Loading ...Capitulation in popular miners … EXK
Even with silver showing remarkable strength … EXK is now 50% below its 52-wk high.
Either this is orchestrated … driving it below sell stops, or silver has another leg down?
Many juniors have fared much better than the well known names.
Let’s see how the week goes.
GL
I was about to suggest it was probably company specific and did some digging. This is the issue. https://www.globenewswire.com/news-release/2024/08/12/2928247/0/en/Endeavour-Silver-Reports-Guanacevi-Primary-Ball-Mill-Trunnion-Failure.html
PS: I have commented recently that I believe most if not all silver miners will eventually be nationalized but this one having most of their mines in Mexico should be avoided. Mexico is likely one of the first places to do so.
EXK is just catching down to the rest of the silver miners. It has had an incredible rally off the lows–from $1.40 to $5.00 in less than 5 months.
A 50% retracement is not out of the ordinary, IMO. That being said, I would like to see a relatively quick rebound back above $3.40.
Put this one on the watch list, They are going to have to adjust their production guidance for the year and so I look for another slippage in price BUT then have another mine coming on line, and will get this problem fixed, so the re-rate should be really nice, especially if silver is higher than it is now.
Give it a week… By then silver seasonality should turn up. Meanwhile gold stocks are the place to be.
The chatter about silver nationalizing…. I highly doubt it.
Very bad for good business practice. Not to mention for funding….