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In a comment almost perfectly opposed to that of Fed Chair Powell, NY Fed's JohnWilliams appeared on CNBC and poured cold water on the idea of imminent and ongoing rate-cuts.
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I think it's pretty telling where this economy is at the moment. Most places have the Maple Leafs for a bit more than I paid but they have one thing in common. The Random Year coins are Cheaper than the new minted coins by a significant margin. At Apmex its a $3.5 differential and SD is $1.6 on a small order size.
That tells me that they've seen some weak hands forced to sell some savings in this economy.
Heard on a podcast this morning that the reason for that is the big money is getting better yields on bonds now that they have rebounded. I actually haven't been keeping an eye on TLT but it's made a nice move over the last couple months.And I think many videos here and Rafi Faber have been keeping a close eye on the Reverse Repos, the speed it's draining at is gaining speed. Down to $683 million.
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Heard on a podcast this morning that the reason for that is the big money is getting better yields on bonds now that they have rebounded. I actually haven't been keeping an eye on TLT but it's made a nice move over the last couple months.
Can't be too important if it can wait a month.
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Huge economic collapse, but I'll get around to it in a month?
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There is imminent danger and it will take me a month to tell you about it
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Endeavour Silver Announces At-the-Market Offering of up to US$60 Million
VANCOUVER, British Columbia, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) announces it has entered into a sales agreement dated December 18, 2023 (the “ Sales Agreement ”) with BMO Capital Markets Corp. (the lead agent), TD Securities (USA) LLC, CIBC World Markets Inc., Raymond James (USA) Ltd., B. Riley Securities, Inc., H.C. Wainwright & Co., LLC, A.G.P./Alliance Global Partners and Stifel Nicolaus Canada Inc. (collectively, the “ Agents ”) pursuant to which the Company may, at its discretion and from time-to-time during the 25 month term of the Sales Agreement, sell, through the Agents, such number of common shares of the Company (“ Common Shares ”) as would result in aggregate gross proceeds to the Company of up to US$60 million (the “ Offering ”). Sales of Common Shares will be made through “at the market distributions” as defined in the Canadian Securities Administrators’ National Instrument 44-102 - Shelf Distributions, including sales made directly on the New York Stock Exchange (the “ NYSE ”), or any other recognized marketplace upon which the Common Shares are listed or quoted or where the Common Shares are traded in the United States. The Common Shares will be distributed at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of distribution. No offers or sales of Common Shares will be made in Canada on the Toronto Stock Exchange (the “ TSX ”) or other trading markets in Canada. All references to dollars ($) in this news release are to United States dollars.
The Offering will be made by way of a prospectus supplement dated December 18, 2023 to the Company’s existing U.S. registration statement on Form F-10 (the “ Registration Statement ”) and Canadian short form base shelf prospectus (the “ Base Shelf Prospectus ”), each dated June 16, 2023. The prospectus supplement relating to the Offering has been filed with the securities commissions in each of the provinces of Canada (other than Québec) and the United States Securities and Exchange Commission (the “ SEC ”). The U.S. prospectus supplement (together with a related Registration Statement) is available on the SEC’s website (www.sec.gov) and the Canadian prospectus supplement (together with the related Base Shelf Prospectus and Sales Agreement) is available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Alternatively, BMO Capital Markets will provide copies of the U.S. prospectus upon request by contacting BMO Capital Markets Corp. (Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, by telephone: (800) 4143627, or by email: bmoprospectus@bmo.com) .
Net proceeds of the Offering, if any, together with the Company’s current cash resources, will be used to fund the construction and development of the Company’s Terronera Mine, to advance the evaluation and development of the Pitarrilla and Parral properties, to assess potential development stage mineral properties for acquisition, to fund the potential acquisition of other development stage mineral properties, for continued exploration on the Company’s existing mineral properties and to add to the Company’s working capital.
The Company will pay the Agents compensation, or allow a discount, of 2.00% of the gross sales price per Common Share sold under the Sales Agreement. Sales under the Sales Agreement remain subject to necessary regulatory approvals, including the approval of the TSX and the NYSE.
This press release does not constitute an offer to sell any securities or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Simon White @ Bloomberg posits that the Fed dovish pivot was forced by the rising Treasury yields:
Fed's Monumental Gamble Ensures Inflation's Return | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zerowww.zerohedge.com
Jane Foley - Senior FX strategist at Rabobank said:...
The market is also continuing to shrug off efforts by Fed policymakers to push back on market rate cut expectations. Yesterday, Atlanta Fed president Bostic said that there was no urgency to lower rates. Despite the warnings from Fed officials on policy, US stocks continued to push higher yesterday on rate cut hopes.
[ZH: Rate-cut expectations briefly declined after the initial Powell pivot plunge, but are now heading back to cycle lows, pricing in over 6 rate-cuts for next year]
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... Poor Silver bugs gotta wait till next year.
Dunno. You got some outsize gains in crap like CDE and HL. Others too like Fortuna. What is disappointing is the performance of something like GDX.Looks like Christmas came a little early for the gold bugs. Poor Silver bugs gotta wait till next year.
If the queen had...Miners are doing well and right at another previous high. The smaller H&S has held and we should be going to $34 soon. I could see a little resistance here and form another even larger Inverse Head & Shoulders. Which would point to $39 if we break this level.
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This Mysterious Document Reveals Why The Fed Just Shocked Everyone...
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