacks.

FRES will be able to do similar, what will they do with the massive projected free cash flow generation this year?

> Special divs?

> share buy back?

>:More acquisitions?

Lots to look forward too in 2026.

Broker target of 4700 based on $45 silver and $3.5k gold.

PM prices already way higher than this.

Just need the last of the retail holders to be shaken out during this accumulation phase then the broker upgrades will start to land.

Https://www.investing.com/news/commodities-news/jpm-raises-gold-price-forecast-on-enough-demand-from-central-banks-investors-4477853

Just added a few more

Thanks

JP MORGAN RAISES GOLD PRICE TARGET TO $6300

https://www.investing.com/news/commodities-news/jpm-raises-gold-price-forecast-on-enough-demand-from-central-banks-investors-4477853

Massive upgrade incoming, their FRES target of £4700 based on Silver $45 and Gold $4500

The catch up trade to free cash flow generation continues to massively under price GGP

When ranked against the tech sector working on stretched valuations the PM producers are severely mispriced vs reality.

2026 is going to be the year when reality kicks in.

The traditional 60/40 portfolio no longer works

The bond market is no longer going to produce acceptable returns over the next few years.

Portfolio managers are already calling for a rotation from bonds into precious metals with even the most conservative targeting 20% allocation where historically allocation has been as low as 1%.

We have already seen the start of global funds selling US treasures.

There is a wall of cash parked up in bonds ready to enter this sector

All you have to do is stand in front of it.

Islandgirl

Spot on as usual

Those building positions the miners have done the maths.

When the likes of FRES start announcing greater profits then Tesla in 2026, the inflated tech markets can do what they want to.

The rotation won't be immediate

But the rotation into precious metals producers is going to happen as the year plays out and each respective earnings announcement keeps revealing the extent of massive growth in free cash flow generation vs prior year reports.