Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Fortuna Silver Mines: This Quality Silver Miner Has Run Too Far

Fortuna Silver Mines (NYSE:FSM) has been one of the better performing silver mining stocks as of late. Since I recommended it back on July 23 shares have risen 46% vs the iShares Silver Trust (NYSEARCA:SLV) (+ 2.4%) and the Global X Silver Miners ETF (NYSEARCA:SIL) (+4.3%). Fortuna has bucked the trend among silver miners and it has remained profitable. Furthermore, going forward the company is going to reduce its production costs and net silver production, which means that it is going to be able to increase its cash-flow even if the price of silver does nothing.

Despite these positives the run-up in the shares has priced this in and then some. Recall that my...

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