First Majestic Silver Corp. (AG)

[slimhere]

America must have slept on the wrong side of the bed.

Silver Futures 24.050 up 0.786 3.38%

[slimhere]

No doubt, Jamie has made a ton of money for his shareholders, that said, I don't like the man. A lot of his money is on the backs of tax payers.

Not saying I like Pocahontas, but she's on to Dimon.

GL, it's just not for me.

[slimhere]

Roots, I am not here to second guess Keith, I'm just chit chatting with you. I'll bet that AG has been stung by selling Futures in the past, while this last quarter, that might have been different.

That said, that extra gold allowing AG to sit on their silver, well you have to believe there's a smile on Keith's face that can't be wiped out. Plus, I'm certain he knows that they have shorted the living chit out of silver in face of a growing demand for the metal, while not saying a thing about a lousy dollar and inflation.

I'm liking this!

[Family Roots]

I can’t criticize Dimon for lining the pockets of his shareholders - it’s one of my core holdings. He predicts that Bitcoin will crash and burn - agree with him on that. Regarding debt not mattering - I have to disagree with Jamie on that.

[Family Roots]

Slimhere, not sure about the futures. Seem to recall hearing Keith say some time ago that everything was unhedged, so I assumed they didn’t trade futures. I recall them holding back silver at least one other time. Now that their gold production is a larger piece of the mix they may have more flexibility to do their own short squeeze by holding some silver when prices dip.

[captainscotty]

$AG: FANTASTIC NEWS... $11.23


https://twitter.com/FMSilverCorp







https://www.firstmajestic.com/investors/news-releases/first-majestic-produces-a-record-73m-silver-eqv-oz-in-the-third-quarter-consisting-of-33m-oz-silver-and-54525-oz-gold-suspended-silver-sales-and-held-14m-oz-of-silver-in-inventory-at-quarter-end

https://www.firstmajestic.com/



https://pbs.twimg.com/media/FBgTIv3X0Awz5s1?format=jpg&name=large








First Majestic Produces a Record 7.3m Silver Eqv. Oz in the Third Quarter Consisting of 3.3m Oz Silver and 54,525 Oz Gold; Suspended Silver Sales and Held 1.4m Oz of Silver in Inventory at Quarter End



Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - First Majestic Silver Corp. (TSX: FR) (NYSE: AG) (FSE: FMV) ("First Majestic" or the "Company") announces that total production in the third quarter of 2021 from the Company's four producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached a new record of 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold. In the first nine months of 2021, the Company has produced 9.5 million ounces of silver and 124,942 ounces of gold for total production of 18.3 million silver equivalent ounces, or approximately 69% of the Company's 2021 guidance midpoint of producing 25.7 to 27.5 million ounces. The Company's financial results for the third quarter of 2021 are scheduled to be released on Thursday, November 4, 2021.

THIRD QUARTER HIGHLIGHTS

Total Production up 14%: The Company produced 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold, representing an increase of 1% and 17%, respectively, compared to the previous quarter primarily due to a 39% increase in gold production from the Jerritt Canyon operation in Nevada.



Withheld 1.4 Million Ounces of Silver: At the end of the quarter, the Company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter. Furthermore, the Company has not withheld sales of any of its gold production.



Stockpiling Higher Grade Material at Ermitaño: During the quarter, the Company continued extracting mineralized material from the development of the Ermitaño deposit at Sant Elena. At quarter end, a total of 45,271 tonnes of mineralized material grading 4.0 g/t gold and 41 g/t silver have been placed in surface stockpiles. Over the next few months, the Company anticipates initial batch test processing to begin at the Santa Elena processing plant.



Major Capital Projects Continue at Jerritt Canyon: During the quarter, the Company completed the structural fill for the tailings lift on TSF2 and installed approximately 25% of the new liner. In addition, the annual maintenance overhaul for the dual roasters was near completion at the end of September. As a result of this planned 14-day maintenance shutdown, approximately 30K tonnes of ore were added to surface stockpiles which are expected to be processed in the fourth quarter.



27 Active Drill Rigs: The Company completed a total of 50,472 metres in exploration drilling across the Company's mines during the quarter. At the end of the quarter, a total of 27 exploration drill rigs were active consisting of 12 rigs at San Dimas, six at Jerritt Canyon, seven rigs at Santa Elena and two rigs at La Encantada.
"We had a very strong quarter with total production achieving a new record of 7.3 million silver equivalent ounces representing a 14% increase compared to the prior quarter," said Keith Neumeyer, President and CEO. "The record quarter was primarily due to having a full quarter of production from the Jerritt Canyon operation in addition to continued strong production performance at San Dimas and La Encantada. Santa Elena is now at the cusp of a significant step-up in production and cost reduction as we prepare the plant for initial production from the Ermitaño area in the coming months. Looking ahead, we anticipate higher grades to drive production growth at San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter and into 2022. Finally, due to the relative weakness in the silver price throughout the quarter, we decided to suspend silver sales for the third time in the Company's history in an attempt to realize higher prices."



QUARTERLY REVIEW

Total ore processed during the quarter at the Company's mines amounted to 943,126 tonnes, representing a 14% increase compared to the previous quarter. The increase in tonnes processed was primarily due to a 57% increase in tonnes milled at the Jerritt Canyon operation in addition to a 9% increase in tonnes milled at La Encantada.

Consolidated silver and gold grades in the quarter averaged 122 g/t and 2.00 g/t, respectively. Consolidated silver grades at the three Mexican mines decreased 4% compared to the prior quarter primarily due to slightly lower grades at San Dimas and La Encantada. Consolidated gold grades increased 11% compared to the prior quarter due to higher processed tonnes at Jerritt Canyon and higher gold grades at San Dimas in the quarter.

Consolidated silver and gold recoveries both averaged 90% during the quarter.

MINE BY MINE PRODUCTION TABLE

At the San Dimas Silver/Gold Mine:

San Dimas produced 1,888,371 ounces of silver and 20,767 ounces of gold representing an increase of 1% and 8%, respectively, compared to the prior quarter for total production of 3,422,032 silver equivalent ounces.
The mill processed a total of 214,205 tonnes with average silver and gold grades of 289 g/t and 3.14 g/t, respectively. Silver and gold grades are expected to increase in the fourth quarter as a major high-grade area within the Jessica vein of the Central Block was brought online in September.
Silver and gold recoveries during the quarter averaged 95% and 96%, respectively.
The Central Block and Sinaloa Graben areas contributed approximately 62% and 29%, respectively, of the total production during the quarter. In addition, the Tayoltita, El Cristo and West Block areas contributed approximately 9% of total production in the quarter.
A total of 12 drill rigs, consisting of two surface rigs and 10 underground rigs, were active at the end of the quarter.
At the Jerritt Canyon Gold Mine:

During the quarter, Jerritt Canyon produced 26,145 ounces of gold, representing a 39% increase compared to the prior quarter. The increase was primarily due to achieving a full quarter of production under the Company's ownership as well as improved underground mine and plant production rates.
The mill processed a total of 230,415 tonnes with an average gold grade and recovery of 4.19 g/t and 84%, respectively. Increased ore development rates and processing of lower ore grade from surface material continued during the quarter which resulted in higher tonnage with lower average ore grades processed in the plant.
The Company mostly completed its annual maintenance overhaul of the dual roasters at the end of September which resulted in an increased ore stockpile of approximately 30K tonnes due to a planned 14-day maintenance shutdown. This large surface stockpile is expected to be processed in the fourth quarter. In addition, construction activities to lift tailings storage facility #2 advanced with the completion of the structural fill and approximately 25% of the new liner installation. The lift project remains ahead of schedule with expected completion in November.
The SSX and Smith mines contributed approximately 42% and 38%, respectively, of the total production during the quarter. In addition, numerous surface areas contributed approximately 20% of total production during the quarter.
At the end of the quarter, the underground connection drift between the SSX and Smith mines was approximately 75% complete and the project remains on schedule for completion by the end of the year. The new connection is expected to reduce transportation bottlenecks and improve movement efficiencies of personnel and equipment. In addition, the connection drift is expected to support future exploration activities.
A total of six drill rigs, consisting of three surface rigs and three underground rigs, were active at the end of the quarter.
At the Santa Elena Silver/Gold Mine:

During the quarter, Santa Elena produced 508,641 ounces of silver and 7,498 ounces of gold representing a decrease of 10% and 11%, respectively, compared to the prior quarter for a total production of 1,061,657 silver equivalent ounces.
The mill processed a total of 234,862 tonnes consisting of 160,012 tonnes of underground ore and 74,850 tonnes from the existing heap leach pad. Underground production rates were slightly lower than budget due to the loss of the main ventilation fan in August which restricted mining in the 290 level of the Main vein. A new ventilation fan was successfully installed in September and underground rates returned to normal levels.
Silver and gold grades from underground ore averaged 92 g/t and 1.23 g/t, respectively, while silver and gold grades from the heap leach pad averaged 37 g/t and 0.63 g/t, respectively.
Silver and gold recoveries averaged 91% and 96%, respectively, during the quarter.
At the Ermitaño project near the Santa Elena plant, extraction of mineralized material from the development of the Ermitaño orebody continued with a total of 45,271 tonnes of material grading 4.0 g/t gold and 41 g/t silver containing approximately 5,800 ounces of gold and 59,640 ounces of silver are now in surface stockpiles. The Company is planning to begin initial batch testing at the Santa Elena processing plant in the coming months. In addition, the main access road connecting the new mine to the Santa Elena processing plant is now approximately 80% complete.
The lab at Santa Elena completed and passed its ISO 9001 surveillance audit determining the facility is fully compliant with the management system quality standards for sample preparation, geochemical and assay services.
A total of seven drill rigs, consisting of four surface rigs and three underground rigs, were active at the end of the quarter.
At the La Encantada Silver Mine:

During the quarter, La Encantada produced 905,074 ounces of silver, representing an 8% increase in ounces compared to the prior quarter. The increase was primarily due to a 9% increase in tonnes processed.
The mill processed a total of 263,645 tonnes with an average silver grade and recovery of 134 g/t and 80%, respectively.
The La Prieta and San Javier caving areas contributed approximately 77% and 3%, respectively, of the total production during the quarter. In addition, previously mined backfill areas contributed approximately 20% of total production in the quarter.
During the quarter, the Company entered into a surface access agreement with the Tenochtitlan Ejido on 10,100 hectares of land covering the Company's mineral concessions at La Encantada. This new agreement allows the Company, for the first time since owning the mine, to initiate surface exploration programs on this large ejido land package.
A total of two drill rigs, consisting of one surface rig and one underground rig, were active at the end of the quarter.
Q3 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company is planning to release its third quarter 2021 unaudited financial results, and to announce the third quarter dividend payment, and shareholder record and payable dates on Thursday, November 4, 2021.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

FOR FURTHER INFORMATION contact [e-mail], visit our website at www.firstmajestic.com or call our toll-free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; ore grades; recovery rates; mine plans and mine life; integration of operations; future sales; the future price of silver and other metals; costs of production; costs and timing of development at the Company's projects; commencement of initial batch test processing at the Santa Elena processing plant; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society, risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99253

[slimhere]

Roots, do you know if AG sells Silver Futures?

I cut this from your link:

Withheld 1.4 Million Ounces of Silver: At the end of the quarter, the Company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter. Furthermore, the Company has not withheld sales of any of its gold production.

I like that they aren't selling sliver at these prices, but I'd like it even more if they were selling Futures at such a high price that they aren't exercised, I have to believe that they are. I own a lot of shares for me, but not enough that Keith is going to be calling for a chit chat! :(

[slimhere]

Roots, if we get any true buying, we'll see a little squeeze going on. IMO, we should be way over your 20 bucks, it's just hard to say that with the current price/share.

James Dimon has lead JP Morgan down the path of hell while he's lined the pockets of his shareholders at the cost of hard working people retirement funds. Now he's telling Biden that debt doesn't matter, Lord Have Mercy.

[slimhere]

We got some Press in the WSJ, it's just we have some serious shorts knocking us down, in the end, we'll win. Damn, doesn't that look sweet, we found more gold than we were looking for, gold prices are down right now, but the company doesn't need to sell into this market, we'll see what they do, nice problem.



o News Results
First Majestic Silver's 3Q Gold Production More Than Doubles -- Commodity Comment
3:52 pm ET October 12, 2021 (Dow Jones) Print



By Mary de Wet



First Majestic Silver Corp.'s gold production more than doubled in the third quarter from a year ago due to an increase in output of the precious metal from the company's Jerritt Canyon operation.



On the third quarter:

"The Company produced 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold, representing an increase of 1% and 17%, respectively, compared to the previous quarter primarily due to a 39% increase in gold production from the Jerritt Canyon operation in Nevada," the silver and gold miner said.

First Majestic Silver produced 3.2 million ounces of silver and 25,771 ounces of gold in the third quarter of 2020.

"At the end of the quarter, the Company held 1.4 million ounces of silver in inventory due to suppressed silver prices in the third quarter. Silver sales are anticipated to resume in the fourth quarter. Furthermore, the Company has not withheld sales of any of its gold production."

President and Chief Executive Keith Neumeyer said, "Due to the relative weakness in the silver price throughout the quarter, we decided to suspend silver sales for the third time in the Company's history in an attempt to realize higher prices."

"Looking ahead, we anticipate higher grades to drive production growth at San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter and into 2022," Mr. Neumeyer said.



On the San Dimas Silver/Gold Mine:

"San Dimas produced 1,888,371 ounces of silver and 20,767 ounces of gold representing an increase of 1% and 8%, respectively, compared to the prior quarter for total production of 3,422,032 silver equivalent ounces," First Majestic Silver said.

"The mill processed a total of 214,205 tonnes with average silver and gold grades of 289 g/t and 3.14 g/t, respectively.

"Silver and gold grades are expected to increase in the fourth quarter as a major high-grade area within the Jessica vein of the Central Block was brought online in September."

"Silver and gold recoveries during the quarter averaged 95% and 96%, respectively."



On the Jerritt Canyon Gold Mine:

"During the quarter, Jerritt Canyon produced 26,145 ounces of gold, representing a 39% increase compared to the prior quarter. The increase was primarily due to achieving a full quarter of production under the Company's ownership as well as improved underground mine and plant production rates."

"The mill processed a total of 230,415 tonnes with an average gold grade and recovery of 4.19 g/t and 84%, respectively. Increased ore development rates and processing of lower ore grade from surface material continued during the quarter which resulted in higher tonnage with lower average ore grades processed in the plant."



On the Santa Elena Silver/Gold Mine:

"During the quarter, Santa Elena produced 508,641 ounces of silver and 7,498 ounces of gold representing a decrease of 10% and 11%, respectively, compared to the prior quarter for a total production of 1,061,657 silver equivalent ounces."

"The mill processed a total of 234,862 tonnes consisting of 160,012 tonnes of underground ore and 74,850 tonnes from the existing heap leach pad. Underground production rates were slightly lower than budget due to the loss of the main ventilation fan in August which restricted mining in the 290 level of the Main vein. A new ventilation fan was successfully installed in September and underground rates returned to normal levels."

"Silver and gold grades from underground ore averaged 92 g/t and 1.23 g/t, respectively, while silver and gold grades from the heap leach pad averaged 37 g/t and 0.63 g/t, respectively."

"Silver and gold recoveries averaged 91% and 96%, respectively, during the quarter."



On the La Encantada Silver Mine:

"During the quarter, La Encantada produced 905,074 ounces of silver, representing an 8% increase in ounces compared to the prior quarter. The increase was primarily due to a 9% increase in tonnes processed."

"The mill processed a total of 263,645 tonnes with an average silver grade and recovery of 134 g/t and 80%, respectively."



Write to Mary de Wet at [e-mail]



(END) Dow Jones Newswires

October 12, 2021 15:52 ET (19:52 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

[handsdo]

Manipulation is unreal. I have been in ant out with small scalps. Waiting for the dust to settle for reloading. Thank you JPMorgan!

[Family Roots]

Slimhere - I think you’re right - this stock should be over $20. A blowout quarter

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1082-tsx/fr/108146-first-majestic-produces-a-record-7-3m-silver-eqv-oz-in-the-third-quarter-consisting-of-3-3m-oz-silver-and-54-525-oz-gold-suspended-silver-sales-and-held-1-4m-oz-of-silver-in-inventory-at-quarter-end.html?utm_source=newsletter_1212&utm_medium=email&utm_campaign=junior-mining-brief-for-date-b-j-y

[slimhere]

Deep BS going on with Silver IMO, AG has an up day, SLV takes a dive.

One of these mornings we're going to wake up hearing that there's a silver shortage, or we'll hear that Reddit Raiders are going after the shorts in Silver, IMO, AG is worth twice what it's trading for as I type.

I'm adding every week.

[handsdo]

Deep oversold condition IMO - https://schrts.co/QBVSpXqw

[handsdo]

Look at the custodian - http://about.ag/SLV/WhosWho.htm

[slimhere]

Silver demand in industry has increased, I own VIEW, they add silver into their glass to reduce heat coming thru the window during summer months, while also adding heat during cold months of the year.

How they do that, not sure. Bought VIEW when it was 10+, it's now under five bucks, so they probably aren't doing it all that well :)

Silver was in huge damand in the beginning of COVID, those old fashion silver pitchers kills germs, and they didn't have all these fancy soaps back in the 1800's

Once, silver starts moving, it's going to run. I'm still buying. I don't believe Silver price isn't being controlled by JP Morgan and other large holders. GL

[captainscotty]

$AG: Insanely massive bull run theory.... $10.86


https://www.reddit.com/r/Wallstreetsilver/comments/q2eq4v/insanely_massive_bull_run_theory/


https://new.reddit.com/r/Wallstreetsilver/comments/q2eq4v/insanely_massive_bull_run_theory/


https://new.reddit.com/user/captainscottty/comments/q2hhsu/insanely_massive_bull_run_theory/



Insanely massive bull run theory
r/Wallstreetsilver
•
Posted byu/easyethd
4 hours ago


Insanely massive bull run theory


Probably not an original thought, and I know that the blatant manipulation has driven silver bulls up the wall for years, but I believe the price suppression, while there is clearly a shortage of all goods and inflation ramping up, is the major catalyst that’s going to get silver to not only 100 but into the 100s in a much shorter timeframe than expected.

The supply vs demand issue has been made very clear by people in the know, and many respectable economists are saying that this may very well be one of the largest crashes/recessions that the modern world has ever seen. I believe them. Everything is primed for the silver market to explode and outpace all other commodities.

There are great points made when it is said that people get into silver for the wrong reasons; that it’s a store of value and that it is suppose to hedge against a falling dollar, not a get rich quick scheme. I do believe that to be true as well, but at this point, owning physical and a few miners are the best plays in the market imo & still extremely undervalued.

I own 500+ oz & counting, as well as leap year calls on AG. Keep stacking, & f$ck the feds. Night.

[captainscotty]

#AG: ADDING TO MY SILVER NUGGETS.... $11.23

The @FMSilverCorp team was at the 2021 #Silver Symposium in Coeur d'Alene, Idaho. Thanks to all the shareholders who stopped by our booth for a corporate update. It's great to be back at conferences seeing everyone! #TripleDigitSilver @keith_neumeyer $AG $FR.TO #BuyPhysical $PSLV pic.twitter.com/RgiR7AeTyl

— First Majestic (@FMSilverCorp) September 29, 2021

The @FMSilverCorp team was at the 2021 #Silver Symposium in Coeur d'Alene, Idaho. Thanks to all the shareholders who stopped by our booth for a corporate update. It's great to be back at conferences seeing everyone! #TripleDigitSilver

[The_Truth_NL]

Looks like it’s time for me to buy some of this stock again.
And when I flip it - I’ll be buying some more of their silver coins.
Fantastic play here, IMO.
$AG

[slimhere]

I'm no Powell fan, but there's a lot more to inflation in the 70's then the Fed printing money, OPEC held the USA hostage with their oil prices, when oil went higher, everything else followed.

Powell saying that we willed inflation higher is BS. However, printing money wasn't the whole issue, either.

Silver is going to see a run, now is a huge buying opportunity IMO.

[captainscotty]

#AG: "Physical Demand Will Completely Overwhelm Supply"... GO CaNNa

And How Silver Could Wind Up Over $270

https://www.zerohedge.com/markets/physical-demand-will-completely-overwhelm-supply-and-how-silver-could-wind-over-270


https://quoththeraven.substack.com/p/physical-demand-will-completely-overwhelm




"Physical Demand Will Completely Overwhelm Supply" And How Silver Could Wind Up Over $270

BY TYLER DURDEN

SATURDAY, SEP 11, 2021 - 09:20 AM
(Submitted by Quoth the Raven from QTR's "Fringe Finance" at http://quoththeraven.substack.com)

This is Part 1 of a two-part interview with Andy Schectman, President & Owner of Miles Franklin Precious Metals, a company that has done more than $5 billion in sales. Andy is a world-renowned expert in the field of precious metals and took the time to answer some pressing questions I had about the possibility of a real silver squeeze, the precious metals market, the Fed, and the future of money worldwide. He has been a frequent guest on my podcast, as well.



Q: Hi Andy, thanks for joining me. Is a silver squeeze really even possible given the massive size of the silver market? In layman's terms, how could it happen?

A: More silver is being consumed than is being mined each year. Last year, approximately 850 million ounces were mined globally, with a demand of over one billion ounces. The industrial demand for silver is surging in an increasingly digital world, with new applications every day in green energy and battery powered vehicles.

At the same time annual global mine supply is declining and industrial demand is increasing, a global renaissance in monetary demand is upon us. This is happening while a handful of large Wall Street bullion banks have manipulated the price of monetary metals for decades, allowing some of the biggest money in the world to accumulate massive amounts of physical gold and silver at subsidized prices.

The physical demand filters down from the top. Over 300 million ounces of silver were removed from the Comex market in 2020 by some of the most sophisticated and well healed investors in the world. Settlements on the Comex are usually mostly in dollars. The Comex was not set up to be a source of physical delivery. This is no small development. In years past, this amount would represent roughly a decade’s worth of silver deliveries. In addition, Comex deliveries in 2021 are now on pace to better the 2020’s delivery numbers. When all of this is added to record global retail physical demand in coins and bars - physical demand at some point and probably sooner rather than later, will completely overwhelm supply.

In geological terms, silver is found in a form called epithermal, meaning it is found very near the surface. This means that most of the big deposits were found years ago, even before the advent of enhanced imagery. In fact, only 30% of global mine supply comes from primary silver miners, while 70% comes as a byproduct of mining other metals such as copper and zinc.

In summary, the demand for physical silver is greater than the supply - the amount being mined each year. And it’s expanding. At the same time, silver is in the cross hairs of a new class of “deep pocket” investors, from hedge funds to home offices. And the “retail” demand is on the rise as well. As an example, our business at Miles Franklin is up between 300% - 400% and it is 95% silver. This new, large demand is, in part, being funded by savvy investors taking profits on stocks and Bitcoin.

Most commodities have one primary source of demand, like copper – which is solely and industrial metal, and gold, which is mostly a monetary metal. Silver is in demand by both industry and investors. At some point they will be in competition with each other. That point is not far off. So yes, I think a squeeze is not only possible but actually highly probable.

Q: Andy, you've been in the precious metals business for decades. Where would you pin the true price of silver and gold right now?

A: Much higher! Due to the relentless market manipulation, there is no accurate way to find honest price discovery. So far, supply and demand of physical silver has had little effect on the paper prices set on the Comes. It is impossible to determine the true, unmanipulated price.

When you factor in money creation and inflation, plus the rise in all commodities, gold at $3,000 seems on the low side to me. Of course, this is just a subjective guess.

Silver is perhaps the most undervalued asset on the planet and in my opinion, it presents the buying opportunity of a generation. The silver to gold ratio is currently 75 to 1. It takes 75 ounces of silver to “buy” one ounce of silver. Yet only seven ounces of silver are coming out of the ground for every one ounce of gold. In other words, at a 7 to 1 ratio, silver is nearly 11 times undervalued in its relation to gold. Further if you divide the current price of gold ($1,800) by 7, the current global mining ratio, you get a silver price of $270. With $3,000 gold, a minimum number I expect to see sooner than later, you get $428 an ounce.

Q: One of the things I just wrote about was China potentially backing its new digital currency with gold. Do you think China would consider backing the digital Yuan with gold? What would the ramifications be for the price of metals and the FX markets?

A: Yes, I think that is their plan. I think they will back the new digital Yuan in a nonconvertible fashion. I don’t think you will be able to trade in a digital yuan for a piece of gold, but I do believe gold backing is ultimately highly probable. The Chinese do sell gold-backed yuan bonds that can be converted into physical gold on the Shanghai Gold Exchange.

(MoneyWeek’s estimate of Cumulative gold potentially held in China is the black line)



https://cdn.substack.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9704b2c8-7480-4a98-ad18-71a7f1ea7883_638x491.png






According to the most recent estimates, the Chinese have 38,000 tonnes of gold. Broken down, 20,000 tonnes are owned by the state and 18,000 tonnes are owned by the people. That is almost 5 times as much as the 8133 tonnes the United States supposedly owns.

Further, the new Chinese Belt, Road and Rail Initiative, connecting Asia and Africa and 70% of human population, is the most ambitious infrastructure project in human history and the new Digital Yuan will be the currency of choice for this project. This in effect introduces a new settlement currency to 7 out of 10 people in the world. Gold backing of their new digital Yuan with validation of the holdings on a distributed ledger would immediately create demand and credibility for the Digital Yuan. In one form or another, I believe that is exactly what will happen. You don’t want to own dollar denominated assets when that happens.

For access to part two of this interview coming next week and all of my content, become a subscriber here.

More About Andy Schectman

Prior to starting Miles Franklin, Ltd. in 1989, Andrew became a Licensed Financial Planner, specializing in Swiss Franc Investments and alternative investments. At Miles Franklin Ltd., a company that has eclipsed $5 billion in sales, Andrew has developed an operation that maintains trust, collaboration, and ethical behavior, superior customer service and satisfaction to better serve their clients. He is responsible for overseeing the firm’s operations and business functions; including strategy and planning, account management, finance, and new business.

Any of my subscribers interested in contacting Andy can reach him personally at [e-mail], as long as you noted that you were given that e-mail address by me.

DISCLAIMER:

I own physical silver, PAAS, PSLV and a number of other metals equities. None of this is a solicitation to buy or sell securities. It is only a look into my personal opinions and portfolio. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe.

MORE DISCLAIMER:

These are not the opinions of any of my employers, partners, or associates. I get shit wrong a lot. If I am here listing things I got right or things I think will happen in the future, note that there are likely twice as many things I got wrong over the same period of time. I’m not a financial advisor, I hold no licenses or registrations and am not qualified to give advice on anything, let alone finance or medicine. Talk to your doctor, talk to your financial advisor or your therapist. Leave me a alone and do your research elsewhere. If you can find somewhere to rate this Substack one star, please do so as to save future readers from the misery of my often wholly incorrect prognostications.

[captainscotty]

#AG: PETER HAS SOMETHING TO SAY...!

https://www.zerohedge.com/personal-finance/peter-schiff-jerome-powell-rewrites-inflation-history

[Bountiful_Harvest]

https://www.19fortyfive.com/2021/08/the-federal-reserve-is-ignoring-inflation-what-if-jerome-powell-is-wrong/

[Family Roots]

Took advantage of the recent correction in the price of silver and First Majestic to back up my previous bets on one of the best mining companies in the world. Over $200 million in cash, significant revenue growth, great management, transition to diversity of metals and jurisdictions in 2021 AND the stock is in free fall. Great opportunity IMO

[slimhere]

I'm sure you've seen this Captain, but here it is again:

First Majestic Reports Second Quarter Financial Results and Quarterly Dividend Payment
4:07 pm ET August 16, 2021 (Newsfile) Print

Vancouver, British Columbia--(Newsfile Corp. - August 16, 2021) - First Majestic Silver Corp. (NYSE: AG) (FSE: FMV) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce the unaudited interim consolidated financial results of the Company for the second quarter ended June 30, 2021. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

SECOND QUARTER 2021 HIGHLIGHTS

Revenues reached a new Company record of $154.1 million following the inclusion of approximately two months of production from the Jerritt Canyon mine in Nevada and robust production from the Mexican operations

Average realized silver price per ounce of $27.32, a 1% increase compared to Q1 2021

Cash costs increased to $13.89 per AgEq ounce, compared to $12.61 in Q1 2021, primarily due to higher ore development and the addition of the Jerritt Canyon operation

AISC were relatively unchanged at $19.42 per AgEq ounce, compared to $19.35 in Q1 2021

Mine operating earnings of $29.4 million, compared to $28.1 million in Q1 2021

Net earnings of $15.6 million (EPS of $0.06), compared to $1.9 million (EPS of $0.01) in Q1 2021

Adjusted EPS of $0.05 after excluding non-cash and non-recurring items, compared to $0.03 in Q1 2021 (non-GAAP)

Cash flow per share was $0.21 per share (non-GAAP), compared to $0.14 per share in Q1 2021

Cash and cash equivalents as of June 30, 2021 was $227.1 million. In addition, the Company has a strong working capital position of $276.3 million and total available liquidity of $316.3 million, including $40.0 million of available undrawn revolving credit facility

Declared a cash dividend payment of $0.006 per common share for the second quarter of 2021 for shareholders of record as of the close of business on August 26, 2021, and will be distributed on or about September 16, 2021

"Improved production rates and higher metal prices during the quarter generated record revenues for the business," stated Keith Neumeyer, President & CEO. "As a result of the higher revenues, our quarterly dividend increased by approximately 33% when compared to the prior quarterly payment. The mining units generated $29.4 million in mine operating earnings due to strong production and higher realized metal prices. At Jerritt Canyon, operational improvements are being achieved although AISC are expected to be higher than normal in the third quarter due to a $12.3 million lift on the tailing impoundment that is currently being constructed. Once completed, costs at Jerritt Canyon are expected to return to normal levels."

OPERATIONAL AND FINANCIAL HIGHLIGHTS
Key Performance Metrics 2021-Q2 2021-Q1 Change

Q2 vs Q1 2020-Q2 Change

Q2 vs Q2
Operational

Ore Processed / Tonnes Milled 826,213 614,245 35% 333,559 148%
Silver Ounces Produced 3,274,026 2,908,024 13% 1,834,575 78%
Silver Equivalent Ounces Produced 6,435,023 4,540,296 42% 3,505,376 84%
Cash Costs per Silver Equivalent Ounce (1) $13.89 $12.61 10% $7.76 79%
All-in Sustaining Cost per Silver Equivalent Ounce (1) $19.42 $19.35 0% $13.95 39%
Total Production Cost per Tonne (1) $104.94 $90.03 17% $78.78 33%
Average Realized Silver Price per Ounce (1) $27.32 $27.13 1% $17.33 58%

Financial (in $millions)

Revenues $154.1 $100.5 53% $34.9 NM
Mine Operating Earnings (Loss) $29.4 $28.1 5% ($7.8) NM
Net Earnings (Loss) $15.6 $1.9 NM ($10.0) NM
Operating Cash Flows before Movements in Working Capital and Taxes $51.2 $31.1 64% ($16.4) NM
Cash and Cash Equivalents $227.1 $201.7 13% $95.2 139%
Working Capital (1) $276.3 $232.8 19% $114.2 142%

Shareholders

Earnings (Loss) per Share ("EPS") - Basic $0.06 $0.01 NM ($0.05) NM
Adjusted EPS (1) $0.05 $0.03 74% ($0.10) 153%
Cash Flow per Share (1) $0.21 $0.14 51% ($0.08) NM

NM - Not meaningful

(1) The Company reports non-GAAP measures which include cash costs per silver equivalent ounce produced, all-in sustaining cost per silver equivalent ounce produced, total production cost per tonne, average realized silver price per ounce sold, working capital, adjusted EPS and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" in the MD&A for a reconciliation of non-GAAP to GAAP measures.

Q2 2021 FINANCIAL RESULTS

The Company realized an average silver price of $27.32 per ounce during the second quarter of 2021, representing a 58% increase compared to the second quarter of 2020 and a 1% increase compared to the prior quarter.

Revenues generated in the second quarter totaled $154.1 million compared to $34.9 million in the second quarter of 2020, primarily due to a 199% increase in payable silver equivalent ounces sold due to a temporary suspension of operations mandated by the Mexican government in response to COVID-19 in the second quarter of 2020.

The Company reported mine operating earnings of $29.4 million compared to ($7.8) million in the second quarter of 2020. The increase in mine operating earnings is primarily attributed to higher ounces sold and higher metal prices.

The Company reported net earnings of $15.6 million (EPS of $0.06) compared to ($10.0) million (EPS of ($0.05)) in the second quarter of 2020. The increase in net earnings was primarily attributed to higher metal prices, temporary suspension of operating activities in the second quarter of 2020 in response to the COVID-19 pandemic, as well as a $10.3 million loss in the second quarter of 2020 related to mark-to-market adjustments on the Company's foreign currency derivatives.

Adjusted net earnings for the quarter was $12.7 million (adjusted EPS of $0.05) compared to ($20.7) million (adjusted EPS of ($0.10)) in the second quarter of 2020, after excluding non-cash and non-recurring items.

Cash flow from operations before movements in working capital and income taxes in the quarter was $51.2 million ($0.21 per share) compared to ($16.4) million (($0.08) per share) in the second quarter of 2020.

Cash and cash equivalents as of June 30, 2021 was $227.1 million. In addition, the Company had strong working capital of $276.3 million and total available liquidity of $316.3 million, including $40.0 million of available undrawn revolving credit facility.

OPERATIONAL HIGHLIGHTS

The table below represents the quarterly operating and cost parameters at each of the Company's four producing mines during the quarter.
Second Quarter Production Summary San Dimas Santa Elena La Encantada Jerritt Canyon Canyon(1) Consolidated
Ore Processed / Tonnes Milled 202,382 234,381 242,839 146,611 826,213
Silver Ounces Produced 1,868,031 565,453 840,541 - 3,274,026
Gold Ounces Produced 19,227 8,453 102 18,762 46,544
Silver Equivalent Ounces Produced 3,176,725 1,140,398 847,502 1,270,398 6,435,023
Cash Costs per Silver Equivalent Ounce $10.17 $16.70 $13.66 N/A $13.89
All-in Sustaining Cost per Silver Equivalent Ounce $14.22 $21.31 $15.97 N/A $19.42
Cash cost per AuEq Ounce N/A N/A N/A $1,407 N/A
All-In sustaining costs per AuEq Ounce N/A N/A N/A $1,679 N/A
Total Production Cost per Tonne $153.43 $79.17 $45.71 $177.30 $104.94



Total production in the second quarter was 6.4 million silver equivalent ounces, consisting of 3.3 million ounces of silver and 46,544 ounces of gold, representing an increase of 13% and 95%, respectively, compared to the previous quarter primarily due to a 14% increase in silver equivalent production from the three operating Mexican mines and the inclusion of production from the Jerritt Canyon mine effective April 30, 2021.

COSTS AND CAPITAL EXPENDITURES

Cash cost for the quarter was $13.89 per silver equivalent ounce, compared to $12.61 per ounce in the previous quarter. The increase in cash cost was due to higher ore development and the addition of the Jerritt Canyon mine which was producing at a higher cash cost in the first few months since the acquisition. The Company has identified numerous projects that will be implemented over the next 12 to 24 months at Jerritt Canyon to improve production and reduce costs at the mine and processing plant. The increase in cash costs were partially offset by lower cash costs at Santa Elena and La Encantada due to higher production.

AISC in the second quarter was $19.42 per ounce and in-line when compared to $19.35 per ounce with the previous quarter. The slight increase in AISC was primarily attributed to an increase in cash cost per AgEq ounce due to the addition of Jerritt Canyon which was mostly offset by a decrease in sustaining costs in total mine development in Mexico.

Total capital expenditures in the second quarter were $58.3 million, primarily consisting of $15.5 million at San Dimas, $17.2 million at Santa Elena (including $8.4 million towards the Ermitaño project), $2.8 million at La Encantada, $8.1 million at Jerritt Canyon and $14.4 million for strategic projects.

Q2 2021 DIVIDEND ANNOUNCEMENT

The Company is pleased to announce that its Board of Directors has declared a cash dividend payment in the amount of $0.006 per common share for the second quarter of 2021, representing a 33% increase compared to the prior quarterly payment as a result of higher generated revenues. The second quarter cash dividend will be paid to holders of record of First Majestic's common shares as of the close of business on August 26, 2021 and will be distributed on or about September 16, 2021.

Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares on the record date.

The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine and the Jerritt Canyon Gold Mine.

FOR FURTHER INFORMATION contact [e-mail], visit our website at www.firstmajestic.com or call our toll-free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO

[slimhere]

I fully agree with you, I'm also buying. I'm going to get a whooping $136.00 when my divy comes around 9/26, that is, unless I buy more; I'm just not sure where I'm going to get more money to be buying.

Never know, my wife loves a good sale, why can't I?

[captainscotty]

#AG:.."SILVER"..GETTING REAL CLOSE NOW....$12.75

$23.50 SILVER 08-14-2021


http://www.kitcosilver.com/




http://www.kitco.com/images/live/silver.gif









Bottoms Up Apes! The funs about to begin!!



"The Sunday open price smash was so clearly criminal that the banks can only pull that trick once a decade or so (remember the 2011 silver bull market weekend assassination)"....


https://new.reddit.com/r/Wallstreetsilver/comments/p49ok3/the_silver_bottom_is_in_now_for_the_fun_part/


Ted Butler wrote a nice article after the Sunday drive by shooting of silver and gold by the Comex criminals.

https://silverseek.com/article/bad-ugly-and-good

After ripping the bankster and CFTC criminals he talked about why he is so bullish moving forward. The biggest reason was that the short position of the 4 and 8 largest traders on the Comex was at multi year lows. He expected that trader commitment report after the Sunday Comex crime spree would result in a major additional reduction in the bankster short position. Strong silver rises are almost always preceded by large reductions in bankster shorts (surprise surprise).

https://www.cftc.gov/dea/futures/other_lf.htm

The CFTC report is out and as predicted they was a large reduction in the short position of especially the top 4 shorts.






The bankster criminals have pushed the silver price down since the silver squeeze began with the intention of reducing their short position by squeezing the leveraged technical funds out. Already at multi year lows the top 4 bankster shorts reduced their short position by a huge 15% in one week.

The relentless price reduction that the banks engineered to reduce their short position was in the face of a massive increase in physical investment demand created by the WSS silver squeeze movement and the most silver bullish macro economic conditions imaginable.

The source of silver to meet the huge increase in physical demand could only come from one place the bankster vaults. The banks have been bleeding silver this whole time since the silver squeeze started. They already proved they lie about their inventory in the LBMA.

The silver smash Friday the 6th resulted in silver backwardation between the London physical price and the September Comex contract. This backwardation lasted all week until the Friday pop in price yesterday.

Backwardation is very unusual indicating serious stress in the market. Strong demand especially in the London physical market after criminal comex price smashes suggests that there is no room for a repeat of the bankster smashing tricks at least anywhere near these prices.

The Sunday open price smash was so clearly criminal that the banks can only pull that trick once a decade or so (remember the 2011 silver bull market weekend assassination) .

Despite the top 4 banksters reducing their open interest by over 7 thousand contracts total open interest went up by almost 8 thousand contracts. On the short side the idiot tech funds opened over 9,000 new short positions. The idiot tech funds will add fuel to the fire as they will be forced to cover as the price of silver rises!

The banks have spent months since the squeeze started reducing their short position on the Comex. Why would they be reducing their short position if silver was plentiful. Why would they slam silver at the least liquid time of the week when there was no one at the trading desks. They know that the price of silver has to rise to stop from bleeding out all their silver. Butler thinks they will be very reluctant to add to their short positions going forward. He even believes they may continue to try to cover, buy, more contracts on the coming price reversal.

After the Tuesday trader commitment report open interest went up by 3 thousand both Wednesday and Thursday. Those we the days that the Bureau of Lying Statistics released their fantasy CPI and PPI numbers. Despite an all time record high PPI on Thursday silver was smashed over .40 cents. The banks have to control the narrative to protect the dollar. Did banks add to shorts those couple of days? Maybe but on Fridays large rise of nearly 3% open interest dropped by almost 3000 contracts.

Normally open interest rises on large up days as the banks sell to cap the price rise. Since technically silver looks pretty ugly it is likely banks were actually the buyers on Friday. This is possibly confirmed by the end of the week long backwardation by Fridays close.

Going forward if the banks aren't willing to add to their Comex short position then the price has nowhere to go but to the moon!! as who else will be selling given the macro conditions and the extreme physical shortfall! Remember GME! The bankster can't possibly come close to covering as long as we keep stacking!

Bottoms Up Apes! The funs about to begin!!





https://preview.redd.it/2rco2mf4tbh71.jpg?width=350&format=pjpg&auto=webp&s=f2148bd3577a85834789d55b4a71cc568bc672df

[BottomBounce]

$AG looking for $7

[shermann7]

AG is an absolute Screaming Buy Right Now!!!

Just picked up another 3,000 Dollars Worth ... I think that the dollar is about as high as it is going to go, and the second week of August is a Great Seasonal time to buy ... Especially with the Silver Shortage going on!!!

GLTA - Shermann

[captainscotty]

$AG: THANK YOU "NWO" 1 KG SILVER $886 TODAY...



http://www.kitco.com/images/live/silver.gif

[captainscotty]

#AG: GOOD DAY TO ADD... $13.10


Gold & Silver Worked Lower Overnight And Then Hammered On The Release Of A Booming July Jobs Report



https://www.silverdoctors.com/headlines/world-news/gold-silver-worked-lower-overnight-and-then-hammered-on-the-release-of-a-booming-july-jobs-report/



https://www.silverdoctors.com/wp-content/uploads/2021/08/GcSi1Min8621-2-1024x588.jpg






The Chart Huggers will have to go back to their drawing boards…

(by Half Dollar) I’m not sure why we need a jobs reports anymore if we have a President who can’t stop talking about the millions upon millions of jobs that the Federal government is going to create with the now called “Bipartisan Infrastructure Deal”?

Of course, this is Newspeak, which is a different language than Plain-Old English, so when any “elected” “leader” or career public “servant” is talking about creating millions of jobs, they’re actually talking about destroying millions of jobs.

Regardless, it’s truly amazing just how much the irony is lost on so many:

https://t.co/83CYqyiktW


When I arrived in office, it had been a long time since the federal government had worked hard for working people.

We’re changing that every day. pic.twitter.com/83CYqyiktW

— President Biden (@POTUS) August 1, 2021

https://www.bls.gov/news.release/empsit.nr0.htm


Or pathetic.

Take your pick.

That said, the latest Employment Situation Report, commonly called the Jobs Report, has just been released for the month of July, 2021, and since the Fed is going to let inflation “run hot” in order to focus on the employment part of its so-called “dual mandate”, which I’m not even really sure why if everybody is just going to be working for the Federal government from here on out, each future Employment Situation Report is going to be the most important report, ever.

Here’s a breakdown of the official numbers for July:

Total employment rose by 943,000
Unemployment rate declined by 0.5% to 5.4%
Labor force participation rate was little changed at 61.7%
Average hourly earnings rose by: $0.11
From the report (bold added for emphasis and commentary):

Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate declined by 0.5 percentage point to 5.4 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services.

If the economy is re-opening, why is every month’s job gains in leisure and hospitality “notable”?

Shouldn’t it be “Expected jobs gains occurred in leisure and hospitality”?

Meh.

I don’t even think I’ll dive into the numbers this month, for I did have a nice breakfast, and it would be nice if I could keep it down today.

Besides, it looks like it’s going to be a long day as gold & silver were worked lower overnight, and then the precious metals were “sold” once the report hit the tape:



The MSM Propagandists will surely spin this month’s job gains as signs of a strengthening US economy, and as such, if you were sick of the “taper talk”, well then, you might just want to put in another order for some Pepto and Tums before prices go up again.

Developing…

[Bountiful_Harvest]

https://finance.yahoo.com/news/gold-still-top-3-000-041522203.html

The fund manager said he’s sticking to his view that gold could rise to $3,000 to $5,000 an ounce in the next three to five years.

[Bountiful_Harvest]

https://www.foxbusiness.com/industrials/reddits-silver-apes-beat-market

[slimhere]

I do agree with you that they are shorting the living piss right out of AG, but I'm holding and buying. F@ck them all!


First Majestic Silver (NYSE:AG) (TSX:FRI) has announced a C$ 1.3 million investment in Blackrock Silver, an exploration company with a portfolio of gold and silver properties in Nevada. First Majestic currently has three silver mines in Mexico and a recently acquired goldmine in Nevada. The investment agreement involves the private placement of 2,666,666 units. The offering is scheduled for closing on June 8, 2021, subject to conditions such as receipt of the necessary approvals including the approval of the TSX venture exchange. The offering will be subject to a hold of four months and a day from the date of closing.

Blackrock Silver (TSXV:BRC) (OTC:BKRRF) announced more high-grade gold and silver intercepts from its core and RC drilling program on its Tonopah West project in Nevada. The company has completed 53,000 meters of drilling in less than a year and identified ten high-grade veins of between 400 meters and up to 1.5 kilometers in the strike. On the Merton vein, the company has discovered two distinct high-grade zones. This vein is part of the company's DPB target that forms the basis of the company's maiden resource estimate planned for delivery by the end of the year. The company's impressive exploration results give investors "a lot to look forward to in the near term."

[captainscotty]

#AG: The Silver Bull Is Not “Transitory”...!


https://www.silverdoctors.com/silver/silver-news/the-silver-bull-is-not-transitory/

It’s currently sitting near its 50-year lows. For what it’s worth, silver would have to rise by a factor of 63 times just to match its level at its $50 peak in 1980.

The Silver Bull Is Not “Transitory”


It now may be a great time to be bullish on silver. It’s quite clear that silver tends to…

by Peter Krauth via Streetwise Reports


http://www.streetwisereports.com/article/2021/07/06/the-silver-bull-is-not-transitory.html


https://www.streetwisereports.com/images/money-silver-pixabay9-15-20-900.jpg









Transitory. That’s something we’ve been hearing a lot lately.

At its latest FOMC meeting the Fed naturally decided to keep the fed funds rate target at 0.25%.

It also decided not to mess with the $120 billion monthly bond buying program to help “support the flow of credit to households and businesses.” Par for the course.

Meanwhile inflation numbers of the previous four months have been anything but typical. The Fed’s favored Personal Consumption Expenditures Price Index has soared: in February it was 1.6%, March 2.4%, April 3.6% and in May 3.9%.

But headline CPI recently came in at 5%, reaching a 10-year high.

These recent months of elevated and increasing prices may have been exacerbated by price plunges due to the COVID-19 pandemic. But those were for a few months, and their effects should already have dissipated. And yet, they haven’t.

In fact core inflation, which excludes volatile energy and food prices, recently touched 3.8%, its highest in 30 years.

The Fed is looking increasingly wrong in its assessment that the inflation numbers we’ve been seeing are transitory. That means investors would do well to seek shelter from inflation-protection assets. And as I’ll show, for multiple reasons, chief among them is silver.

Silver is Cheap Vs. Stocks

It’s always informative, and sometimes eye-opening, to look at asset prices in relation to other assets. It usually provides good perspective on relative pricing. In that vein, there’s little more surprising than to see just how cheap silver remains relative to the S&P 500 ratio.

The following chart shows the long-term ratio of silver to the S&P 500.



https://www.silverdoctors.com/wp-content/uploads/2021/07/pk17721.jpg


S&P / RATIO SILVER 0.007







It’s currently sitting near its 50-year lows. For what it’s worth, silver would have to rise by a factor of 63 times just to match its level at its $50 peak in 1980. While this might sound sensational, my point is these conditions have existed in the past. This alone suggests explosive potential upside as the stock market matures and likely corrects, while silver continues to climb.

Physical Silver Demand Remains Elevated

Of course, protection from inflation and uncertainty are great reasons to buy and own silver. And as I described above, inflation appears to be coming back with a vengeance. In any case, many investors are hedging against the risk that it becomes entrenched.

In the past 15 months, prices for physical silver are higher than normal. That’s because demand for physical products has remained elevated, leading to sustained high premiums over the spot price. And that’s if you can even get your hands on them. Many of the most popular coins and bars have been persistently out of stock. Premiums are typically 40% or higher, which is nearly triple normal levels.

What’s more, in its recent World Silver Survey 2021, the Silver Institute is forecasting continued strength this year. It expects physical demand to climb by 26% after a very strong 2020. In fact, it foresees overall demand, from all sectors, to be up by 15%, nearly doubling supply growth of 8%.

One area of note is demand from flexible electronics. The Silver Institute indicates demand for silver in printed and flexible electronics is about 48 million ounces annually. It forecasts demand will rise to about 74 million ounces in 2030, absorbing 615 million ounces of silver in this decade alone.

As technology becomes increasingly commonplace in our daily lives the world over, printed and flexible electronics are likely to play a bigger role. Consider that wearable electronics like smartwatches, appliances, medical devices and a host of internet-connected devices are exploding in use. Sensors for light, motion, temperature, moisture and motion all make use of printed and flexible electronics.

So, it’s natural that the electronics subsector promises to be the fastest growing demand for industrial silver usage.

Silver’s Seasonal Outlook is Bullish

Another indicator that now may be a great time to be bullish on silver is its seasonal trend.

The following is a 45-year chart, from 1975 to 2020, which averages the annual silver price tendency.



https://www.silverdoctors.com/wp-content/uploads/2021/07/pk27721.jpg







From this, it’s quite clear that silver tends to mark a mid-year low right at the end of June. And from that point on, on average, the silver price enjoys a strong third quarter.

How to Play Silver Now

In my view a basket of silver stocks is a great way to approach the high potential of this sector right now. One of my favorite options to accomplish this is the ETFMG Prime Junior Silver Miners ETF (NYSE:SILJ). With over 1 billion in assets and average daily volume over 1.5 million shares, SILJ offer plenty of liquidity to enter and exit at will.

Its top ten holdings represent over 63% of overall assets. And these include Hecla Mining (NYSE:HL), Pan American Silver (TSX:PAAS; Nasdaq:PAAS), First Majestic Silver (TSX:FR; NYSE:AG), MAG Silver (TSX:MAG; NYSE:MAG), Yamana Gold (TSX:YRI; NYSE:AUY), Hochschild Mining (LSE:HOC), SSR Mining (TSX:SSRM; Nasdaq: SSRM), SilverCrest Metals (TSX:SIL; NYSE:SILV), Turquoise Hill (TSX:TRQ; NYSE:TRQ) and Endeavour Silver (TSX:EXK; NYSE:EXK). NYSE:FFMGF

In the end, the Fed is all about managing expectations, not about tell us what we should really expect. Therefore, actively hedging for inflation with a silver miners ETF such as SILJ looks like a great option with a lot of potential upside.

One thing is certain; silver is in the early days of a massive bull market. That’s why in the Silver Stock Investor newsletter I provide my outlook on which silver stocks have the best prospects as this bull market progresses. One stock in the portfolio is up 50%, and several more are up over 30% since the start of 2021 alone. Many offer 5x to 10x return potential in just the next few years, especially as silver heats up.

Remember, silver’s been rising on balance for the last couple of years, and looks primed to rally strongly on the back of multiple drivers.

The key takeaway is that silver’s bull market is anything but transitory.

–Peter Krauth

Peter Krauth is a former portfolio adviser and a 20-year veteran of the resource market, with special expertise in precious metals, mining and energy stocks. He is editor of two newsletters to help investors profit from metal market opportunities: Silver Stock Investor, www.silverstockinvestor.com and Gold Resource Investor, www.goldresourceinvestor.com. In those letters Peter writes about what he is buying and selling; he takes no pay from companies for coverage. Peter has contributed numerous articles to Kitco.com, BNN Bloomberg, the Financial Post, Seeking Alpha, Streetwise Reports, Investing.com, TalkMarkets and Barchart, and he holds a Master of Business Administration from McGill University.

[BottomBounce]

$AG Book Value Per Share (mrq) just $3.86

[HONU]

Ok

[BottomBounce]

$AG overbought

[JK357]

$AG, You may be right with your prediction.

[200Bagger]

Put your shares up for sale at a high price with an extended expiry date. This will lock up your shares and prevent them from being lent out to short sellers and will increase their borrow rate fee. Institutional ownership is large in this company

[slimhere]

This has to be naked shorting going on with AG, every damn day, there's no covering that I can see.

I keep buying, what the f@ck!

[200Bagger]

I'm holding this and hymc Hycroft silver mining. Hycroft is being shorted huge, a good rip is going to come of that

[slimhere]

That or buy the hell out of these shorted cheap shares, IMO, this is Friday option f@ckery, let them play! I'm still building a position in AG, I'm doing it by selling puts. Silver is up ~1.5% today, while they have taken AG down.

I have my opinion on who "they" is, we'll see. AG is selling at a discount to Silver as I type. GL

[200Bagger]

Lock shares from being shorted by listing them at a high sell price, this prevents them from being lent out to short sellers. Protect your investment.

[Canna_Business]

https://www.kitco.com/charts/livesilver.html

[captainscotty]

#AG: TIME TO ADD.. 16.01


https://stockcharts.com/c-sc/sc?s=AG&p=D&b=5&g=0&i=t2185644822c&r=1624190250398

[StockItOut]

Silver has been consolidating sideways at the top of its range for a year. Looks particularly bullish to me. If and when it breaks its consolidation range higher, to new highs, seems the breakout will trigger a continuation to the bull run much higher. Plus the reddit dude silver short busters, and the silver bugs, are waiting and ready to break the banker hedgie shorts cartel.

[BottomBounce]

$AG back to $10

[dws]

To each his own. We are heading higher.

[BottomBounce]

$AG First Majestic Silver is too expensive now at 9 Year high.. Silver is trading sideways and down for the year.

[Bountiful_Harvest]

Wow. Great job, Capt, with the translations! I sense the paper markets will be coming to an end soon. Honest weights and measures will be restored. What the herd doesn't realize is that the honest, or "true" value of silver/gold will send them into shock mode.

Interesting how folks used to laugh at Mr. Sinclair years ago, when he said gold was going to $1,650/oz. and beyond.

Translation: "You are forcing us to obtain more gold to back our unallocated gold."

Translation: "If you go through with this, it won't just end the paper game in London - it will affect every part of the gold market across the entire world. If make us get rid of our unallocated gold, we won't be able to make money and we'll be finished."