Mag Silver FutureI wouldn't recommend profit taking or day trading on this one. Why? This is one of those "great stories which only get better with time". These rich silver veins don't just stop, they keep on going like the Ever-Ready Bunny. It is like shooting fish in a barrel. Mag is building up and confirming massive numbers of silver ounces with these big step-out drillholes. The question to ask is how many hundreds of millions of ounces Mag will ultimately prove up. That number got bigger this week.
It's easy to forget the big picture. This deposit is right next to the world's most productive silver mine, and the owner of that mine is in a joint venture with Mag on this property. Eventually Mag will get bought out, and the longer it takes the more valuable will be Mag's assets. The price won't go up in a straight line but the trend is upwards. Those selling now will get a small profit but lose obtaining a larger profit later.