After yesterdays craziness with the #silversqueeze things are settling back to normal in the silver and uranium markets. Ho-hum. And what have we here? Is crypto catching a bid? Bitcoin is at $34,964 as I type this – interesting… we did see Canaan ($CAN) one of our new kinetic rockets and our crypto play move higher.
Ladies and Gentlemen, the #silversqueeze.
We’ve been huge fans of silver for years now, so it goes without saying that we were very intrigued by #silversqueeze trending on Twitter over the weekend.
Today during my lunch break I went down to my local coin shop to see what all the fuss was about. The parking lot was full, but there were only a few people in line outside the building. I called the phone number listed on the sign and eventually got to a live voice. She took my name and phone number, and I received a text a few seconds later. I was #37 in line and my estimated wait time was 4.5 hours!
OK, things were getting a bit more real. I went to McDonalds for some lunch, and then went home and jumped on Apmex.com. Silver Eagles were selling for $41 each – a $12 premium over spot!
Ultimately I decided to skip the line at the local shop and buy a few online for an outrageous premium.
If you are wondering if the #silversqueeze is real, it is.
As for the silver miners, we continue to hold Alexco Resource Corp. – its one of our kinetic rockets.
Denison Mines drills more uranium… and nickel?
Denison Mines, one of our kinetic rockets, reported some drill results today, including some new high grade uranium mineralization four kilometers northwest of the Phoenix deposit. Drill hole WR-741AD2 also contained some high grade nickel. Here is the full press release:
https://denisonmines.com/news/denison-announces-discovery-of-high-grade-uranium-122721/
Hello Crypto.
Well, we did it. We finally entered the crypto space by purchasing a small amount of Canaan Inc. ($CAN) on the Nasdaq) today – a new kinetic rocket! Canaan Inc. is a Chinese company that builds crypto mining rigs – theirs is called the Avalon Immersion Cooling Miner.
The price of bitcoin has rocketed lately and this has caused a lot of buzz around blockchain / cryptocurrencies. On Saturday I was listening to The Market Huddle and Lynn Alden who I believe is one of the most knowledgeable experts on bitcoin right now. The demand for cryptocurrencies is increasing due to macroeconomic forces like the dollar’s perceived value decreasing and slowly losing its status as the word’s reserve currency.
Due to the nature of the hash behind bitcoin, mining the coins becomes more energy intensive with each coin mined. So, as bitcoin and other blockchain applications continue to grow in popularity, so will the demand for these sorts of mining tools.
Shhhh…. Uranium and Silver are sleeping and Bitcoin is dropping
Well, not much is going on in the Uranium and Silver markets these days. Uranium and Silver are rangebound and don’t seem to want to do much of anything these days. For us, thats OK since part of our kinetic rockets strategy is writing out of the money covered calls – which will expire without being assigned if this sleepy action continues.
In other news, bitcoin seems to be retracing some of its surge as of late. As of this writing its at $30,943. We would love to see it retrace all the way back to $23K – for us, that would be go time, however that may never happen. We’ll see.
Alexco Resource Corp. expands silver resource in the Yukon with impressive drill results
Alexco Resources ($AXU) which is one of our new kinetic rockets, announced some exciting drill results today:
ALEXCO EXTENDS BERMINGHAM HIGH-GRADE MINERALIZATION AT DEPTH, INTERSECTS 3,583 G/T SILVER OVER 8.76 METERS TRUE WIDTH AND OTHER SIGNIFICANT RESULTS
We are excited to see this extension of mineralization at depth and look forward to more news as Alexco continues to add to their existing silver resource at Bermingham.