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Brien Lundin: Noise amid the signal

Section: Daily Dispatches

By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Monday, April 22, 2024

Anyone waiting on the sidelines for gold to go on sale is getting just what they asked for today.

Gold began diving right as trading opened overseas last evening, and the plunge gained steam in New York trading today.

As I write, gold is down nearly $60 (2.5%) and has yet to show any significant resistance to the selling pressure. 

... Dispatch continues below ...


First Majestic Mines Silver and Gold 
in Mexico and Operates Bullion Store

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.

In 2024 these mines are projected to produce between 21.1 to 23.5 million silver-equivalent ounces, consisting of 8.6 to 9.6 million ounces of silver and 150,000 to 167,000 ounces of gold, with an all-in sustaining cost of $19.32 to $20.68 per payable silver-equivalent ounce.

For information about the company, visit:

In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available. 

In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.

In fact, the price has reached lows not seen since ... (checks notes) ... last week.

The longer-term (one-month) chart above puts today's selling in some needed perspective. A chart going way back to the March 1 beginning of the uptrend would show even less impact from today's move.

That said, I don't want to minimize this correction. This is an important test of the buying demand that has driven the price of gold nearly $400 higher since the end of February.

It's still too early to determine precisely who's selling (we may never know) and how low the price will go, but here's what I've been able to glean so far....

... For the remainder of the analysis:

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