first production, page-53

re: bmo produced more silver than this dog Holding the physical means no company risk, inflation in mining costs is irrelevant, etc.

OK, no leverage, but hugely less risk as above.

I think mining stocks in producers are best held when POG, POS etc are ramping up solidly over quite condensed time periods so that the leverage factor (mining shares versus the physical) can apply fully before other factors as above have time to come into play.

Of course a quality explorer has big leverage by virtue of adding "pounds in the ground" and they are my preferred shares. No production risk.