PAAS - The Silver Trade Is On | Benzinga
Source: Michael Ballanger 04/09/2024
Michael Ballanger of GGM Advisory Inc. shares his thoughts on the current state of the silver market and one copper stock he believes is a Buy.
Yesterday afternoon, shortly after the Comex pit sessions for the precious metals closed, I bit the bullet and decided to open a trading position in silver.
Despite my aversion to silver for most of the move in 2024, the SLV:US is ahead 12.44% year-to-date and is now outperforming gold GLD:US, which is up 10.64% YTD.
This performance by silver confirms the integrity of the new bull market in gold and the miners and is a welcome set-up for continued gains in the seniors and for the eventual recovery and outperformance in the junior developers.
- Bought 25% position SLV May $25 calls at $1.30 (risking $.50 per contract).
Fitzroy Minerals Inc.
Speaking of the junior developers, it appears that Fitzroy Minerals Inc. (OTC: FTZFF) is about to release an update on the Argentina-based Taquetren project where, up until now, exploration efforts have been unremarkable, to say the least.
I have always held Taquetren in high esteem largely because of the presence of Daniel Bussandri, the prospector/geologist responsible for the discovery of the gargantuan Navidad Silver deposit in 2001. Sold to Pan American Silver Corp. (NYSE: PAAS) for $600 million in 2009, Navidad contains over 800 million ounces of silver along with copious quantities of lead and zinc and is located (like Taquetren) within the Gastre Fault zone of Patagonia.
However, unlike Navidad, which is located in mining-hostile Chubut Province, Taquetren is located in mining-friendly Rio Negro Province in an area that hosts the Calcatreu gold deposit owned by Patagonia Gold Plc (OTC: HGLD). From what I am able to ...