buying renagel from canada no prescription what medication is comparable to lexapro caverta 100 reviews clomid reviews pcos best place to buy bisoprololi fumaras in mexico para que es cialis 20 mg cilest no prescription overnight delivery buy elavil in usa cytoxan patient reviews low cost overnight lamisil celexa birth control online canada get tinidazole las vegas ortho cyclen sublingual dosage salbutamol reviews toprol mexico no prescription cleocin gel 100mg tablet buy coreg 200 minocin dosage for rosacea order aldactone tablets how to take imitrex tablets where can i get some mentax cheap revatio free delivery do acai berry pills affect birth control celexa medication where to buy altace through how to get prescription for propecia how much will lotrel cost xenical drug classification metformin dosage for type 2 diabetes can you order zoloft online order bupropion online without rx cipralex online from canada best price for lady era brand levitra cheap medrol lawsuit canada best generic viagra site forum singulair fast usa cheap genuine orlistar online online tadapox with no prescription buy bystolic 50 what does allegra allergy information kamagra soft usa motilium canada head office cialis super active buy online mexico can you buy levitra professional in ireland drug prescription online orlistatum buy mexico pharmacy express scripts phone number 1 800 cheap generic brand cialis oristal birth control online canada styplon max dose fda review of generic wellbutrin very cheap cilest comprar florinef online levlen over counter cheap viagra plus delivered overnight cardura patient reviews why is premarin not generic buy allopurinol online from canada zyvox pills online in the usa estradiol valerate spain apo meloxicam ingredients is sildenafila legal in uk colchicine manufacturer in india free or low cost cephalexin januvia 100 mg tablet generic buy maxifort rootstock how to get stromectol on line purchase diltiazem cheap brand viagra over the counter canada cheap brand name metoclopramide premarin mg canadian rx reglan over the counter canada birth control pills metoclopramide purchase ciprofloksacin on line in india ordering hydrodiuril usa buy evecare boots pharmacy is ordering drugs from canada illegal is generic lynoral effective ampicillin without a perscription diamox leadville 100 forzest drug schedule can you buy prozac in ireland indian pharmacy diabecon benemid roche precio argentina obestat no prescription required buy alesse online no prescription uk better than clomid overseas pharmacy no prescription shatavari canadian pharmacy online dyazide amoxicillin online no prescription uk propecia no prescription needed bupropionum prices cvs how to get mentax in australia azitromicina usa pharmacy canadian cialis no prescription nasa gov buy zenegra online mexico no prescription can order norvasc canada buy elavil online with no prescription generic kamagra oral jelly cost ordering low dose flagyl er promethazine hydrochloride 25 mg recreational use where to buy estro drugs online canadian probalan tablet ourcanadianpharmacy vytorin usa cvs prices buy diflucan online no prescription worldwide cialis soft pills online in the mexico depakote retail price free trial cialis without prescription reminyl generic available uroxatral prices usa 4 types of psychoactive drugs zovirax drug in mexico pharmacy order tinidazolum from india without prescription vardenafilum buy canada motilium for sale medication online epivir hbv where to zestoretic cost of malarone tablets at tesco hydrochlorothiazide india sale ciplactin and decdan side effects purchase diovan on line in uk cheap genuine levitra plus online seroquel canada paypal purchasing furosemide online isoniazid dosage how to take diflucan effexor xr prices at costco buy norvasc no prescription fast delivery where do i sominex in india can you paypal buy haridra without how easy is it to get prescribed viagra where do i buy diltiazem no prescription voltaren plavix medicine pictures generic chloramphenicol overnite shipping pastillas para mantener la ereccion masculina no rx trimethoprim ds flagyl trusted online drug stores in canada rimadyl side effects bleeding januvia available generic form how to buy lexapro when to start taking clomid in your cycle lotrisone no prescription order estrace from canada without prescription ver bula de cloridrato de sertralina what is arimidex for men the online drugstore styplon celadrin next day delivery liposafe reviews for men how to buy cipro in london brand viagra from europe amoxil 100mg cheap deltasone us companies only low price seroflo uk purchase duprost on line in india riperdal canada pharmacy emoquette buy australia canadian online pharmacy for meclizine buy diclofenac discount buy percocet online pharmacy adalat legal in england neurontin phone orders buy zyban mg order haridra online with mastercard buy toradol 10mg best online pharmacy generic fasigyn buy celexa uk carvedilolo with no subscription where trazodone buy emsam mexican pharmacies online antibiotics for uti fda approved male enhancement drugs ajanta pharma ltd paithan buy generic deltasone over the counter medicine keflex how much is wellbutrin tablets where to buy tretinoin 0,05 with echeck can we trust maxalt online atenolol tablets used for imuran 100 mg tablet buy sertralina online without a prescription canada drug generic cialis asacol delivered to your home where to buy rhinocort in canada safely cyproheptadine hydrochloride uk actos cheap price singulair generic vs brand viagra super active sale online drug shop max dose of glucotrol xl buy pletal overseas cheap rogaine 12 pills rythmol sr mexico companies only buying clomifene in manchester free samples of viagra in the mail roaccutan fast mexico lincocin for dogs side effects antabuse buy no prescription where could i buy celebrex without prescription benadryl antihistamine price philippines buy amoxicillin online no prescription uk levothyroid best online non prescription pharmacy where can i buy propecia in canada buy calan with visa how to buy viagra at boots azitromicina buy no prescription baridium where can i buy it order cilest on line mexico moduretic over the couter buy medrol dosepak online no prescription where can i buy cefixime cheap voveran buy online retin a prescription only cheapest aspirin in the uk proventil for sale canada how much valtrex to take for shingles order vermox online no prescription with a mastercard nimotop usa safe to buy generic digoxin from uk innopran xl cheap us pharmacy albenda mexico companies only neurontin order online no prescription where do i cefadroxil in usa knights pythias order calanthe discount code for roxithromycin do brahmin bags go on sale buy finast greece online simvastatina with no prescription buy acticin 40 citalopram pharmacy coupons antara canadian medications without prescription fluticanose lowest price online buy clincin tablets canada order alti doxycycline on line uk buy cefadroxil pills in the australia generic depakote overnite shipping what is stromectol for lisinopril hydrochlorothiazide 10mg 12.5 mg tab allegra online from canada purchase cheap fincar online tretinoin 0 025 for sale australia diclofenac gel online without prescription us pharmacy online lozol generic for pyridium non prescription fluoxetina pharmacy no rx motrin online indian generic buy trandate bony acai in canada trazodone 50 mg price actos to buy from europe avapro drug canadian pharmacy thyroxin brand positioning levaquin prescription generic best place to buy ortho tri cyclen in australia where to doxazosin us online pharmacy no prescription sildenafila lexapro n0 prescription order brand retin a online effexor xr india suppliers paxil tablets 150 mg reminyl roche precio argentina prednisone pills facts can you buy fucidin over counter acheter accutane pas cher over counter etabus cheap capoten 40 mg liposafe pharmacies genuine aspirin best price trial erection packs 1 buy online australia viagra free samples australia reviews on nizagara buy inderal pills in the mexico buy estrace from canada can you buy mycelex g online vente de aspirin au quebec retin a gel 0,1 no prescription overnight delivery aldactone for acne in women the online drugstore glyset how to buy l thyroxine buy paroxetine tablets canada cheap oestrogel no prescription cheap generic rumalaya forte bactroban on line purchase blood pressure medication lisinopril dosage what is adderall abuse what is ceftin pills used for lasix 10 mg maximum safe dosage of benadryl american capoten purchase glyset alavert dissolving tablets lincocin medicine children canadian pharmacy online buy valtrex valacyclovir buy viagra professional online amazon why should levothyroxine be taken on an empty stomach buy kamagra gold mg online erexin v purchase dulcolax over counter uk celebrex drugs com key pred without prescription foro cialis generico synthroid weight gain or loss exelon purchase ceg glycomet pas cher buy misoprost boots i pill zestoretic website drug diuretic viagra generico mexico antivert doctors online nexium over the counter in canada flunil birth control online uk amoxicilina buy online australia ginseng no prrescription can you take zetia daily actoplus met drugs online purchases free or low cost glucophage flomax online pharmacy uk retin a without a prescription from us fluconazole 200 mg dosage yeast infection avapro non perscription countries thyroxine generic uk buy metronidazol online mexico no prescription haridra ayurvedic medicine buy exelon with buy acai berry canada where can i purchase lamisil brand amoxil where can i refill tetracycline prescription purchase norvasc 10 mg current price snovitra super power generic diprolene uk donde comprar hytrin generic vytorin 10 40 where to buy ampicilina with visa how to buy kytril what is the correct dosage of seroflo best site for zyvox top 10 online ciprofloksacin sites cost of mail zofran dramamine buy online australia frusemide without insurance inflammatory arthritis and dla propranolol hcl 40 mg tablet order buy altace pharmacy costco pharmacy dyazide price buy finpecia pills in the us triamterenum buy canada order misoprost online canada something natural like viagra generic pharmacy net purchase zydis mg l thyroxine sublingual dosage nolvadex dosage after superdrol what does the acai berry do for your body prescription solutions mail order pharmacy locations antabuse 500mg cheapest alli tablets order sildenafil citrate no rx canadian pharmacy motrin prescription only order viagra super active no rx canadian pharmacy caffeine ergotamine shoppers drug mart zantac discount coupon billig anteovin online kaufen order finpecia uk buy levitra plus uk pharmacy buy drugs bactrim yasmin birth control online us suprax for purchase como tomar omifin para quedar embarazada buy over the counter metoclopramide online order levitra from uk without prescription buy flucazole perth australia no rx rosuvastatin online where can i purchase topamax safe buy erexor online order zanaflex from drugs malaseb dog shampoo uk female viagra generic 2013 drugs what is the half life of stromectol best place buy ashwagandha pct buy dulcolax australia indian pharmacy tindamax is diflucan legal in uk how to buy ginseng seeds best place to buy fasigyne in australia sildenafila uk sale age to buy dramamine where to buy liquid cheap tadalafil cialis vagifem from canada vermox 100mg cheap buy actoplus in singapore topamax online from uk pharmacy technician online schools ohio generic lipitor in australia buy alti doxycycline greece bromocriptine pregnancy success vagifem over the counter usa dilantin capsules 100mg ordering diovan here in canada is it safe to order brand amoxil where can i buy permethrin 5 cream cheap hydrodiuril mg viagra sublingual online australia canada order brand amoxil buy purinethol next day can you buy cialis in cancun mail order generic florinef use my american express gift card canada canadian pharmcy diets viagra pas cher pharmacie paris buy provera with a mastercard how to order entocort shallaki online pay paypal viagra free samples packs bupron without a prescription from australia levothyroid prices generic risperdal no prescription does isoniazid cause weight gain purchase lasilix in us buy levaquin online canada indian pharmacy dutasterid mentat fast india order biaxin overnight differin .3 gel reviews buying actoplus canadian mentat geriforte birth control online india emsam without script alli weight loss drug reviews buy ceftin online from india order sildenafil citrate online no prescription with a mastercard glucotrol xl on line in the canada synthroid buy online mexico alli weight loss pills are they safe buy accutane online 20mg celebrex with american express med cab lady era buy bystolic online no prescription united states how to import feldene valtrex dosage outbreak amlodipinbesilat buy online ireland free coupon for zyvox premarin cream coupons xenical no prescription australia how to order bactroban online canadian drug company hydrodiuril over the counter drugs similar to tretinoin promethazine for dogs buy grifulvin v lowest price isoptin mg uk where to buy hoodia online mexico what is apo allopurinol used for buy remeron from canada serpina drug class nolvadex uk companies only discount generic vermox capoten india sale order levothyroid on line uk cheap rogaine six pills buy cheap trazodone dramamine noprescrition needed canada online pharmacy can you only get atomoxetin on prescription cefixime buy australia online pharmacies uk viagra can you buy ondansetrona online what is diltiazem hcl generic propecia us albuterol sulfate dosage 0.083 buy acnetane pills in the uk naprosyn prices dapoxetine generico italiano cialis generic cheapest ciprodex otic suspension rogaine 5 birth control online mexico order bupron sr online without rx tocef cefixime 100 mg meloxicam enolat tablets price where to alesse levonorgestrel online no prescription v gel coupons advair no prescription needed canadian online pharmacy stediril cheap us pharmacy where can i buy dilantin comprar exelon original keppra from china zedd side effects uk cheap viagra soft free delivery sale diprosone cheap saw palmetto australia lotrisone cheap uk pharmacy fluconazole side effects drinking alcohol no rx malegra fxt online como comprar actoplus met amantadine generic india best drugstore foundation for acne prone sensitive skin north american pharmacy online amitriptyline in usa where can i buy birth control pills singapore lamisilate coupon code motilium maximum dosage risperdal sent to spain buy revia 20 birth control pills feldene to buy hoodia fluoxetine street prices fluconazole pregnancy first trimester carafate medicine children methotrexate prescription coupon cheap cabgolin india non prescription pulmicort pharmacy generic noroxin buy canada buy over the counter isoniazid online casodex online legally rumalaya liniment usa stieva a cream 0.1 review lasix no prescription cheap price propranolol clorhidrato 40 mg genfar uroxatral not generic crestor australia companies only where to buy caprysin online usa cost of mail antivert meloxicam enolat on line in the uk clonidine no rx plavix discount medications isoniazid generic india buy baclofen online from uk mail order propecia online buy acticin pills in the uk hytrin free shipping purchasing unisom online discount topamax mg original carbozyne online terramycin ships from india albenza buy online australia buy doksazosin lek online from usa buy alesse online at canada pharmacy haldol side effects weight gain female viagra liquid form tofranil without a prescription from india omnicef noprescrition needed canada online pharmacy claritin price walmart kamagra generic cheap costs cost of imitrex at walgreens yasmin alibhai brown is a disgrace buy bisoprololi fumaras boots pharmacy discount pharmacy buy alli eldepryl us companies only best place to buy isoptin in canada common side effects of sublingual nitroglycerin carbozyne india companies only avana in canada medicine coumadin therapy cheap diflucan one prescription remeron use in dementia order bactroban nasal ointment flonase online no prescription can you buy hydrochlorothiazide online microzide wellbutrin discount coupons doxycycline medicine australia seroquel mexico companies only ordering ivenox canada buy acticin singapore tadacip 20 price in india cuanto cuestan las pastillas redustat levaquin where to get zenegra for dogs buy where to buy himcocid online without rx does generic viagra work gel drugstore reputable viagra sellers is flovent available on line in canada phd pharmacy 2010 europe beconase aq drugs online purchases donde puedo comprar florinef cost of doksazosin lek apo indomethacin 50 mg cymbalta canada companies only voltaren 50 novartis order minomycin no rx canadian pharmacy buy generic flagyl online no prescription asacol buy online mexico cost of mail renova ditropan to buy from europe levitra professional supplier in uk finax 5mg tablets buy avalide capsules where can i buy oxybutyninum tablets buy generic valtrex online overnight delivery cheapest toprol xl buy brand didronel how to get bystolic in australia kroger pharmacy lagrange ky betnovate scalp application side effects buy viagra generics nl viagra plus tablets online best online site for cialis estradiol valerate dose where to strattera duphalac perth australia fastest erection packs 3 uk delivery minocin in usa safe place order decadron free coupon for estrace comprar clozaril portugal evista fast uk tadalis for men in usa medicine actos agency bladder cancer buy acivir pills 10 canadian pharmacy shelf life of lopressor motilium over the counter drugs lotrel discount naprosyn canadian pharmacy atacand shortage medication online kamagra soft innopran xl uk no prescription mail order generic zenegra cape fear discount drugs ramsey street order forzest online in usa paxil lawsuit florida cefixime birth control online us cost of bactroban without insurance best place to order amitriptyline in us cost of baclofen at walgreens buy cheap augmentin online no prescription neurontin brand order isoptin cheap australia pharmacy what is alliteration in poetry for kids augmentin pharmacy usa mail order keftab online buy adalat no prescription fast delivery triderm buy prilosec otc online canada doksazosin lek lowest price online bactroban pills online in the australia celapram drug in fr pharmacy ordering brand levitra pill vardenafil methylprednisolone acetate side effects lowest price benadryl retin canadian medications without prescription the chepest disulfiramum without a script order allopurinol how can i buy an asthma inhaler with no prescription phentermine for sale amazon where to buy zyban without a prescription lasilix brand positioning trazodone by mail order ditropan now co uk how to take atacand order salvent tablets abana order by phone levitra professional brand order ciprofloxacin 500 mg tab ranbaxy arimidex drug schedule what drug category is albenda cefixime 400 mg dosage india mobic price companies fight against cheap indian drugs cheap lincocin free delivery how long does it take for lexapro withdrawal to go away online pharmacy gasex side effects of levaquin joint pain vermox without a prescription from india cabgolin pct buy buy zanaflex tablets india buy rythmol sr inhaler canada actos drug in canada pharmacy blue pill with watson 932 generic what is roxithromycin mg used to treat buy sildenafil citrate pills in the uk metronidazole uk sale what is glucophage viagra online generic taking prednisone before a race buy robaxin perth australia safe place order zyloprim eutirox prospecto tadacip in italia obtaining viagra in malaysia purchasing vagifem online uk the alli diet plan pdf color of bupropion pills buy xenical online safely common side effects of etodolac micardis on line in the uk azithromycin tablets dosage ortho tri cyclen lo hair loss no rx pletal online prinivil side effects long term use best price for real orlistato purchase ortho tri cyclen in uk discount synthroid from usa where to buy l tryptophan in canada singulair tablets reviews what does atarax make you feel like buy pariet online canada no prescription fastest precose uk delivery actonel canada overnight delivery trandate delivery london order glucotrol from mexico without prescription to buy myambutol trandate 100mg buy buy trial erection packs 1 boots pharmacy order keppra cheap what drug category is flucazole order nolvadex on line usa buy prednisolona hong kong caprysin online canada what is isotretin made of positive reviews generic wellbutrin digoxin buy online uk lamisilate from canada generic retin a 0,05 safe buy ginette 35 online no prescription uk purchase sominex on line in india l thyroxine to buy from europe tramadol 50 mg from canada keflex for men in usa levoxyl inactive ingredients how to buy ventolin med cab florinef caffeine ergotamine drug in canada pharmacy ordering viagra extremely fda how to get fluoxetine side effects of prednisolone 5mg cheap hydrea cheap metformin discount glucophage kamagra oral jelly online usa are no prescription online pharmacies safe cheap bactroban pills how to take unisom cardizem order on web viagra without prescriptions uk approved dapoxetine pills sweat retin a micro gel pump female viagra buy online buy atorlip 10 boots pharmacy buy anastrozolo online overnight delivery buy aciclovir online india adalat oros generic name sildenafil citrate drug in usa pharmacy geoff cefixime 100 suspension cefixime usp elavil 20 mg side effects buy obelit australia what is the correct dosage of acivir pills legitimate online pharmacies u.s safe buy sinequan online generic from diclofenac gel drug bentyl side effects seroflo sale buy lantus online no prescription usa bystolic to buy in australia coumadin next day cozaar online india clomid ovulation calendar girl cheap riperdal uk cost of obelit order leukeran from india without prescription requip online overnight mail order plavix metoclopramide patient reviews medrol prescription drug propecia mental side effects buy online confido generic viagra professional without can you order abana lamisil online no prescription buy antabuse singapore how to rank acids from weakest to strongest the online drugstore actoplus met what is prednisone 10mg bactrim uk boots clomid post cycle for sale better than tizanidina where is game of thrones filmed venlor prescription only luvox cr for anxiety when will alli be available again in uk buy trial erection packs 2 online india styplon prices legal buy klipal codeine online canada purchase evista in uk artane industrial school 2010 xalatan colirio generico get atorlip 10 toronto bupropionum buy canada paxil generic side effects where can i get himcocid pills levitra professional advair diskus price cvs arimidex online from india is generic cialis safe and effective side effects of ayurslim buy pilex online with out prescription astelin by mail can you buy glucofage over the counter in germany buy alli bulk cialis jelly coupon code buy azurette with no script order generic cardizem cheap pharmacy entocort medication side effects ramipril side effects anxiety pantoprazole dose dogs adalat generic 2013 drugs buy trial erection packs 3 with a mastercard amaryl woldwide shipping side effects of aspirin mentat spain best place to buy paxil in mexico where to purchase ciprofloxacina aygestin pharmacy prices list cheapest place to buy estrofem voveran sales india best price aprovel buy amlodipinbesilat inhaler canada clonidine street prices what is hydrochlorothiazide 25mg tablets levlen pct buy flagyl er ordering no prescription bromocriptine acromegaly treatment can buy clozaril online frumil india pharmacy hytrin pills online in the uk discount code for cardizem prescription drug kamagra fluconazol purchase cheap prescription meds online are there different types of antibiotics prevacid from usa pharmacy buy torsemide inhaler canada metronidazol drug in usa pharmacy can you only get glyset on prescription ordering ampicillin all rights canadian what is toprol buy tretinoin 0 025 200 protonix without food aleve canadian online overnight pharmacy terramycin over the counter uk aciclovir tablets 200mg ginseng sale ontario uroxatral user reviews side effects of effexor xr 75mg capsules how to order aygestin para que se usa wellbutrin best price for real acivir pills cheap clozaril india buy remeron online overnight is diovan available in india buy amitriptyline tablets uk online no prescription needed get brand levitra toronto ordering haldol mexico frumil prescription metformin cancer research what is diprosone drugs viamedic scam buy shallaki bulk differin cream 0.1 reviews buy valtrex perth australia is there really a generic cialis atorlip 20 cost in canada where to buy klipal codeine online canada doxycycline prescription active ingredients motrin 800 olanzapine usa xenical on line in the canada discount allegra d 24 hour cardizem buy online mexico canada drugs propecia with prescription unisom 100mg tizanidina prescription coupon i pill acai website buy alphagan with drug avalide india nizoral generic mexico where can i buy terramycin online without a prescription zentel medication finasteride 5 mg tab fluticanose non perscription countries purchase sildenafil uk alphagan doctors online purchase carafate in india buy seroquel xr 300 sertralina no prescription overnight delivery propranolol tablets images naprosyn mexican pharmacies what is ciprofloxacin hcl taken for order nizoral overnight vpxl no prescription overnight delivery purchase wellbutrin sr online no prescription levitra 20mg cheapest price benicar available generic form sildenafila over counter uk generic elavil uk paypal zedd pharmacy mail order augmentin sale uk buy lipothin pills in the india cheap provera 10mg tablets zyvox from canada without rx prilosec prix en pharmacie en france emoquette maximum dosage comprar tofranil pela internet drugstore makeup rythmol sr mg uk best place to buy salvent lexapro australia price clomifene prescription coupon shatavari online legally can i take 1000 mg of keflex buy cialis jelly paypal nizagara canada companies only buy zofran online from australia skipping sugar pills levlen ed how much is lipothin tablets can you buy septilin lowest serophene online pharmacies with out prescription order generic lynoral over the counter drugs similar to viagra super active buy cialis sublingual sale generic levitra 20mg vardenafil buy movalis without a subscription comprar fluconazol en argentina orlistat api manufacturers india mycelex g side effects long term use biaxin overnight pharmacy price increase diclofenac gel buy astelin online in the united states without a prescription buy online femara generic order albendazole from mexico without prescription speman visa where can i buy hytrin tablets i want to pay some cialis jelly erythromycin stearate for acne otomax on line in the uk rayhhealthcare where can i buy riperdal chloramphenicol from india cefadroxil medication overnight delivery buy doxazosin in singapore brand levitra mg buy where can i buy fluconazole online female cialis usa cvs prices bupropionum no prescription buy tretinoin 0 05 in singapore comprar advair en argentina viagra jelly cheap us pharmacy dramamine purchase original amaryl online what is viagra yahoo how to purchase midamor online seroquel withdrawal symptoms itching cheapest retino a cream 0 05 coumadin order by phone i pill serophene website zofran 4mg tablets lipitor 20mg price india aricept 10 mg cost keppra 1000 mg 50 film tablet benemid discount code common side effects of digoxin toxicity in the elderly prometrium on line in the canada celebrex in the uk citalopram max dose elderly viagra suppliers london actos pharmacies in cheapest imdur in the uk can you buy nitrofurantoin over the counter order adalat no rx canadian pharmacy order dipyridamole brand viagra for sale purchase tretinoin cream ordering roaccutan mexico aciphex class action lawsuit low cost prinivil seroxat paroxetine side effects order lipitor pills celebrex 200 mg side effects is there a generic equivalent to premarin cheap prandin no prescription finpecia online australia buy neurontin online no prescription canada topamax echeck what does allegra allergy finast by mail order advair diskus discount best pharmacy drugs in thailand v gel on line in the usa india kamagra oral jelly price avapro 40mg alli for sale online canada is risperdal legal in uk viagra brand pfizer order stieva a online no prescription with a amex minocycline 100mg capsules dosage proscar from india buy roxithromycin quick brahmi 100mg cheep cymbalta side effects in women weight gain vpxl in croatia how to buy tadalis sx generic proventil albuterol salbutamol periactin india sale prednisone for dogs with mast cell cancer canadian pharmacy professional 10mg levitra online nizagara online meds zitromax order by phone mevacor weight gain how to by triamterene online viagra for women buy online max safe dose cialis imitrex canada buy medication online no prescription australia micardis buy india get paroxetine las vegas over the counter prilosec generic online brafix overnight delivery maxalt medication where to buy best generic diclofenac sites alavert canada overnight delivery how to take nimotop mg cost of daily cialis apo ramipril alcohol buy tindamax online with out prescription adalat tablets 10mg advair diskus over the counter pill rx health cozaar products cialis jelly buy online ireland silagra tablets buy emoquette fast usa clomifene fast usa lilly cialis coupon estrofem birth control online mexico kamagra shortage comprar caprysin original en madrid generic astelin india hytrin uk sale buy cardura online from australia what is green tea with hoodia for cheapest vistaril tablets uk fastest pravachol uk delivery buy doxazosin 50 generic atorlip 20 safe purchase alti doxycycline online pills that can get you hard serophene medicine children para que sirve la sertralina tabletas best place to buy zedd in mexico discount tizanidinum from usa rocaltrol on line with no prescription advair diskus price in canada how to take albendazole tablet tramadol high snorting malegra fxt generic release date cheap pills actos uk no prescription canada pharmacies online that sell oristal buying parlodel using paypal levitra super active generic cheap costs cialis viagra levitra pack med cab atrovent buy artane online reviews order oracea rx ndc number for depo medrol 20 mg brafix in croatia oder mg tablets of tamsulozin buy antibiotics online legal low what is the definition and example of alliteration levitra super active no prescription cialis what does zyvox treat coming off cipralex 5mg where to buy blopress cozaar dosage instructions amoxycillin results forum purchasing tetracycline online uk comprar fincar paxil cost in canada where can i get medrol dosepak purchase erection packs 3 pills order fasigyne online uk best place to buy carbozyne in australia cialis usa no prescription riomont no prescription needed viagras effects on women purchase actoplus in usa order bactrim online without a prescription online reglan india microzide tablets carafate suspension 100mg i pill zestoretic website lisinopril thiazide where can i get prozac evecare no prrescription drugstore cowboy watch online megavideo cost of voltaren disulfiramum shelf life best site get glucovance best online pharmacy generic lanoxin buy live lobsters online canadian pharmacy ortho tri cyclen best site get arimidex nimotop tablets for purchase national socialist movement usa buy brand lotensin how long does it take for strattera to become effective no prescription order innopran xl glyburide metformin sale phone in order for glucophage buy adalat tablets india red korean ginseng sale atacand india sale comprar buspar portugal pastillas o inyecciones para abortar en ecuador isoptin mg mexico order baclofen on line usa lotrisone generic for paxil medication reviews aleve where to buy in canada safe place order azitromicina naprosyn shortage buy canada no prescription for betoptic prescription triamterene hctz recommended dosage zithromax chlamydia aciclovir from canadian pharmacy zestril over the counter australia over the counter medicine that acts as motrin can i order valtrex online dostinex generic version buy arimidex online from india flovent cheap price is lexapro going generic in 2012 where to ortho tri cyclen can we trust amoxycillin online generic voltaren uk paypal buy sildenafil citrate online no prescription uk buy rizact without a script moduretic prix en pharmacie en france can i order yagara no prescription in the usa wellbutrin sr tabs cialis generika cheap cefadroxil buy uk nizoral buy online india viagra shopping spain depo provera lawsuit blood clots differin purchase online buying caffeine ergotamine minipress direct pharmacy is generic key pred effective non persciption lamisil onde comprar ginseng western drug keflex oder mg tablets of almetec where do i effexor xr in usa protonix canadian source india pulmicort price buy zertalin low cheap price cialis vs viagra 2008 cheap buy nolvadex pills in the india buy fosamax capsules fluticanose pills online in the usa free 30 day trial of seroquel celadrin pct buy my c ratioph coupons bupron sr discount disulfiramum cheapest rate glimepiride 4 mg price dramamine mg usa order azulfidine online uk plavix coupon rebate how to buy amaryl in canada birth control pills speman buy warafin online no prescription usa lotrisone online sales order toprol xl online canada advair not generic no prescription norvasc sale generic rumalaya buy canada brand levitra mexican pharmacies buy lipothin next day safe to buy generic lipitor from uk ortho tri cyclen drug in uk pharmacy effexor xr discount program deltasone no prescription overnight delivery research grade pletal tetracycline hydrochloride ophthalmic ointment usp otc viagra canada buy meloxicam enolat without prescription what are side effects of buspar zertalin best online non prescription pharmacy purchase tinidazole on line in india proper dose of benadryl for cats list of otc pills that get you high lincocin 100mg combivent inhalers online without script how much does the antibiotic cipro cost one stop pharmacy inc plendil online shipping tadalis daily use reviews free or low cost zyloprim can you only get cytoxan on prescription how effective is accutane for acne buy rumalaya mg carafate tabs side effects buy clarinex online ireland allegra uk pharmacy curacne order online order buy online diovan drug viagra in us best water pills to lose weight ambien cr wiki tenormin barato biaxin from canada with no prescription canadian health authority guidelines maxalt to buy in the usa without a prescription does stopping yasmin cause weight gain best place to order yasmin in us isoniazid 20mg tab nhs cost of aspirin ordering avapro here in canada cost of mail key pred purchase metrogel in canada where do i wigraine in australia coumadin dosage chart azithromycin for sale xeloda pharmacy usa augmentin without prescription voveran sr mg canadian rx tretinoin 0,025 delivered to your home nolvadex prescription coupon what is aygestin can i order epivir hbv toprol online how to order levitra soft suhagra without erection packs 3 for sale bromocriptine pregnancy rates where to purchase baclofen how to use acai berry juice non prescription beta val pharmacy what is a normal dose of triamterene plendil online no prescription store generic lipitor isotretin best online non prescription pharmacy online metronidazole overnight delivery half price erection packs 2 goodrx reviews online carbozyne purchase buy diakof capsules buy atorlip 20 online pharmacy when did prevacid become available over the counter blopress plus nebenwirkungen albuterol uk lipitor vs zocor medication compare prices toprol trental discount no prescription costco pharmacy estro price estrofem lawsuit canada can you order effects beconase aq online novo digoxin online canadian cheap genuine cabaser online flomax and avodart combination get vistaril las vegas genuine levlen best price lopressor iv how long do dulcolax pills last med cab benicar side effects of relafen 500 mg clincin medicine online where can i buy dilantin tablets zydis fast uk where to purchase zertalin best drugstore mascara for length 2012 methotrexate usage alli for sale online cialis jelly bonus pills acai berry florida study how can you buy real viagra online in usa phenergan cost canadian orlistat price super active decadron pricing singulair 10 mg in india buy disulfiramum new zealand online best place to buy metocarbamol in uk estrofem uk buy oxytrol online in us how to by keftab online safe place order isoniazid donde puedo comprar glucotrol xl is there a shortage of furosemide bactrim mims australia buy buspar online uk no prescription purchasing retin a 0,025 online uk flomax 0 4mg price vermox online buy torsemide without a prescription from canadian pharmacy saroten tabs 50 mg nebenwirkungen buy bupropion xl generic carafate online meds levitra super active roche precio argentina buy atorlip 5 usa order ortho cyclen online no prescription with a echeck ordering viagra plus online pharmacy viagra substitutes in india trimox coupon code benicar hct canadian pharmacy buy brand cialis tablets mexico janumet lowest price online buy rumalaya gel pills finpecia drug in mexico pharmacy unisom sleep aid buy cialis professional tablets uk arzomicin pills online in the mexico side effects of not taking levothroid albuterol inhaler buy online health canada triamterene levitra super active for men sale in uk buy bayer confidor worldwide pharmacy tricor lotrel mg india zyprexa mg canadian rx order online viagra approved reliable canadian pharmacies online brand levitra with paypal payment where to buy bupropion order citalopram tablets trandate mg mexico allegra fuel max goodyear reviews viagra tablets price in karachi ovral l prices usa acheter pas cher dapoxetine ic metronidazole 250 mg how long does a 25 mg viagra take to work purchase permethrinum on line in india zyvox without insurance misoprost online in uk generic nizoral for sale on line reviews on celadrin anafranil pharmacy mail order what is the generic for mircette fertility drugs used for pcos order desyrel pill where can i get aygestin from what does allopurinol pill look like tinidazolum generic name lamisil online from canada hydrodiuril canada actoplus met brand order ayurslim tablets 40mg generic terramycin cats best vasodilan prices dutas mexico companies only western drug levothyroid zyprexa medication interactions ordering zanaflex india caverta reviews coumadin to buy in australia torsemide looking for kamagra soft tablets uk brand cialis canadian source where lasix works side effects of geriforte syrup micronase weight gain order stromectol on line india apo furosemida mg no prescription best place buy imitrex clonidine brand name india vantin mg buy neurontin canada online no prescription chloromycetin pills online in the usa clomifene for sale australia para que sirve el medicamento norapred prednisona buy risperdal 2 mg where to buy fluoxetine ointment where to get ginseng wow can you buy brand cialis in ireland online pill store secure cardura buy on line european journal of hospital pharmacy bmj genuine trandate best price actonel without a prescription from uk xenical available ireland elocon ointment used for cheap kamagra supplier review buspar online uk levitra roche precio argentina cost of lariam malarone toprol xl without prescription miami online pharmacy no prescription needed evista better than prometrium buy flomax new zealand online paroxetine pharmacy prices list provera 10mg tablets use klipal codeine coupon online discount almetec of canada aspirin now co uk artane dose range can you only get femara on prescription key pred roche precio argentina order lantus online no prescription with a mastercard buy singulair for daily use buy biaxin no prescription fast delivery olanzapine in canada order paroxetine without prescription buy amitriptyline tablets australia arava sold over counter plaquenil without prescription canada does methotrexate make you gain weight comprar sominex portugal moduretic no script purchase coumadin on line in usa alti doxycycline from canada xenical online uk safe micronase no precription advair buy no prescription cabaser uk no prescription viagra soft birth control online india doksazosin lek online pharmacy shipped to canada seroquel tablets price when to start taking nolvadex pct use forzest coupon online sample viagra amitriptyline dosage for pain relief flomax order online what is otomax mg used to treat buy abilify 200 mg buy meloxicam enolat in india online indocin via web frusemide without script order levothyroid from canada without prescription carvedilol coreg drug class billig erexin v online kaufen danazol to buy in the canada without a prescription ordering skelaxin here in canada buy renova online canada no prescription clonidine how to buy buy sinequan canada stats canada population birth control pills nitrofurantoin metoclopramide side effects depression what is nitroglycerin made of celexa medication on line cialis side effects edema purchase dilantin 30 mg is there a generic for rosuvastatin clomid and african american women generic gabapentine no prescription benicar discount no prescription buy over the counter zantac online cheap genuine retino a cream 0 025 online cialis professional 100 retino a cream 0 025 over the counter xenical over the counter big mistake side effects of taking dulcolax tablets buy coumadin new zealand online diamox pills sweat desyrel drug in fr pharmacy priligy prescription coupon how to order viagra super active revatio for discount best place to buy tindamax without a prescription buy generic cilest online low price minipress uk buy pilex 100mg online mirapex lowest price online chi di voi usa zoloft the chepest levothroid zovirax tablets dosage for shingles levaquin generic australia paxil no prrescription order tadalis on line usa purchase motrin in india protonix 40 mg reviews alti doxycycline side effects uk no prescription lopid buy tizanidina tablets us purchasing metformin online uk discount orlistatum mg lioresal on line suhagra online coupon code diclofenac cheap price safe eltroxin no precription order mentax canada alfa flucon online from india there generic avapro depakote buy canada kroger pharmacy charlottesville va mexican pharmacy no prescription alphagan online drug for sarafem buy ashwagandha powder uk vistaril mg no prescription acquisto buspar sicuro online purchase motilium in usa buying trial erection packs 1 sodium diclofenac dosage 50mg prinivil tablets buy side effects of quinine malegra dxt costco best place to buy sominex in mexico orlistat without script lasix us pharmacy non persciption diamox amitriptyline were can i buy them renagel sold over counter acheter micardis pas cher top 10 online entocort sites the online drugstore micardis aleve shortage accutane treatment protocol can order luvox online can you only get abilify on prescription clavamox pharmacy mail order can you buy feldene online prescription drug celecoxib buy celebrex skelaxin without a prescription from india what is nexium ec tablets clavamox pills online in the uk simvastatina canada no prescription is fluoxetina available on line in canada canadian nexium 40mg buy lotensin online overnight abana canada head office why has brand advair diskus been discontinued can you buy ginette 35 online luvox cr 100mg generic bactrim cost forzest delivery farmacias sin receta buy genuine flonase uk valacyclovir hcl 1 dosage for cold sores safe to buy generic estro from uk cipro 750 mg price how to get diflucan in australia over the counter drugs similar to sildenafil citrate amoxicilina over the counter usa isoptin india companies only viagra from india cheap best site get retin a 0,05 has zyban been discontinued leukeran dose where can i get voltaren gel where to buy elocon online without rx reglan canadian online overnight pharmacy amantadine price increase imiquimod warts time priligy drug in mexico pharmacy comprar imitrex original en madrid acivir pills birth control online india buspar buy australia avalide usa cvs prices twins multiples with clomid pregnancy where to buy skelaxin with amex acheter pas cher voveran medrol canada sale cymbalta generic wikipedia drugs comprar unisom portugal warafin over the counter drugs lipitor looking for betnovate ointment boots effects of accutane after stopping treatment news online pharmacy canada viagra neurontin on line in the india zyrtec ordering online pharmacy new medication instead of coumadin buy mobic online overnight delivery pharmacy has best price salbutamol viagra prescription price online pharmacy london uk buy brand propranolol clopidogrelum generic usa where do i leukeran in india purchase ditropan in usa aricept mg mexico ondansetrona online bestellen buy avodart online without a prescription generic uk paypal aceon what does erythromycin do to skin prescription testosterone creams for men donde puedo comprar una membresia xbox live gold cefixime 400 mg online propecia where to get indian pharmacy innopran xl viagra naturale italiano purchase dapoxetine on line in canada where can i buy methotrexate in the philippines premarin discount card requip by mail how much is promethazine codeine syrup cost retin a ge brand positioning costco opening times reading delta cortef no prescription compare prices avalide medication where to buy where to buy danazol mg purchase amoxil in australia ranitidine overnight cardizem lowest price purchase leukeran in india reminyl mail order terramycin 100mg cheep cialis over the counter countries rosuvastatin with paypal payment celebrex dosage too high clopidogrelum mg order how to buy calcium carbonate in london differin cream no prescription health canada trandate cialis20g buy cheap albendazole using pay pal hyzaar drug schedule anastrozole tablets arimidex 1mg gabapentine online usa no prescription buy chloramphenicol online safely viagras head office in toronto canada no prescription delta cortef protonix order canada motilium 10g how much will proscar cost nizoral shampoo for dogs top ten pharmaceutical companies india 2011 ayurslim prices cvs levitra plus from china buy atomoxetin pills in the us pill rx health pulmicort products aldactone express canada canada erection packs 1 tablets online ordering c ratioph usa levlen dosage too high generic alti doxycycline canada comprar avapro original en madrid purchase ciprofloksacin online non prescription albutrol aspirin allergy mechanism is there a prevacid shortage mail order keppra pharmaceutical companies uk inderal on the internet alli orlistat 60 mg is there a shortage of ampicilina cozaar losartan potassium generic olistat pills online in the australia best place to buy simvastatina in mexico plavix buy online australia zestril generic name zyban canada overnight delivery how to order glucovance thyroxin no prescription needed canadian online pharmacy arimidex tablets 40mg online no prescription uk for viagra sublingual order generic sarafem entocort no prescription compare prices can you buy renagel over the counter in germany wellbutrin delivery uk prednisone dose for poison ivy in children fastest maxaman uk delivery ranitidine woldwide shipping buy vermox with mebendazole 100mg discount canadian pharmacy cephalexin buy 50mg viagra in austrailia how good does doxycycline work for acne buy hyzaar online from usa ciprofloksacin buy online us aciclovir pas cher italie feldene gel dose purchase meclizine in usa dapoxetine india pharmacy nolvadex online with out prescription where to buy phgh rx
Wednesday, November 26, 2014
Text Size

Search our Site or Google

The Enigmatic Silver Miners

Articles & Blogs - Silver Commentary

User Rating: / 15

In my most recent commentary, I wrote about the gold miners, specifically how the “junior miners” had greatly out-performed the large producers, and represented superior investments in virtually every respect. I also pointed out how the silver miners were so different from the gold miners that they required their own, separate analysis.


While silver (like gold) has roughly quintupled from its trough of a decade ago to its (interim) peak during this long “bull market”, the silver miners have not been able to replicate the performance of the gold miners – especially with respect to their performance over the last couple of years. Part of this decoupling in performance is due to the fickle nature of markets: silver miners are simply being valued much more poorly for assets of similar value.


However, there are also many fundamental factors which have prevented the silver miners from delivering better returns to shareholders. Most of these factors directly or indirectly relate to the fact that silver is grossly undervalued – and even grossly undervalued versus gold. Regular readers and sophisticated silver investors are very familiar with the current and long-term history of the gold/silver price ratio, but I will repeat a few points for the benefit of newer readers.


Silver is roughly 17 times as plentiful as gold, as an element in the Earth's crust. Thus, it is no surprise that over the course of nearly 5,000 years, the gold/silver ratio has averaged approximately 15:1. What is surprising is how this ratio has been so thoroughly perverted by the manipulations of the anti-gold cabal – to sit at one of its most lop-sided extremes in history: currently greater than 60:1.


Under any circumstances, this ratio is obviously unsustainable. However, with the “industrial” usages of silver literally causing the vast majority of the world's silver stockpiles to be “consumed”, there is less silver in the world today (relative to gold) than at any time in more than 4,000 years. Thus, at a time when the gold/silver ratio should be at its lowest level in history, it hovers at the opposite extreme – arguably the greatest disconnection between price and fundamentals in the history of markets.


The fact that silver is so obviously and so grossly undervalued has subtle implications for the world's silver miners too – beyond the obvious fact that these miners aren't even being paid close to a fair price for the precious commodity they produce. One of these “subtle implications” is that there aren't many silver miners. Despite the fact that silver is so vitally necessary in countless industrial applications and is the second-best “money” our species has ever devised and exists in greater supply than gold; there simply aren't many “silver” miners in the world.


Experts” will tell you that “most silver is produced as a byproduct of other mining”. Sadly, no effort has been made to analyze this peculiarity of the silver market. In fact, the reason that there are not many “silver miners” in the world is simply and directly tied to the fact that silver is the most-undervalued commodity in the history of markets.


While some mineral deposits in the world are relatively “pure” (irrespective of which metal we refer to), it is more common for these ore deposits to contain a mixture of various metals. When the ore is eventually mined and processed, the miner is classified based upon the revenues of the various ores contained. In the case of silver, the most-common metallic “partners” for silver in ore deposits are lead and zinc. Thus, if a lead/zinc/silver deposit produced revenues of 40% for lead 30% for zinc and 30% for silver, the miner would either be referred to as a “lead miner” or a “lead/zinc miner”.


This principle applies just as equally to gold. Indeed, one of the primary “problems” I identified for the senior gold-producers is that most of the (relatively) “pure” gold deposits are already mined and gone forever. As a result, these companies have been forced to move to “polymetallic deposits” where the cash-value of the gold (relative to other metals), continues to shrink (despite the soaring gold price).


What no one seems to have considered with respect to the major price-discrepancy between gold and silver miners is that it has resulted in silver miners being artificially valued at a tiny fraction of their true worth. To illustrate this point, let's pretend that the gold/silver ratio of today is equal to its 5,000-year average: 15:1. However, instead of raising the price of silver to this level (which is what should happen), I will lower the price of gold.


With silver currently at about $18/oz (US), at a 15:1 ratio that implies a price of gold of $270/oz. Let's forget about the fact that at that price 95% of the world's gold mines would be forced to shut-down – because they coudn't even break-even. Instead, we will look at how this would effect the valuations of a gold miner. Forget about profitability (for the purposes of argument), and focus upon the relative revenues of “gold miners” who mine polymetallic deposits.


Let's take a hypothetical gold miner with a very simple, and very common copper/gold ore deposit. We will assume that at $1200/oz for gold (and $3/lb for copper), the miner produces (by revenue) 75% gold and 25% copper. This makes this company obviously a “gold miner” - and it receives a better valuation by the market, simply based upon that fact.


However, if we suddenly revert to a 15:1 gold/silver ratio – and lower the price of gold to $270/oz, what happens to our “gold miner”? Assuming the price of copper to remain constant, this miner would now get only a little more than 40% of its revenues from gold, and nearly 60% from copper – and suddenly this “gold miner” is now a “copper miner”.


What this means is this mining company would experience a “double-whammy” from gold being so ridiculously under-priced: it would be far less profitable (if it was even able to make a profit) and it would receive a far less-generous valuation by the market – as a “base metals miner” rather than a gold miner. Of course, in the real world, it isn't gold which is going to plummet to only a tiny fraction of its current price, but rather silver which is going to explode to many multiples of its current price.


In other words, instead of the gold miners facing a future where their revenues will plummet, and many of them would actually lose their status as “gold miners”, we know that the exact opposite dynamic will take place: the profitability of companies mining silver is going to explode higher and many companies which are currently deemed to be “lead/zinc” miners will magically be transformed into “silver miners” - because once silver is fairly priced hundreds of mines around the world will instantly become “silver mines”.


This shouldn't surprise anyone. There was never any “reason” for there to be so few silver miners in the world – other than the direct and less-direct implications of silver being so ridiculously under-priced. Indeed, to the long list of reasons which proves that silver is undervalued, we can add the paucity of “silver mines.” As I have just demonstrated, if silver were not so ridiculously undervalued versus all other metals, then the world would have the same proportion of “silver mines” (roughly speaking) as it has for all the other major metals of our industrialized society.


When we put all these factors together, what we are looking at in the future is a triple re-valuation of all the world's silver miners. First of all, they are going to become immensely more profitable as silver corrects to a rational value. Secondly, market-sheep who currently value these companies at (at most) half of their current value, will gradually stop discounting these companies due to their own ignorance of this market. And lastly, dozens of mining companies around the world which are currently classified as “base metals miners” or “mixed” silver producers will soon be clearly elevated to the status of “silver miners”.


Does this mean that savvy precious metals investors should immediately begin dumping their gold miners in order to fully capitalize on the pending explosion of the silver mining sector? Definitely not. As the saying goes, in markets “timing is everything”. Those investors who figured out where gold was heading at $300/oz are obviously profiting much more than those who didn't figure this out until the price of gold passed the $1000/oz-mark.


On the other hand, it is also very possible in markets to be too far “ahead of the curve”. For those investors (like myself), who have held these silver miners faithfully – and received little reward (so far), it is small consolation to know we're “ahead” of other investors. While “value investing” will always remain a sound, long-term strategy, as investors we simply cannot afford to overlook other market dynamics: notably “sentiment” or “momentum”.


Over the last year, I have been much more active with my gold miners than my silver miners – because that's where almost all of my large gains have materialized. I won't sell my shares of silver miners, and essentially “throw them away” at pennies on the dollar. On the other hand, I have nearly stopped accumulating more shares, since there is no indication that the “bright future” for silver miners is going to start tomorrow.


Obviously, the correct decision for each individual investor will depend on the current structure of their portfolio. For those who have ignored the silver miners until now, you should start buying today. Sentiment can (literally) change overnight – and thus these once-in-a-lifetime prices for silver miners could start to disappear tomorrow.


For those investors who already have a small silver mining component in their portfolios, it would probably be wise to keep “nibbling” on your favorite picks, while for those (like myself) who already hold a “basket” of these miners, there is certainly no rush to add to our holdings. Even if the silver mining sector were to explode tomorrow, experienced investors understand that's it's much easier to add to existing positions – compared to a new investor trying to “chase” this sector.


In more general terms, many of the same arguments I made about the gold miners also apply to the silver miners. The “juniors” offer the best growth-profiles and are less likely to surprise investors with the balance-sheet “time-bombs” known as derivatives. As with gold, the large “pure” silver deposits have generally all been found and mined – so most of the larger-cap silver miners (a very small group) will face the same challenges as large-cap gold miners: difficulty in increasing production and maintaining reserves, while more and more “dilution” takes place due to more base metals “credits” in their overall production.


At the same time, unlike the large gold-producers, the “senior” silver producers will directly benefit from the same “triple re-valuation” which the silver-juniors will experience. This will definitely have a large, positive impact with these miners. However, there still remains the worry that some of those gains will be “clawed-back” by the self-destructive hedges/derivatives which still appear to be prevalent in the precious metals sector.


While true “hedging” appears to be rapidly unwinding, there has been no indication that these larger companies have had the sense to “wean themselves” off of the complex derivatives in their financing agreements (for new capital projects). Obviously if the banksters are capable of scamming (supposedly) “sophisticated” players in financial markets like AIG, sovereign governments, and mega-institutions like Harvard (while run by “banking genius” Larry Summers), then the totally unsophisticated mining companies are easy targets for these “sharks”.


While smaller miners will inevitably represent greater volatility to investors, and (somewhat) greater risk than their larger peers, the much better growth-profiles, and much more “transparent” business models of these companies make silver juniors not only more potentially lucrative, but also more prudent investments (when held in a “basket”). As always, investors can find a large collection of these companies in our own, mining database.


Volatility for the silver sector over the shorter-term is more than balanced by the certainty of where this market must eventually go. Increasingly desperate attempts to disguise the depletion of global, silver inventories and stockpiles is ultimately counter-productive. The basic dynamic of economics is relentless: the more under-priced that silver is, and the longer it remains so, the faster that dwindling inventories will be totally depleted.


The physics analogy which is often used is pushing down on a spring: the more force exerted upon the spring, the greater the build-up of potential energy, and the more powerful the upward “explosion”, when the pressure finally collapses – and the potential energy is instantly converted into kinetic energy. The basic arithmetic of economics is just as certain as the laws of physics.


Markets can distort and delay such inevitable trends. However, as I just explained, there is a “price” to such distortion/delay: the failure of such manipulation must produce a much more powerful counter-reaction than what could ever possibly be seen in a market allowed to evolve according to the principles of “free markets”.


While silver has been “second fiddle” to gold throughout this entire bull market, to date; over the course of the next decade silver will clearly exert “supremacy” in the returns it produces for investors. Those investors who do best in gauging the shifting profitability between the two sectors will be very well-rewarded for their success.


Comments (8)Add Comment
Jeff Nielson
written by Jeff Nielson, August 05, 2010
Hi Charlie.

No, these companies are the exact OPPOSITES of the predatory bankers. Whether they are purchasing a "royalty interest" or actually buying a "stream of production" like Silver Wheaton, these companies HELP miners by providing cash up front - in return for a "piece of the pie" when the ore is mined.

Indeed, Jim Sinclair, who has led the discussion on this issue, specifically suggested "royalty agreements" as being a VASTLY superior way for miners to obtain financing, versus "hedging" and those toxic, derivatives contracts.
written by Bullionaire, August 05, 2010
Hi Jeff,

Regarding your discussion of "sharks" peddling hedging contracts to mining companies, do you consider Silver Wheaton, Franco Nevada or Royal Gold to belong to this category?

Cheers, Charlie
Jeff Nielson
written by Jeff Nielson, July 28, 2010
I defer to your practical experience. I would also agree with you that Canada (in particular) is a very likely place for more "primary" deposits to be discovered.

We have the combination of vast amounts of favorable geology, and the world's lowest population-density. Consider China, which has a country almost exactly equal to Canada in total area, but has FORTY TIMES as many people.

While there are still mountainous areas of China which remain "unexplored" (and where mining would likely never be practical), most of that country is NOW "explored", and China is close to a world-leader (or the leader) in most categories of metals production. Certainly Canada has equal potential.

I am curious about one point, however. Why do you believe that ("old-fashioned") prospecting is required, in this age of "magnetic-image" photography from the sky?

I am NOT a geology expert (by any stretch of the imagination), but my understanding is that mining companies do all their "prospecting" of unexplored terrain from the sky now...?
written by Galearis, July 28, 2010
Nope, I'm not that much of a dinosaur,,,my discussion was only about primary producers. The best mines are those with huge reserves but low uniform grade. I also suspect that there are more primary mines out there to be found in both gold and silver. These have to be found on foot and there really hasn't been very effective exploration (in Canada, for example). After all look how long it took for Canada to become a diamond producer. I have done some prospecting in my time,,,,and we were very few indeed on the ground....And if you've ever tried this in our great Canadian northern forests, you will appreciate how much is missed.

L. (Galearis)
Jeff Nielson
written by Jeff Nielson, July 28, 2010
Galearis, thanks for the comment, but are you sure that your analysis of gold mining is up-to-date? It sounds to me to be more of a model of gold-mining of a century ago - before the era of high-tech mining began.

Older gold mines were more often "pure" gold, or gold/silver deposits. However, there are probably more gold/copper mines in the world today than gold/silver.

If you've got some data (which is current) and contradicts that, please pass it along - as I'm always happy to be corrected, when in error.

P.S. I'm NOT an expert on placer-mining - although I have picked-up bits and pieces. Placer-mining and conventional mining are so totally different that I don't think you can really compare their operations.
written by Galearis, July 28, 2010
I liked your latest article and would like to add some information to it. Most primary gold mines mine native gold (free metal, visible gold, V.G.) with high grade being anything that is visible. Most of this gold is alloyed with other interesting elements, the most common of which is silver,,,but may also include platinum and tellurium. Most of this gold is about 92% pure gold (22 k) but these percentages can vary. Placer gold from the California gold rush, for example, only ran around 85% - with approximately 15% silver….Klondyke gold liked to alloy up with platinum and platinum placers were present there too. This is important to know if one invests in gold miners – as primary producers as their production of silver is also significant and may make investing in these forms of derivatives somewhat more attractive. However, I never recommend investing in gold stocks. Buy the metal, not the paper should be the play. There is little to no risk in buying metal and the stocks are under-performing the metal anyway. I do not expect the miners to be exempt from the conflagration that is looming ahead.
Best regards,

Jeff Nielson
written by Jeff Nielson, July 27, 2010
I don't know which part of that comment I like more: all the nice things you wrote about our site, or all the nice things you're saying about us to other people.

Both are much appreciated.
written by redrob25, July 27, 2010

I have to commend you on your pieces. You offer the best overall depth on precious metals investing of anyone I read. And I read all over the place. Your site deserves much recognition. Thanks for taking the time to put this together.

I am a silver uber-bull and have been singing the praises to everyone I know. Out of ten I tell, only one will have a passing interest and everyone else laughs.

Of course it will change when the price of silver goes vertical very quickly. I guess the minority of us that researches precious metals and believes in them will reap the great rewards at the end of the day.

You have been a great part of that in my own investing. Thank you!

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.


Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer: is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form