You make some solid points. Where do we want to be? A fast buck and on to the next option? Or a solid long term investment yielding above average returns relative to the divvies? In the current and IMO longer term interest rates will be below the historical market mean due to the massive debt and the inability of the goobermints to carry on the debt ponzi without cheap money. We've already seen the suppression of rates for many years and its going to continue IMO. It appears mgmt is looking to market the returns as above market interest rates (divvies) with steady production. I'm good with that strategy as I see nothing but a financial mess ahead. Here we have steady production with low costs and above market returns, NO DEBT! Not to mention the leverage that we have to the Gold and Silver markets should commodity prices reflect the inflation we are already seeing....So a strategy that delivers above market returns (divvie yield) looks reasonable for longer term investors. Especially considering the potential for continued reserve development.
I bought my first house when mortgage rates were 14.9% in 1980 so have seen the other side. I spend a fair amount of time looking at the commodity markets due to my work history where I managed commodity risk for major food commodity processors and users so its a habit...a good and bad....semi curse. I am a long term P.M. bull. I give mgmt some serious kudos as I think we will continue to see their claim trend yield low cost production and above trend grades. Am mixed about the "Marketing" spin that is being contemplated. At this point I am not fully tuned in so need to get the bigger pic defined by Mr. Patterson.
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