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XMFSinchiruna (26.59)

The Ultimate Commodity Update



March 03, 2011 – Comments (30) | RELATED TICKERS: TECK , EXK , GG

Hi Fools. It's time again for the most succint and insightful assessment of global commodity supply and demand dynamics from the Oracle of Milwaukee: Joy Global.

There are several other important topics to discuss today as well, so please read on.


First, excerpts from the Joy Global piece:

Reinforcing the company's prior bullish assessments of looming long-term growth in global demand for products like iron ore, coal, and copper, Joy Global speaks of "a multi-year expansion ahead that will become the second leg of a long growth period for mining." The characterization seems a fair one, as only now are we really starting to see capital expenditures for new mine capacity gearing up in earnest following a severe and disruptive contraction that accompanied the massive commodity correction of 2008 and 2009. Highlighted by some gargantuan individual efforts like Rio Tinto's (NYSE: RIO) planned $13 billion in CAPEX, Joy Global sees its customers collectively increasing CAPEX by 20% during 2011, following a 30% surge in 2010. Lest Fools interpret this trend as signal of a future supply glut, Joy Global documents the array of long-term demand drivers slated to absorb the supply, and rightly points out the following with respect to iron ore in particular:

The major seaborne iron ore producers have plans to increase production by more than 50 percent, but markets should remain tight for the next several years as these expansions will take 5 to 6 years to complete.

Playing music to the ears of Fools who may have dug for copper exposure after I discussed the red metal's bullish outlook last December, Joy Global adds:

Global copper demand was in excess of supply in 2010 and the annual deficit is expected to grow to around 500 million tonnes in 2011. Copper has the longest lead time and highest risk associated with new green field capacity, and this adds support for copper prices. Today's prices of $4.50 per pound are expected to top $5.00 later this year.

Inserting similarly favorable forecasts for both metallurgical and thermal coal demand, Joy Global continues to depict as solid a landscape for mining investors as one could hope for. I believe that Fools opting for baskets of sector-targeted equity exposure through vehicles like the Market Vectors Coal ETF (NYSE: KOL) or the Global X Copper Miners ETF (NYSE: COPX) are likely to outperform the major indices over the next several years, and I consider profitable exporters like Teck Resources (NYSE: TCK) primed to deliver excellent shareholder returns over a similar timeframe.


Also, did you happen to catch "Endeavor to Catch This Runaway Silver Stock"?


Fools seeking to add silver exposure amid silver's momentous ascent may wish to seek relative peace of mind by targeting companies with aggressive growth profiles that erect a foundation of shareholder value beneath these share-price advances. Silver Wheaton, which is targeting 80% production growth over the next five years, offers one prime example. Endeavour Silver (AMEX: EXK), whose stock has advanced more than 150% since I asked Fools to pinpoint a major growth spurt last August, continues to entice shareholders with multiple avenues for growth looking forward.

Following exciting exploration success during 2010, Endeavour has opted to expand capacity at its Guanajuato processing plant by 67%, from 600 to 1,000 tons per day. The company expects to boost production by 12% in 2011 to reach 4.7 million ounces of silver equivalent (including gold), and sees operating profit margin surpassing $18 for each of those ounces (even using a decidedly conservative silver price forecast of $24 per ounce).

This week, the company released a new resource estimate for its most advanced exploration project: the Parral project in Chihuahua State, Mexico. With an indicated resource fast approaching 4 million ounces of recoverable silver equivalent, Parral's prospects are shaping up nicely, and the company will now commission a preliminary economic analysis to help guide future efforts.

Interestingly, Endeavour has also taken on a consultant "to identify and evaluate potential mergers and acquisition opportunities to facilitate Endeavour's future growth." Atop the strength of Endeavour's proven management team, which managed to avoid shareholder dilution effectively through previous rounds of growth, Endeavour's multitiered commitment to generating accretive growth renders this small-cap miner one truly enticing choice of vehicles for riding the silver rocket.


From earlier this week, here is my coverage of CDE's earnings:

And here is my discussion of the heavy favorites for growth in gold, including a handy data table.

Yamana Gold (NYSE: AUY), meanwhile, remains the uniquely undervalued gem of the golden growth world, and an updated reserve asset valuation at just 26% of fair market value supports this claim. Although I do maintain far greater confidence that the management of Goldcorp and Agnico-Eagle will execute cleanly on theirindustry-leading cost profile and proven organic reserve growth potential warrant a reserve-asset valuation far closer to those of their low-cost peers with similar growth outlooks. Goldcorp earns my nod for the highest-quality, lowest-risk play of the bunch, while Yamana remains the crystal-clear, deep bargain of the group. targeted growth spurts, I maintain that Yamana's


I have more to add, but I will do so gradually within comments. Please keep checking back here if you're interested.

30 Comments – Post Your Own

#1) On March 03, 2011 at 4:53 PM, XMFSinchiruna (26.59) wrote:

Next, a gorgeous image courtesy of Eric DeGroot:

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#2) On March 03, 2011 at 4:57 PM, XMFSinchiruna (26.59) wrote:

Now, check out this video featuring Erik Sprott, complete with his prediction that silver will indeed reassert its hirtorical 16:1 price relationship with gold over the course of this secular bull market, and that this is likely to carry silver beyond $100 per ounce sometime over the next 3-5 years. He called gold the investment of the last decade, and silver the investment of the present decade. I couldn't agree more (though I will retain substantiakl exposure to gold as well as silver).



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#3) On March 03, 2011 at 5:00 PM, XMFSinchiruna (26.59) wrote:

Here's a whopper from the most unusual of sources: The New York Times!

It’s getting harder and harder to continue to brush off Andrew Maguire’s claims as the rantings of a rogue trader with a nutty online following. The Commodities Futures Trading Commission should immediately release the files from its investigation into the supposed manipulation of the silver market so the public can determine whether JPMorganChase and HSBC did anything illegal, with or without the help of the Fed. In addition, the commission should start enforcing the 10 percent threshold on silver positions it has proposed to comply with Dodd-Frank law. Basically, the other commissioners must join with Bart Chilton to do the job they are required to do: Protecting the sanctity of the markets and preventing the sorts of manipulation we’ve seen all too often.



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#4) On March 03, 2011 at 5:13 PM, Predaking (27.86) wrote:

So let me sum all this up: silver is heading higher and silver stocks are a good investment.

Thanks for the posts - love your articles and stock ideas.

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#5) On March 03, 2011 at 5:16 PM, XMFSinchiruna (26.59) wrote:


Yeah, not to mention gold, copper, and met coal. :)

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#6) On March 03, 2011 at 5:35 PM, monksnake (40.54) wrote:

I got a question for anyone that wishes to answer.  It seems as though silver and gold are definitely in a long uptrend.  What do you think will happen to mining stocks if we encounter a double dip recession or worse, a depression. 

Seems to me that even if silver and gold stay high, which wouldn't be very likely in my opinion, stocks of silver and gold companies will plummet.

I just see the economy struggling and though I can't/won't call a top, I'd like to get out (not 100% out) before a major dip so I can get back in at a lot better levels.

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#7) On March 03, 2011 at 5:55 PM, XMFSinchiruna (26.59) wrote:

Now, I stated elsewhere that I would post further reactions and analysis of Northern Abitibi's resource estimate released yesterday for the Viking gold project in Newfoundland.

First, my condolences to anyone who may have intiated a real-life position after seeing my favorable mentions of the company recently. Hopefully, you all knew without me having to say it that mini-micro-cap stocks of exploration companies awaiting their first-ever resource estimate represent a high-risk, speculative investment that is best limited to very modest allocations. I do truly hope that is the case, so that the damage from this sell-off will have been very limited within an otherwise prospering portfolio of pm plays.

Second, please let this stand as a timely reminder that I am fallible in my pm stock recommendations, that I have in the past made, and will again make, bullish calls on pm stocks that have not played out/will not play out according to plan.

And third, because I had been in this stock for years, and understood its discovery in great detail, I had built an oversized position in the shares. No one is more disappointed than I with the result of the resource estimate, nor the impact on its shares.

Now, I spent about an hour on the phone yesterday with Northen Abitibi CEO Shane Ebert. I want to share with you what I learned.

First, I found it very interesting, and reassuring with respect to my due diligence process on this stock, that both he and I (and obviously the market) had anticipated that the independent firm would return a resource modeling a substantially greater quantity of gold than the 123,242 ounces. I divulged that my ballpark expectation had been for at least 250,000 to 300,000 ounces, and he indicated that was also in the realm of his expectations.

Here's what went wrong, and it doesn't mean the gold itsn't there. The modest scale of this resource estimate boils down to the coarse nature of the deposit, meaning it occurs frequently in the form of gold nuggets averaging a few millimeters across, and this type of deposit frequently involves a higher degree variability in the distribution of such nuggets, which therefore leads resource modelers to require a greater burden of proof before extrapolating drilling results throughout the deposit as presently delineated.

In other words, just because the holes they drilled recorded multiple high grade intercepts, the consulting firm was not willing to extrapolate that into an equal concentration of high-grade intercepts throughout the deposit. With a greater concentration of drilling activity, i.e. in-fill drilling to increase the overall sample size, that could change and the modeling could be extrapolated further.

In other words, they are in "show me" mode, where wehat they'll have to do is continue proving the continuity if high grade hits throughout the deposit before a more favorable resource model wiull be possible.

Also, the firm did not perform any extrapolation along strike or down depth, and the deposit remains open along both axes. So whether through further step-out drilliung to increase the scale of the deposit as delineated, or through in-fill drilling to increase confidence in the continuity of the trend, the company has multiple means available to continue targeting a more robust resource estimate.

He will spend the next couple of weeks evaluating options, and likely issue a subsequent release to indicate the direction he'll take in that regard. He has arranged for drilling to start at the end of May. Also, bulk sampling may be far more effective at demonstrating high-grade continuity than diamond drilling given nature of the intercepts, so bulk samlping is also likely to be a priority in preparation for a revised estimate. He could offer no concrete timeline for a revised estimate as of now, since he is still in the process of calculating his forthcoming strategy for efficiently expanding the resource.

Off the record, we both discussed our sense of the overall potential of the deposit based upon drilling and reconnaisance to date, and we both feel confident that there is additional upside potential at the site.

With that said, I for one will be holding onto my shares for the long term. For the moment, I will withdraw my buy recommendation because the underlying catalyst that I anticipated (a surprisingly large initial resource) has now been taken off the table. I have discussed the possibility of inviting Mr. Ebert to join us here on CAPS to speak with you all directly about the project, answer your questions, etc. Once he has had time to settle in with his response strategy and roadmap for resource expansion, I will try to make that happen.

You might be wondering whether this small resource estimate damages the company's theoretical access to capital. It could. This disappointing result did, arguably, increase the risk profile of the shares from a financial perspective. That is another reason why I'm withdrawing my buy recommendation for the time being.

I can report that I've now had several conversations and correspondences with Mr. Ebert, and I find him to be very committed to the science of proving to the market that the gold is there in economic quantities as he feels confident that it is. I was encouraged by the number of potential response strategies he already had in play within hours of the release, and I personally feel satisfied that this disappointing initial resource will more likely prove a temporary setback than a game-ender for Northern Abitibi.

Any questions, concerns, comments? I am happy to address them, and anything I'm not able to address I can relay to Mr. Ebert for further inquiry.

Disclosure: I am long shares of Northern Abitibi Mining.

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#8) On March 03, 2011 at 6:03 PM, XMFSinchiruna (26.59) wrote:


I'm guessing that your expectation may be based upon what you witnessed in 2008 when pms and relevant equities plummeted during the early stages of the financial crisis. It's reasonable to base your expectations upon prior experience like that, if that's the source of your forecast, but let me tell you what I think might creat6e a different dynamic this time.

Essentially, the dollar was still widely considered a viable safe haven in 2008. As equities tumbled, indiscriminate selling shifted capital from equities into Treasuries in a panic. I'm not saying we're in for another panic sell-off of that nature (though of course it's possible), but I believe that a flight from equities today would involve a flight into gold and silver, as Treasuries will not be seen as offering viable protection from inflation as a QE3 or other added interventuion comes into focus.

I could see pms and pm equities taking a momentary hit during a concerted sel-off event for broader equities, but I personally see zero chance for anything even remotely resembling a plummet. That sort of hiccup is one reason why I'm trying to maintain my cash balance north of 10% lately, but I would argue that the far greater risk would be to find yourself uynprotected by gold and silver in the event of resurgent acute economic distress.

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#9) On March 03, 2011 at 6:20 PM, monksnake (40.54) wrote:

Sinchi, thank you for your response. 

I was basing the collapse partially off what happened in 2008 as well as the idea that a general panic in the overall market would cause a selloff of any securities (i.e. pm miners) that have been involved in a runup as people would want to take profits.

I can see however that since the dollar appears to no longer be the safe haven it once was, many investors will find a substitute area to put their money.  Gold and silver are by far the most logical choices. Thanks again for your insight.

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#10) On March 03, 2011 at 6:30 PM, XMFSinchiruna (26.59) wrote:


My pleasure. To restate, I do see potential for pms and pm equities to take a momentary hit in an indiscriminate selling environment. I just believe the lack of viable safe haven alternatives and the increased understanding of gold and silver as money will in such an environment cement their role as the ultimate safe haven.

I personally hope that pm equities are included in any initial selloff, as I intend to deploy my 10%+ cash position resolutely into any such weakness. If we get further run-up from here before any such occurence, I may seek to raise my cash position further as protection for such a scenario.

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#11) On March 03, 2011 at 8:08 PM, XMFSinchiruna (26.59) wrote:

Regarding comment #7 above, I just had an interesting epiphany. I was so focused on how short the resource estimate came in beneath my expectations, that I neglected to run the math.

With 123,242 ounces of gold at a solid grade of 0.6g/t, Northern Abitibi presently carries a market cap of $9.3m, and an inferred resource with a current market value of $172.5 million.


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#12) On March 03, 2011 at 8:14 PM, kdakota630 (28.97) wrote:


Even with the "bad" news, is this mine that undervalued?!?

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#13) On March 03, 2011 at 8:27 PM, XMFSinchiruna (26.59) wrote:


I don't know if I'd go as far as to call it significantly undervalued. At 5% the market value of an inferred resource, it's probably close to fair value. But if you value the asset at its likely potential once in-fill drilling is completed, it certainly starts to look cheap.

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#14) On March 03, 2011 at 11:20 PM, magnetpal (< 20) wrote:

Sinch, if you have not looked into Tinka resources yet, you may wanna look at it. Seems a very very good silver play.



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#15) On March 04, 2011 at 1:45 AM, tdonb (25.96) wrote:


As I am new to mining and have never watched a company go from resource estimate to actual production, I am wondering how long you would estimate it would take to actually start producing. Is this a two year process, or a twenty year process?

Thanks for all of the information you provide.

In addition to Northern Abitibi, I am also looking forward to your writing on Tyhee, Caza, Alexandria, Primero, Impact, Copperfox, Great Panther, Northgate, Lynas, and China Gold--several of which I own and all of which I am studying and watching in case there happens to be a down turn in the market.

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#16) On March 04, 2011 at 7:40 AM, XMFSinchiruna (26.59) wrote:


I will have a look .. thanks for the tip.


It's impossible to say at this early stage. This was an initial resource estimate, with inferred-only ounces, and we're a very long way from documenting economic viability of a mining operation.

The traditional progression of development from discovery to production can take anywhere from -- and I'm ballparking here because there are so many variables -- 4 to 12 years.

However, it is conceivable that the company could opt for a low-cost type of operation that would essentially chase the known high-grade zones and truck material to one or more of the third party processing plants in the area. Something along those lines could be initiated on an abbreviated timeframe, and would not likely face any permitting difficulty.

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#17) On March 04, 2011 at 7:42 AM, XMFSinchiruna (26.59) wrote:


Thanks for your patience. I will get to them all in turn (and try to have a look at Lynas and China Gold), but presently I'm still rather wrapped up in earnings releases.

Stay tuned.

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#18) On March 04, 2011 at 12:23 PM, leohaas (29.58) wrote:

Sinch, as usual, excellent work! I'll remain long my silver (and gold and copper) exposure, partly based on your analysis.

I do have one concern, though. You make so many excellent points, but then you introduce the completely bogus image from Eric DeGroot (Comment #1). Why?

In case you have not noticed why the chart is bogus:

The data on the chart goes back to somewhere in the early 1930s. Yet the time axis on the chart goes back to 1871.  This is highly unusual, so I wondered why. Since there is only one item prior to the 30s on the chart (Federal Reserve Establised 1913), that must be the reason. What does that fact have to do with the silver price? Had he extended the data back to 1913, it would have been clear that silver prices were falling between 1913 and 1932 with the notable exception of the WW1 years. If you don't believe me, see for yourself using data from the same web site DeGroot got his data from:, select 1833-1999 Yearly Averages, click the View Data button.

Intellectually honest would have been to do one of two things:
1) Show all data back to the early teens. Then you can include the 1913 event if you think it is relevant.
2) Show a chart that starts in 1932, when the uptrend started. Leave out the 1913 event.

I am no expert at all in charting, but since when can you draw a line through ONE top and declare the result a "Long-Term Channel"?

My bottom line: you make so many great points to support your rationale for silver (and gold and copper) going up. Why dilute that with a bogus argument?

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#19) On March 04, 2011 at 1:58 PM, darroj (27.96) wrote:


Thanks for all the info... for someone with limited gold exposure, whats your top recommendation for < 5 year time span? I noticed GRS was left off your recent article.

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#20) On March 04, 2011 at 2:03 PM, kdakota630 (28.97) wrote:


It was his number 1 pick for 2011.

In a subsequent blog he did mention that he wished he'd made Copper Fox his number one pick, but there you go.

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#21) On March 04, 2011 at 2:10 PM, XMFSinchiruna (26.59) wrote:


I can only speculate as to his rationale, but it looks to me as though the data begin in 1933, the year the dollar was removed from a gold standard. That is indeed relevant to silver, and the chart as shown represents a comprehensive display of silver's price action in the post-gold-standard era. If you still dispute t5he value of the chart, I encourage you to voice your concern directly to Eric. I'm sure he'll be happy to address your questions / concerns.

But I think you jump the gun in characterizing the chart as bogus. The principle focus of the chart, and its most salient aspect, is the 2003-2011 trading channel that we have just broken above. The 1933-2011 trading range is meant to provide an extrapolated context as something to help make sense of the uncharted territory that silver is presently in. I would hasten to point out that the 1980 spike was the last time gold and silver approached their historical ratio of 16:1, so as a top-channel indicator that does indeed have some merit as a guide to this secular move.

In any event, I would just express my general frustration with such rapid rushes to judgement, and especially any attempt to make a declaration about how I've "diluted" my case for silver with what you prematurely dubbed a "bogus argument". I think I've earned a little more respect on the topic of gold and silver than that.

That's not directed at you at all. You know we're friends. I just want to remind Fools that if we're not 100% sure something is wrong or misleading, it's best to approach such a question with respectful inquisitiveness rather than disparaging judgements. Eric deGroot is an absolute master chartist of all things gold and silver, and a brilliant technical analyst. Jim Sinclair, despite his quirks still the foremost authority on gold in the world, has featured hundreds of his charts on his website at In other words, if something looks weird to you, Eric has likewise earned sufficient respect for you to pose the question to him and hear his explanation before labeling his effort as bogus.

By all means, I want every Fool to employ skepticism and question all apparent shortcomings in the information they come across. My comment is more geared toward the most respectful and Foolish way to go about it.

I hope you'll post Eric's response to your questions here. :)  No hard feelings, and thanks for hearing me out on that.

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#22) On March 04, 2011 at 2:26 PM, XMFSinchiruna (26.59) wrote:


It's hard to overstate just how excrutiating a task that would be to select just one individual stock for a five-year hold. :) So many stocks to consider that will no doubt vastly outperform the market over that timeframe. Also, it's never that cut and dry, as an investor's goals, risk tolerance, etc all come into play. And some stocks I can't even discuss ruight now due to recent trading activity. GRS is a terrific turnaround story in the making, and Copper Fox is a great speculative growth vehicle as Schaft Creek advances toward construction, but neither is suitable as a lone stock for pm exposure.

You know, I had quite an epiphany about Silver Wheaton today. You all will know what I mean when you read my article after its published later, but it is truly astonishing to imagine where that stock could go on the heels of a multi-year silver run to $100 and beyond. My $100 target for the shares is not an terminal call, but rather was selected because I wanted to stretch the envelope without losing my target audience as, for example, a $200 target would have done. By adding a few more world class silver streams over the course of this run, I see no reason why SLW can't approach $200 and pay attractive dividends along the way.

It may still be the most perfect stock in the universe. Please see my article due out later today, (bookmark my article feed here if you haven't already done so).

If I had to place my entire pm allocation into just one stock, it would be SLW. My second choice would be GG. These choices are in part because restricting pm exposure to a single vehicle requires disciplined risk management. Of all the companies I cover, the forward bullish trajectories of those two are uniquely UNASSAILABLE.  :)

I hope that's helpful.


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#23) On March 04, 2011 at 2:29 PM, XMFSinchiruna (26.59) wrote:

Jim broke his wrist the other day, but I'm glad to see he hasn't lost his sense of humor:

Jim Sinclair’s Commentary

You downgrade me. I downgrade you.

This is how nerds do war.

Here’s That Bank Of America Report Downgrading Goldman And Citi That Everyone Is Talking About
Gus Lubin | Mar. 4, 2011, 8:18 AM


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#24) On March 04, 2011 at 3:09 PM, darroj (27.96) wrote:

kdakota  - Thanks, I had seen both of those articles previously :) Sadly zecco wouldn't let me trade copper fox... and I initiated small positions in GRS, NXG, and TC - but I'm looking for more, longer term, safer exposure, which Sinch nailed on his reply!

Sinch - Thanks again for your thoughts. I consider myself fairly inexperienced in all things stock market, so I'm eager to learn more from people such as you. I sincerely appreciate your honesty and opinions - you're a great resource here. I may add some SLW and GG. My concern was more based on recent run ups (in companys such as SLW, EKK) and the "I missed the boat" mentality. I'd consider myself more of a value investor, and its hard for me to evaluate mining stocks up 100% or more the way I do other companies :)


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#25) On March 04, 2011 at 3:26 PM, kdakota630 (28.97) wrote:


Thanks for your answer in #22.

I never got into SLW, but now want to.  I don't really have much cash on the sideline at the moment, but at some point will likely sell part of my GPL for some SLW exposure, but in the short-term I don't want to jump off the Great Panther bus just yet.

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#26) On March 04, 2011 at 3:28 PM, XMFSinchiruna (26.59) wrote:


I totally understand the "I missed the boat" mentality. It's one of the hardest instincts to overcome amid a bull market of this magnitude.

I like to remind myself of my experience with Google. When Google IPO'd at about $80, I remember thinking it sounded like a 'can't miss' sort of opportunity, and I very nearly pounced on opening day. I decided to see if I'd get a better price, but instead the stock shot to $120 in no time ... a 50% surge that at the time made it seem scary to jump in. I never hopped on, because I always waited for the pullback that never came. Ah, the clarity of hindsight. :)

Heck, I even remember thinking I was getting into too hot a market in 2005 and 2006 when I initiated most of my pm positions. But once I gathered confidence in my long-term price targets for the metals, everything came into perspective. I would advise the same approach ... determine whether you feel 100% confident in a particular price target like, say, $50 silver, and once you're comfortable that the bull market has to extend that far, then seemingly major stock moves come into proper context.

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#27) On March 04, 2011 at 3:29 PM, XMFSinchiruna (26.59) wrote:


I nice pickle to find yourself in. :)

Don't forget that I recommend Fools keep a bit of cash on the sidelines to take advantage of volatility, though.

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#28) On March 04, 2011 at 3:38 PM, kdakota630 (28.97) wrote:


I did have some cash on the side line and used it to pick up more Copper Fox when it dipped 10% in a day, and it shot up 20% the next day.

That's why I have no more cash on the sideline at the moment.  LOL!

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#29) On March 04, 2011 at 3:39 PM, XMFSinchiruna (26.59) wrote:

Kimber Intercepts 8 Metres Of 1.6 G/T Gold and 224 G/T Silver At Carmen Gold-Silver Deposit, Monterde March 3, 2011

Vancouver, British Columbia - Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce results from a further ten holes from its reverse circulation drilling program at the Carmen deposit at its Monterde Project in Mexico. The ten holes were drilled along the northern end of the main Carmen structure and along the main splay, within the limits of the existing resource of the Carmen deposit. No visible sulphides were noted in any of the drill holes. The holes were designed to intersect the Carmen structure and its main splay vertically between previously reported drill hole intercepts and surface trenches; these holes achieved their objective in each case.

“We are pleased with the recent gold-silver assay results from our drilling in the upper portions of the Carmen structure and its main splay,” said Gordon Cummings, President and CEO of Kimber Resources. “These ten drill holes were completed as part of our work program to upgrade and expand mineral resources in the upper portions of the Carmen deposit. Each of the holes was successful with good widths and good grades,” he said.

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#30) On March 05, 2011 at 3:51 AM, magnetpal (< 20) wrote:

Sinch, currently these are my top 6 micro stocks, I think, will do very well in another 3 to 6 months. Thought of sharing with you:)

1. Encanto potash
2. Marifill mines
3. Tinka resources
4. Catalyst copper
5. Seafield resources
6. Focus metals


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