i have come to the conclusion that mag's share price is under control, most likely by fresnillo. in the past week we have seen a strong run in silver-based equities. but mag has underperformed the silver producers, mag has underperformed the other silver juniors, and over the past few days, mag has even underperformed silver bullion. if mag shares were trading freely, this would make no sense. mag has appreciated "only" 50% from its 52-week low, while just about any other quality mining share is up 100% or more.

but all this does is establish an even greater disconnect between mag's intrinsic value and the fresnillo offer. if silver bullion and the other silver equities continue to move higher, the disparity between mag and its peers will make the fresnillo stink bid look like an even bigger joke than it already is. fresnillo waited too long to make its move. if they really wanted to steal mag, they should have done it back in august, when kinross went after aurelian.