Most silver is produced primarily as a by-product of base metal mining. There are not a lot of "pure" silver miners. Sean Rakhimov at "Silver Stategies" also suggests that the "investible" universe of silver miners is shrinking due to jurisdiction issues. Silver as a metal shows extremely volatile price activity and there are many views that the market is manipulated, from the far out to.
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A profitable investment strategy in the Gold & Silver mining market, as in many, can be to identify prospective merger and acquisition targets.
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