First Majestic (FR.to) (AG): The Great Rock’n’Roll Swindle
…this desk’s best guess is that the delusional Keif has been read the Riot Act by corporate creditors, maybe even his board has told him to sit down and shut up for once. Be clear, these days First Majestic is in the business of selling paper to fools in order to stay afloat, its metals desk is now a sideline and a loss-making one, at that. So with the ATM window closed until July 2023 (even this company bows to SEC rules) it was beginning to face the potential of a corporation-wide cash crunch and that would not have gone down well with the debt holders or with Keif’s BDSM meister at Wheaton, Randy Smallwood. There’s only so much promotional and marketing stupidity available to mask the creaking edifice of First Majestic, Keif’s social media squawking about $200/oz silver only fools the dumbest of the dumb money and sadly for him, those people don’t tend to have access to the seven, eight, nine digit money his company now requires to dig itself out of a hole created out of nothing by Keif, his imagined world and his out-sized ego. In other words, yesterday reality bit him firmly on the backside. About time, too.
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