Silver fell this past week, despite as we noted a weaker than expected jobs report and a weaker US$ Index. Silver lost 2.1% as it continued to test $26.50 support. Further support can be seen to $26, but under that level the current rally becomes more questionable.
Adventus Mining Corp. has closed the previously announced private placement of 67,441,217 common shares of Adventus at an issue price of 38 cents per common share to Silvercorp Metals Inc. for aggregate gross proceeds to Adventus of $25,627,662.
It’s no surprise that $30 is resistance as that was the high back in February 2021 ($30.35). Our expectations of $39/$40 targets remain, once we get past the February 2024 high. The breakout over $26/$26.50 suggests that target.
CEO Feng: ""This transaction will create a new globally diversified green metals producer. It presents the opportunity for us to leverage our technical expertise and strong balance sheet to unlock value for all shareholders by constructing the El Domo project."
Investors will be forced to reckon with the fact that there is just a fraction of the physical silver in existence that they believed, which will lead to a scramble for physical silver while paper silver products sink in value.
Silver prices have finally begun playing some catchup to gold. Perhaps speculators in the futures market have finally begun paying attention to fundamentals like supply and demand.
Q4 Fiscal 2024 Operational Results show Gold production of 1,916 ounces, up 92% over the same quarter last year ("Q4 Fiscal 2023"); Silver equivalent (only silver and gold) production of approximately 1.3 million ounces, up 11% over Q4 Fiscal 2023
Silver enjoyed another solid week up, gaining 2.8%. Silver is now up 19.7% in 2024. Silver is the poor man’s gold and, with gold soaring to over $2,400, many are instead shifting to silver.
CEO Harris: "This positions the Santa Ana project as one of the world's highest-grade primary silver endeavors, promising exceptional recoveries and highly marketable concentrates."
