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CHART OF THE WEEK: Mexico & Peru Silver Production Big Declines Again In May

CHART OF THE WEEK: Mexico & Peru Silver Production Big Declines Again In May

According to the data released by Mexico and Peru’s governmental mining data, domestic silver production continued to be depressed in May.  Interestingly, the production data just released from Mexico’s INEGI shows that the country’s silver production in May was even less than what they reported for April.

I first wrote about this in my article, World’s Two Largest Silver Producers Mine Supply Cut Drastically In April.  The combined silver production loss from Mexico and Peru in April was 432 metric tons or 53% versus the same month last year.  Peru accounted for the largest of the decline in April at 237 metric tons (mt) compared to 195 mt for Mexico.

However, Mexico’s silver production in May dropped to 298 mt compared to 301 mt in April.  Here is the combined silver production by Mexico and Peru from April 2019 to May 2020:

The net loss of silver production from Mexico and Peru over the last three month period (March to May) is 770 mt, or 32% less than it was during the same period last year.  Thus, just these two countries have lost nearly 25 million oz of silver production.  I imagine once we factor in losses of silver production from other countries, we could see upwards of 35-40+ million oz decline so far.

But, this is only PHASE ONE of the collapse in global silver production.  I stated that as the U.S. and the global economy begin to roll-over in the second half of 2020, and onwards, we are going to see a reduction in base metal demand.   With so many people becoming unemployed, the global recession-depression will cause a significant decrease in copper, zinc, and lead demand.  Thus, in PHASE TWO, demand for base metals will decline, and with it, the curtailment of copper, zinc, and lead production.

…click on the above link to read the rest of the article…

Massive Investment Demand Puts Silver Back On The Mainstream Radar

Massive Investment Demand Puts Silver Back On The Mainstream Radar

With silver up 30% for the month, the shiny metal is now back on the Mainstream Media Radar.  Yeah, it’s been seven long years since silver traded at $24, but now it looks as if it is just in the beginning stages of a new Bull Market.

Last Friday, CNBC ran an interview with Bill Baruch, president of Blue Line Capital.  He said that when silver was trading at $22 on Friday, he expected more gains.  And, this precisely what took place this week.

This is what Bill Baruch stated during his interview:

Bill Baruch, president of Blue Line Capital, expects more gains.

“I love the precious metals and have always said that you need a portion of your portfolio at minimum in precious metals, so silver has some room to run here,” Baruch said on CNBC’s “Trading Nation” on Thursday.

Baruch says the charts suggest $26 per ounce could be the next hurdle, a level of resistance stretching to 2011 that could now become support. If it moves past that, he says ”$30 could be in the cards, too.”

When Bill Baruch made that comment last Friday, silver was trading at $22.  I published the weekly chart below in my article last Wednesday titled, BULLISH MARKET UPDATE: Silver Price Gets The Green Light To Move Higher, showing the next target level of $26-$26.50:

And, on late Monday night during Asian trading, silver reached a high of $26.27, in the middle of the $26-$26.50 target level.  However, in a very short period, silver sold off $4 before recovering back to $24.

With the silver price up 30% in July, along with reaching the $26 target level, it seems like the next move is a correction lower, consolidation before the next leg higher.

I replied to someone via my SRSrocco Twitter Feed, why I thought silver had put in a short-term top:

…click on the above link to read the rest of the article…

IT’S ALL DOWNHILL FROM HERE: U.S. Oil Production Peak Already In The Rear-view Mirror

IT’S ALL DOWNHILL FROM HERE: U.S. Oil Production Peak Already In The Rear-view Mirror

It’s a shame that the drive for U.S  Energy Independence only lasted for about a year.  Even worse, U.S. Shale Oil Industry responsible for the country’s energy independence is now in serious trouble as the companies have cut drilling by 75% while they are drowning in debt up to the eyeballs.  This is a “No-Win” scenario.  So, watch over the next 3-6 months as the mighty U.S. Shale Industry begins to implode in glorious 3D-Technicolor.

Amazingly, if it weren’t for the 135,000 shale wells drilled since 2007, U.S. oil production would have remained virtually flat.  Yes, that’s correct.  Just about all the U.S. domestic oil production growth from 2007 to 2019 came from shale oil (tight oil).  Even though there was oil production growth offshore in the Gulf of Mexico, it offset the declines in the states.

According to the EIA, U.S. Energy Information Agency, U.S. shale oil production increased from 500,000 barrels per day (bd) in December 2007 to 8.3 million barrels per day (mbd) in December 2019:

As we can see, the Rest of the U.S. net production only increased by 0.1 mbd since 2007 while shale oil increased 7.8 mbd.  Unfortunately, with the U.S. shale oil industry annual decline rate at nearly 50% per year, at some point, the DRILLING HAMSTERS were going to run out of reserves.  While this may have been 1-2 years away, the global pandemic pulled the rug from underneath the U.S. Shale Industry.

While I commend that tens of thousands of workers that helped bring on this much-needed oil production, a 50% annual decline rate is not a long-term sustainable business model.  Well, unless the Federal Reserve can print more oil reserves.  That I would like to see.

…click on the above link to read the rest of the article…

UPDATE: Silver Breaks Out Above $21, What’s Next For Investors?

UPDATE: Silver Breaks Out Above $21, What’s Next For Investors?

The long-awaiting day has finally arrived.  After five long years, silver has finally reached its previous high of $21 set back in 2016.  So, now that the silver price has reached and broken through the $21 level, what’s next for investors?

Before I show the charts, let me clarify the difference in silver prices shown below and on Kitco.com.  Kitco.com uses the London Metal Exchange (LME) silver price quotes that are approximately 30-40 cents less than the silver futures on the U.S. based Chicago Mercantile Exchange (CME Group) that Investing.com (below) and Stockcharts.com uses for silver price charts.

Yesterday, I was quite busy on my twitter feed, providing updates on the silver price.  Here were a few of my Tweets during early trading yesterday:

As I had mentioned on several articles and Twitter, silver had to break above the critical $19.75 level for it to be able to attempt the next target level of $21.  And, yesterday, that is precisely what the silver price accomplished.  Once silver broke above $19.75 and then $20, it consolidated into an ASCENDING TRIANGLE formation, which can be very bullish or positive for a continued move higher.

The silver price did push through that level and closed near the highs of the day.  Then in Asian trading last night, traders continued to pile into the shiny metal, pushing it up even further.  However, when silver reached the $21 level, it consolidated around $20.90 before pushing through once again:

…click on the above link to read the rest of the article…

TOTAL MARKET INSANITY: Toyota vs. Tesla

TOTAL MARKET INSANITY: Toyota vs. Tesla

The present market insanity reminds me of the similar mentality of Americans right before the 1929 stock market crash and the pre-1999 Tech Bubble.  However, the big difference today is that technology has destroyed the ability of investors to understand the meaning of VALUE.  The notion that technology makes the world better fails the test of time, especially when you read Joesph Tainter’s book, THE COLLAPSE OF COMPLEX SOCIETIES.

The new generation of millennials and even the baby-boomers have fallen HOOK, LINE, and SINKER for the glamour and glitter of technology.  So, if we ask most Americans about our future energy predicament, their knee-jerk reply is that “Technology will solve all of our problems.”  This is quite hilarious when, in fact, complex, sophisticated technology is a massive ENERGY BLACK HOLE.  The more technology we throw at a problem, the more energy is consumed.  

Thus, this brings me to my comparison of Toyota Motors vs. Tesla Inc.   Toyota was the largest auto manufacturer in the world in 2018 but was overtaken by Volkswagon last year.  Toyota didn’t produce any electric cars in 2019 but plans on rolling out ten new EV models in 2020.  However, if we compare the market fundamentals for Toyota and Tesla, investors have gone completely insane.

Currently, Tesla’s market cap is worth $259 billion compared to $206 billion for Toyota.  Why did investors push Tesla’s stock up to $1,400 a share ($259 billion market cap) when its total revenues in 2019 were only a little more than Toyota’s net income profits?  As you can see, Toyota posted $19 billion in net income profits on total revenues of $278 billion compared to Tesla’s $862 million net income loss on $24.3 billion in revenues.

Again, a perfect example of the investor mindset today.  Profits don’t matter, just technology, regardless if it continues to lose money.

…click on the above link to read the rest of the article…

TOM CLOUD PRECIOUS METALS UPDATE: U.S. Dollar Troubles Ahead & Are Banks Safe?

TOM CLOUD PRECIOUS METALS UPDATE: U.S. Dollar Troubles Ahead & Are Banks Safe?

In the newest precious metals update, Tom Cloud discusses the platinum market, U.S. Dollar troubles, and is your money safe in banks.  Tom says that more individuals and companies are moving some of their cash out of banks and into physical metals than he as ever seen before.  Americans are becoming increasingly worried about their ability for the FDIC to insure their money at banks.

Tom Cloud discusses why the U.S. Dollar is in trouble, A dollar crash is virtually inevitable, Asia expert Stephen Roach warns:

Stephen Roach, one of the world’s leading authorities on Asia, is worried a changing global landscape paired with a massive U.S. budget deficit will spark a dollar crash.

“The U.S. economy has been afflicted with some significant macro imbalances for a long time, namely a very low domestic savings rate and a chronic current account deficit,” the former Morgan Stanley Asia chairman told CNBC’s “Trading Nation” on Monday. “The dollar is going to fall very, very sharply.”

His forecast calls for a 35% drop against other major currencies.

Tom told me during our phone chat that he believes the industry will suffer from even more substantial shortages of physical gold and silver bullion products when the next BIG WAVE of buying hits the market.  I totally agree.  Tom stated that during late March and in April, he saw more new clients purchasing physical gold and silver than he has seen in quite a while.

The biggest issue that concerns Tom and some of his clients is the safety of their FDIC insured money in banks.  Individuals and companies who hold a significant amount of funds in banks are becoming worried that the FDIC will not have the funds to protect customers when there is a RUN on the BANKS.  I believe this is coming in time.  Especially when the U.S. Dollar gets into trouble.

…click on the above link to read the rest of the article…

Which Country Is the Largest Silver Investor In The World??

Which Country Is the Largest Silver Investor In The World??

Over the past decade, these top five countries were the leading silver investors in the world.  From 2010 to 2019, citizens in these countries invested over two billion ounces of silver bars and coins.  Which country was the largest investor of silver?  Actually, I was surprised by the data.

Since 2010, investors from India, China, United States, Germany, and Canada purchased a tad bit more than two billion ounces of silver bar and coin.  To be precise, it was 2,004 million oz.  The world’s largest investor of physical silver bullion products turned out to be Americans.  U.S. citizens invested in 929 million oz (Moz) of silver bars and coins over the past decade.

Indian investors came in second at 615 Moz, followed by Germany (265 Moz), China (139 Moz), and Canada (56 Moz).  While I wasn’t shocked that Americans were the largest physical silver investors, I was quite surprised at the amount purchased by the Chinese and Canadians.

According to the data from the Silver Institute’s 2020 World Silver Survey (by Metals Focus), while the Royal Canadian Mint produced nearly 26 Moz of Official Silver Coins in 2019, it’s citizens only purchased 5 Moz of silver bars and coins last year.  Thus, most of the Silver Maple Leafs were bought by Americans or other foreigners.

Furthermore, even though there are over 1.4 billion Chinese, it’s citizens only invested 139 Moz in silver bars and coins from 2010-2019.  Chinese tend to favor investing mostly in physical gold bullion.  In contrast, India, with a smaller population than China, invested more than four times in physical silver.  Moreover, Indians prefer silver bars over coins.  The overwhelming majority of the 615 Moz of physical silver purchased by Indians was in bar form… most likely 90+%.

…click on the above link to read the rest of the article…

BREAKING NEWS: Peru Silver Mine Supply Collapsed In April

BREAKING NEWS: Peru Silver Mine Supply Collapsed In April

With the data now finally out, Peru’s silver mine production collapsed in April.  Due to the shutdown of a large portion of Peru’s mining industry, as a result of the global contagion, the impact on the world’s second-largest silver supply was enormous.  While I had mentioned in previous articles that I expected to see silver production from Mexico and Peru to decline significantly, I’m amazed actually to see the real numbers.

Over the past several months, I have checked the Peru Ministry of Mines website for updates on the domestic mine supply figures.  However, they have not updated their monthly production data since December 2019.  I tried writing the Peru Ministry of Mines website to find out why they haven’t been updating their figures, but I received no reply.

I decided to do a bit more digging and found a newly released April 2020 Mining Update in response to the global contagion.  This new Mining Bulletin published Peru’s mine production data for January to April 2020.  According to the recently released data, Peru’s silver mine supply in April fell to 85 metric tons (mt) versus 322 mt during the same month in 2019:

Peru’s silver mine supply collapsed by 74% in just a few months.  If we convert to troy ounces, the year-over-year change was a decline from 10.3 million oz (Moz) to 2.7 Moz.  Thus, the world’s second-largest silver mine supply fell 7.6 Moz in April.  Now, if we look at Peru’s monthly mine supply over the past year, we can see that silver production started to decline in March:

As the Peruvian government started implementing mine closures in the middle of March, silver production fell by nearly 100 metric tons compared to February.

So, if we compare the change in the first four months of 2020 versus the same period last year, here is the result:

…click on the above link to read the rest of the article…

MAJOR FACTOR TO INVEST IN SILVER: Five Billion Ounces Of Mine Supply Economically Lost In Past Decade

MAJOR FACTOR TO INVEST IN SILVER: Five Billion Ounces Of Mine Supply Economically Lost In Past Decade

Silver will likely turn out to be one heck of a better investment than gold due to the rarity of the metal and lack of available supply in the future.  While gold has stolen the show recently, I’ll bet my bottom Silver Dollar that silver will outperform gold during the next financial-currency crisis.

But, before I provide my analysis, I wanted to make a few comments about the analysts who say that “SILVER ISN’T A REAL INVESTMENT” like gold.  I follow many websites and newsletters, and there seems to be this notion that silver is just an industrial metal, and its lousy price performance so far this year, versus gold, proves it isn’t worth of investing.

Yes, it’s true that silver has underperformed gold and may likely experience a paper price selloff once the broader stock markets begin to crash once again.  However, at that time, I imagine acquiring silver retail bullion products will even more difficult than it was during March-April.

Regardless, the reason I believe silver will be one of the few KEY INVESTMENTS to own going forward has to do with the dire energy predicament we face… which I label as the ENERGY CLIFF.  Unfortunately, most analysts that look at silver as more of an industrial metal do not understand the Falling EROI – Energy Returned On Investment and how it’s impacting the global economy and financial system.

So, they continue to criticize the “Silver Pumpers” or “Silver Hypers” as mere charlatans.  I find this simply hilarious when the Federal Reserve just purchased $3 trillion worth of assets in just the past three months.  Furthermore, total U.S. public debt increased $25 billion per day in 2020, more than five times the average daily rate over the past decade.

…click on the above link to read the rest of the article…

U.S. Total Public Debt Increases a Stunning $25 Billion A Day In 2020

U.S. Total Public Debt Increases a Stunning $25 Billion A Day In 2020

Americans better become reacquainted with Gold and Silver.  With the Federal Government adding $25 billion of new debt every day so far this year, at some point, investors are going to lose faith in the U.S. Dollar and U.S. Treasuries.  Just think about that for a minute.  On average, for every working day this year (116 days so far), the U.S. Public Debt has increased by $25 billion.

In just one week, the additional $125 billion of U.S. Public Debt could have purchased all global silver mine supply for the past eight years, nearly 7,000,000,000 oz.  And, in a little less than a month and a half, the increase in U.S. Public Debt would have purchased ALL KNOWN Global Silver Production since 1493… 52,000,000,000+ oz.  This is how insane the whole system has become.

According to the data from the St. Louis Federal Reserve and TreasuryDirect.gov, total U.S. Public Debt increased from $23.2 trillion in Q4 2019 to $26.1 trillion as of June 10th (the figure is $26.065 trillion, but I rounded it up to $26.1 trillion).

So, in less than six months, the total U.S. Federal Debt ballooned by nearly $3 trillion.  Now, if we go back and take the annual debt increase for each year and divide it by 250 working days, we have the chart below:

From 2007 to 2019, the average debt increase per day was $4.4 billion.  Take a look at the average increase of U.S. Public Debt so far in 2020.  It sticks out like a sore thumb.. eh?  If we divide $2.9 trillion of new debt by 116 working days in 2020, it comes out to a nice EVEN $25 billion PER DAY… LOL.

…click on the above link to read the rest of the article…

BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

There’s no better way to describe what is taking place in the U.S. Big three Oil Companies domestic oil and gas sector than a complete and utter financial disaster. Honestly, I am not exaggerating.  The only place ExxonMobil, Chevron, and ConocoPhillips are making decent money is in their non-U.S. or International oil and gas sector.

While it’s no secret that the U.S. shale oil industry continues to be a trainwreck, the damage is now spreading deep into the financial bowels of the Big Three Oil Majors.  Unfortunately, the largest, ExxonMobil, has the worst-performing domestic oil and gas sector in the group.  So, it’s no surprise that ExxonMobil was forced to borrow money just to pay dividends.  I posted this chart in my last article on ExxonMobil:

As you can see, ExxonMobil’s long-term debt over the four-quarters (Q2-2019 to Q1 2020) increased nearly the same amount as the shortfall between the dividend payouts and the free cash flow.

However, if we look at the Big Three as a group, Q1 2020 wasn’t pretty at all.  The next chart combines ExxonMobil, Chevron, and ConocoPhillips Upstream Earnings and Capital Expenditures (CAPEX) from their U.S. sector versus their non-U.S. or International sector.  The upstream sector refers to the company’s oil and gas wells.

The Big Three suffered a net $900 million earnings loss from their U.S. upstream sector while spending a whopping $5.6 billion ($5,591 million) in CAPEX. Now compare that to the combined non-U.S. or International upstream earnings of $4.3 billion based on investing $4.6 billion in CAPEX.

…click on the above link to read the rest of the article…

U.S. MINT GOLD COIN SALES ALREADY DOUBLE vs. 2019: Best BUY PRICES For Gold Eagle & Buffalo Update

U.S. MINT GOLD COIN SALES ALREADY DOUBLE vs. 2019: Best BUY PRICES For Gold Eagle & Buffalo Update

Sales of the U.S. Mint Gold Eagle and Buffalo coins are already double what they were for full-year 2019.  And, with the Fed and central banks continuing to print money hand-over-fist, I doubt the demand for gold coins will diminish anytime soon.

Interestingly, sales for precious metals bullion retail products, according to Dan at Cloud Hard Assets, are running about 60% for gold and 40% for silver (total value, not ounces).  Investors would be buying more silver, but due to the backlog and shortage of retail silver bullion products, individuals are being forced to buy more gold.

According to the U.S. Mint’s most recent update, sales of 2020 Gold Eagles totaled 332,000 oz compared to only 152,000 oz for 2019.  Furthermore, Gold Buffalo coin sales have reached 117,500 oz versus only 61,500 for 2019. Again, we are only five months into 2020, so it will be interesting to see what demand for these U.S. Gold coins will be for the remainder of the year.

Investors looking to acquire Gold Eagles and Buffalos are still paying high premiums.  In comparing the premiums for 2020 Gold Eagles and Buffalos, the best value that I could find from the leading online dealers is about 8%.  However, the Gold Buffalo coin premiums were even higher.

Here is an update on the BEST BUY PRICES for 2020 Gold Eagles and Buffalos from the leading online dealers’ vs. CLOUD HARD ASSETS (Prices below based on $1,745+ gold spot price early Thursday):

As you can see, it’s important to compare the prices of gold bullion products (and services).  Moreover, I am putting together a spreadsheet comparing the top online dealers’ Silver Eagle premiums vs. CLOUD HARD ASSETSToday, the top online dealers 2020 Silver Eagle premiums are running about 59% of the current spot price vs. 39% for CLOUD HARD ASSETS. Again, it’s wise to compare prices and services at the different precious metals dealers.

…click on the above link to read the rest of the article…

CHART OF THE WEEK: Primary Silver Miners REAL COST Higher Than Published All-In-Sustaining Cost

CHART OF THE WEEK: Primary Silver Miners REAL COST Higher Than Published All-In-Sustaining Cost

The chart of the week shows that some of the leading primary silver miners total REAL COSTS are higher than their published All-In Sustaining Cost.  My analysis suggests that the companies’ All-In Sustaining Costs (AISC), are not really “All-In.”  So, I quickly did my calculations based on these companies’ adjusted earnings.  If I used their net income, their estimated Breakeven would be much higher.

In the chart below, the four primary silver mining companies (if we can still call some of them that) posted their AISC for Q1 2020.  The biggest JOKE of them all is Hecla, which reported a low $11.06 All-In Sustaining Cost for silver.  Well, that’s surprising when Hecla suffered a $17 million net income loss for the period.  So, how could Hecla be losing money if its All-In Sustaining Cost was $11.06 when they received $16.94 per ounce for their silver during Q1 2020?

It’s quite simple… the All-In Sustaining Cost is a BOGUS METRIC used to confuse and bamboozle unsophisticated investors… and it works like a charm:

So, if you scan across the chart above, you will see the individual company’s AISC in BLUE, while the RED BARS show my simple estimated Breakeven for each. Endeavour Silver gets the TAKE ME OUT THE WOODSHED AWARD because it’s losing money hand-over-fist ever since it had to shut down its El Cubo Mine, a COMPLETE WASTE of a mine that should have never been acquired by the company.

In a nutshell, if you are a new investor looking for HOT silver mines to invest, do me a favor and pay no attention whatsoever to the All-In Sustaining Cost metric.  I need to do more analysis in this area to help investors from buying the WORST CANDIDATES in the industry.

Important Factors Impacting The Gold & Silver Supply And Price

Important Factors Impacting The Gold & Silver Supply And Price

The majority of analysts still don’t understand that gold and silver are based on two different price or value functions.  To understand the future forecasts for precious metals, investors need to the difference between the two value functions.

In my newest video update, Important Factors Impacting Gold & Silver Price And Supply, I discuss in detail the two different price functions and why the current commodity-based mechanism differs from the precious metals “Store of Value.”

In the video, I explain why the “commodity-priced mechanism” is important as a floor for the gold and silver prices.  Unfortunately, because Harry Dent doesn’t understand this mechanism, he continues to put out faulty and incorrect analysis on the gold price.  Dent stated in his April 13th video update that during the next deflationary collapse of the markets, gold would head back down to $900-$1,000 or the lows of 2008 at $700.

Dent’s gold forecasts continue to be wrong because he fails to incorporate the impact of “ENERGY” and the “COST OF PRODUCTION” on the gold mining industry.

I updated Barrick and Newmont’s combined total production cost versus the gold price for Q1 2020, and was quite surprised.  Again, I explain why I don’t see gold heading anywhere near $700 due to the significant increase in cost to produce the yellow metal since 2006 when gold was the same price.

This video took longer to publish then I had planned due to the research.  I was quite surprised to see Barrick and Newmont’s total production cost rise to nearly $1,400 an ounce for Q1 2020 versus the $1,272 average for 2012, when oil prices were over $100 a barrel.

…click on the above link to read the rest of the article…

Top Primary Silver Miner Cost Of Production Now Breaking Even

Top Primary Silver Miner Cost Of Production Now Breaking Even

One of the top primary silver mining company’s is now breaking even producing silver.  Pan American Silver just released its Q1 2020 Report surprising analysts by posting a net loss of $77 million.  However, if we go by the company’s “Adjusted Earnings,” Pan American Silver reported a $7.6 million loss.  This is the figure I use for my calculations in determining the “Estimated Breakeven.”

I will be posting a new Youtube Video update on the details of the Silver Market and the Breakeven Analysis this weekend.

Here is a quick peek of Pan American Silver’s All-In Sustaining Cost (AISC) that jumped in the first quarter of 2020:

According to Pan American Silver’s calculation of its All-In-Sustaining Cost for silver, it jumped to $15.26 in Q1 2020.  The company stated the reason for the increase was mainly due to:

lower by-product credits, driven mainly by lower realized base metal prices; increased concentrate smelting and refining charges; and higher direct operating costs per ounce in part due to lower silver grades.

Because Pan American Silver produces so much copper, zinc, and lead, along with silver, these base metal prices impact the by-product credit amount in the analysis of the company’s All-In Sustaining Cost.  The base metals prices declined considerably during the first quarter of 2020, thus pushing up the All-In Sustaining Cost for silver.

So, with Pan American Silver’s All-In Sustaining Cost for Q1 2020 at $15.26, it is now very close to the current spot price of silver at $15.48.  However, with the lower oil price in April and May, this will likely lower the company’s production costs in Q2 2020.  But, if base metal prices continue to be weak or weaker in Q2 2020, Pan American Silver may not see much of a lower AISC when the results come out in July.

Interestingly, my Estimated Breakeven for Pan American Silver is much higher than the company’s AISC.  Again, I will provide the details in my newest video update.

Please check back for my newest Youtube Video Update this weekend. 

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
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