AUN is as much a base metals play as it is a silver play, and while silver has been showing signs of life lately, it is worth pointing out that copper prices have made a strong recovery in the last couple of weeks, and today lead made a huge move higher. Lead is now priced above zinc in the spot market. This may be under the radar now for investors, but since many of the small juniors in Mexico are producing a lead concentrate with silver credits, to have both metals performing so strong will go right to the bottom line.
I am very surprised to see AUN dipping to these lows considering the strong operating numbers and the growth that is in the pipeline. It looks to me like a fund is liquidating, but I do not see any block trades going through. Unless someone is tuned into some bad news that is not on the public record yet, it sure has the look of a buying opp, but I have had buying opportunities up the yin-yang for the last few months and would prefer to see a good ole spec run for a change.
cheers!
mike