Re: More comparisons/Penoles
Did not mean to repost this old post, just went to the archives to find old posts on Penoles.
Wanted to note a trading activity anomaly occurred this week in the Mx Bolsa with Penoles, still the world's largest primary silver producer.
In the past 4 days of trading 17.5 million shares were traded. Prior to this week, for a long time, Penoles average trading volume has been 300k/day,so this week is the largest trading volume in many years.
17.5 million shares is about 4.5 % of total shares, in ONE WEEK.
Penoles shares fell off with the other silver producers over the past few years of AG price suppression, traded as low as 170pesos recently, now rising with POS, up to 264 from 170 approx. 50% increase from lows.
Friday 10 million shares traded with no news, more than 30x a average daily volume.
Been following these shares many years, never seen anything like this trading.
Penoles is a 3.85% component of SIL.
I will check with contact in Mx Monday to see if any explanation for the volume spike is known, but share price was 'managed' in a tight 6 peso/30 cents US range for this week of extraordinary trading volumes.
I read that the Chinese are scouting for PM mining deals in the $1 billion to $2 billion range now, but Penoles is too big for this buying range at $5+ billions current market cap, but who knows.
Disclaimer: I hold many shares, been accumulating at recent prices, still underwater on average buy price
but now close to green.
GLTA especially oldtimers on this board