SPDBRNR – Eyes Wide Open
Sports, Politics, Financial Markets, Silver & More

Silver Mine Accident

There was an accident at a Hecla mine in Idaho Friday April 15, and a miner is trapped under what is guessed at as “quite a bit of debris” by the company. A sad reminder that silver mining, like all mining, invloves great engineering feats but remains an inherently dangerous, costly process…unlike printing currency and adding electronic zero’s to the TBTF bank accounts. So which would you rather own right now – Federal Reserve dollars or metal?

This mine in Mullen, ID has been closed since the accident happened. I could see an overzealous regulatory agency deciding to take a hard look at all precious metals mines, maybe order a few to shut down and get safer…reducing supply in a market that has a voracious appetite for silver metal right now.

Silver is trading $43.07 right now, new 31 year highs in early Asian trading, but only up 10 cents from its Fri close. Up 39% this year and 137% since late August 2010, it’s one of the most powerful bull markets ($4.50 in late 2001) I’ve ever seen…and it’s not done by a longshot.


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