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Gold/Mining/Energy : Corner Bay Silver (BAY.T)
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To: russwinter who wrote (2646)1/4/2002 10:16:16 AM
From: Claude Cormier  Read Replies (1) of 4409
 
Russ,

I still think that BAY is undervalued, so I am not selling yet. Although, as I suggest in last week alert, taking some profits never hurts. So I can understand your decision.

You must keep in mind that the silver market is very small. The market think that silver will eventually explode in price due to a squeeze or physical shortfall. So they are loading up on silver stocks. A premium has built in many silver stocks like PAAS and SSRI. Not so yet with BAY.
With only 4 or 5 silver candidates available on the market, it only make sense that they will eventually all sell far above fair value.

The other factor that is changing the picture for BAY is the higher silver recoveries. It is no longer 70% for the high grade, it is now 80% plus.

Also, it now appears that dilution will be limited thanks to the much higher stock price. You know the economics for BAY. If they really make $1.50 per share in year 1, the stock price will have to reflect this.

For now, a consolidation in the $2.75-$3.00 level make lots of sense. But I can see another break-out to new highs as we approach the delivery of the new feasibility numbers. Higher silver prices would also do the trick.

BTW, got the confirmation today from Sprott. They have been buying BAY in the last month for their fund.
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