Another site troll of the past that I was just thinking about yesterday was Spanky. He came on here repeatedly and suggested that Silver would never get above $18 again in his lifetime, or “wake me up if silver ever gets over $18 again… not likely though…” Haha!

Those types of bear bashers are hilarious, while showing the emotional extremes and lack of logic that some investors fall into during negative sentiment periods. Those types of folks come and they go, and are illustrative of why so few investors are able to buy low, or sell high.

I went to check it out Buzz, but don’t think it was the same “Joe”. Sure that poster was repeatedly bearish on First Mining, but was much more articulate, laid out an actual thesis, wasn’t bashing all precious metals investors, or repeating the same mantras over and over again yelling in ALL CAPS, or telling everyone to sell everything and go to cash repeatedly. That Yahoo Joe just wasn’t a fan of First Mining.

Thanks blazesb – Yeah, I was actually just talking to a few folks about that concept again, and which types of stocks will have the most torque to rising prices and it isn’t always the “best in breed.” Often it is the higher cost producers, or developers that need slightly higher metals prices, as their economics get impacted so much more on a percentage basis, and that is what gives them such a rerating higher on big moves in the underlying metals.

Case in point from Wednesday blast higher across the silver stocks, was that higher cost operating companies like Bear Creek Mining, Coeur Mining, Americas Gold & Silver, Impact Silver, Guanajuato, Endeavour Mining were up far more in percentage moves, compared to the lower cost operators like Silvercorp, Silvercrest, Fresnillo, Hochschild, or SSR Mining.

It took just 18 weeks to go from .22 to 1.25 (469%) in 2020 and it took 27 weeks to go from .11 to 1.28 (1,063%) in 2016. The deep drawdowns are more than fine with me because it would be much more difficult to make money without them. They’ve come from weak metals prices and not “company specific” bad news so they shouldn’t be so scary to so many. The herd is full of dopes who become traumatized by any and all price declines because they look at them in isolation through their fear and ignorance filters. Likewise, they size-up junior miners all wrong in the first place and expect the impossible as a result while wrongly judging their finances and financings among many other things.
I expect IPT and the sector in general to make those 2020 and 2016 peaks a floor this time around but of course any individual company can run into trouble so stock pickers obviously face more risk and uncertainty than those who buy the ETFs. For example, how’s the new Plomosas project doing for IPT? It could be a near term source of great strength OR great weakness.

Here is a post over at Ceo.ca from 2017, where I specifically quoted what you said and gave you full credit for teaching me the concept; and still feel it is the most impactful concept you’ve ever shared, that could really help a lot of junior resource investors.

https://ceo.ca/bestoftheworst?4693230c3b93

Those who doubt that the silver miners are the place to be should compare GDX and SILJ volumes since 2015. Big positioning in GDX happened 8-9 years ago while big positioning in SILJ began in late 2019 and continues to this day. Of course there are many good reasons to expect silver to significantly outperform gold.
https://stockcharts.com/h-sc/ui?s=GDX&p=M&yr=10&mn=1&dy=0&id=t4161841655c&a=1644665553&r=1712212798113&cmd=print

Hi there BDC. Thanks for sharing the Fibonacci support levels on that chart, from your Fibonomics site.

Yeah, as Jordan mentioned in the interview above, a snapback rally to $2,200 or $2150 is not out of the question, but there is no need to have a big washout corrective move below that (or below the $2,146.39 level you outlined) this early on in the breakout rally. There was also that prior peak at $2152 that is right around that same area. So that suggests support in the $2146 – $2152 zone.

Personally, I could see a gold move back down in the low $2200s or may a brief breach below that for several weeks as a confirmatory backtest. Things are starting to get a bit overbought at these levels after such a scorching rally. In general though, as I mentioned to Jordan and he concurred, investors need to shift to a bull market playbook, because the pullbacks are going to be more shallow and brief moving forward, at least until we get to the $2,500 mini cup and handle extension level or possibly the $3,000+ larger cup and handle measured move higher.

An opening high above yesterday’s could make this one a MaxSat(7).
Note the latest: https://tinyurl.com/bddmb9wj