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Why Endeavour Silver Corp. Is Now Withholding Gold & Silver Inventory From The Market
Like many fellow gold and silver bugs, I was excited to see Endeavour Silver’s recent press release indicating the company is now withholding substantial amounts of physical gold and silver from the market. Looking to discover exactly why, I reached out to Bradford Cooke, Chairman and CEO of Endeavour Silver, to find out more.
Why Endeavour Silver Corp. Is Now Withholding Gold & Silver Inventory From The Marketfrom Tekoa Da Silva’s Bull Market Thinking:
We had a fantastic conversation, and I was impressed at the steps Endeavour is taking to not only listen to and respond to investors, but also to build a great silver company and brand.
When asked about the company’s decision to substantially withhold metal production from the market, Brad commented, “The primary motivation behind not selling some metal, was very simply [our] cash management philosophy. We took the view at the end of the 3rd quarter that the metal prices were into a multi-month slump, and therefore we would be better off sitting on our metal rather than selling it, because of our bullish view that the metal would recover from the correction, and that we would be in the position to sell the metal at higher prices in the future…If something else comes along that we need the cash for, such as a compelling acquisition, we’ll certainly go ahead and sell the metal and buy the acquisition…The long and short of it is–we’re bulls on silver, we took the view that there was a short term downturn, so it just made better sense for our stock holders to hold metal instead of cash.”...
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