Int'l Speculator downgrades Fortuna Silver to hold

2013-10-22 16:57 ET - In the News

The International Speculator, in its Oct. 7, 2013, issue, downgrades Fortuna Silver Mines Inc. (recently $3.76) to a hold from a buy. This newsletter, or sister publication Big Gold, said buy Fortuna 10 times between March 1, 2006, and Jan. 3, 2011, at prices ranging from 68 cents to $4.33. It then said sell some -- perhaps half -- on March 4, 2011, at $5.35. Assuming a $1,000 investment for each buy, selling half the $10,000 holding at $5.35 yielded a profit of $9,911. It then said buy four more times between Sept. 5, 2011, and May 6, 2013, at prices ranging from $3.22 to $5.77. Assuming another four investments of $1,000 each, and taking into consideration the $5,000 investment left after the March 4, 2011, half sell, the total $9,000 holding is worth $13,803. The writer pins his Fortuna downgrade on Mexico's tax-increase issue, but does not elaborate. He adds investors should hold off buying until the matter is resolved.