While the medium and long-term outlook for gold and silver is bright, we are well aware that short-term they are extremely overbought, especially silver. This makes some sort of consolidation/reaction likely over the near-term. In this environment Avino could easily react back as far as about C$1.05, which is waht the price/volume pattern in the stock suggests is likely. We have a good profit in this one as we bought it at C$0.87 just before the recent runup began and it is recommended to take profits immediately, assuming it doesn't open sharply lower this morning - if it does we will ride out any correction. The idea is to buy it back on a short-term reaction - if it doesn`t react it's not a problem as there will be plenty more to choose from for a resumption of the big bull run before long. We have a good price this morning on the US traded stock.
Avino Silver and Gold website
Avino Silver and Gold Mines Ltd ASM.V, ASGMF on Other OTC, closed at C$1.29 and $1.32 on 8th and 11th October 10 respectively.
Posted at 6.55 am EDT on 12th October 10.