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First Majestic Gets Break in Opening Round of Mexico Tax Case

Scorpio

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First Majestic Gets Break in Opening Round of Mexico Tax Case
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First Majestic Gets Break in Opening Round of Mexico Tax Case

Michael O'Boyle
Wed, January 27, 2021, 7:16 PM



(Bloomberg) -- First Majestic Silver Corp. won a reprieve on criminal tax fraud charges in initial Mexican court hearings for a case that will test the strength of the country’s crackdown on tax evasion, according to people familiar with the matter.
A judge in Mexico City declined to charge the Canadian mining company with criminal tax fraud, said the people, who spoke on condition of anonymity as the matter is private. Prosecutors can still return to court and present additional evidence. One of the people said the judge delayed ruling until an audit by Mexico’s tax authority was finished and that the judge hadn’t ruled yet on the evidence presented in the case.
First Majestic, a Vancouver-based company that operates three producing silver mines and other projects in Mexico, declined to comment. Representatives from Mexico’s government did not immediately respond to requests for comment.

First Majestic is facing down authorities in court after other major companies including Wal-Mart de Mexico caved in front of potential criminal tax charges last year and made more than $1 billion in tax settlements. Mexican tax prosecutors have discretion to settle criminal charges even after they have handed complaints over to the Attorney General’s Office.
While other countries doled out tax breaks during the pandemic, President Andres Manuel Lopez Obrador pushed forward with a campaign using criminal enforcement of the tax code. Lopez Obrador has accused major companies of failing to pay their fair share for decades.
Mexican tax authorities won a court victory in September when magistrates ruled that Primero Mining Corp., which First Majestic purchased in 2018, had hatched an illegal pricing agreement with tax authorities early last decade.
First Majestic filed an appeal in late November to that decision, one of the people said, and the company has said it is assessing all legal options for both domestic and international arbitration. Back in June, the company hoped to reach a quick settlement with Mexico amid the flurry of deals with other companies, but it also started the process for international arbitration.


https://finance.yahoo.com/news/first-majestic-gets-break-opening-011605204.html
 

Scorpio

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hope you guys 'got you summa dat'

look at the pre market jump

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ZZZZZ

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I don't own this one, but Keith Neumeyer is a genius and a giant in the mining industry.

Yeah, that tax issue has been dogging AG for a long time.
.
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solarion

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AG is also mentioned repeatedly as a long target in the Max Keiser/wallstreetbets thread on twatter. So that may be contributing to the carnage for short interests. This could snowball quite easily.
 

ZZZZZ

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I seem to remember Professor Scorpio mentioning something about not linking to King World Nooze, but go there. Big story on the coming silver short squeeze.
 

ErrosionOfAccord

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If it holds I've tripled my initial. Won't be able to zip my pants at this rate.
 

Bigfoot

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I seem to remember Professor Scorpio mentioning something about not linking to King World Nooze, but go there. Big story on the coming silver short squeeze.

"AND JOINING US NOW ON KING NEWS WORLD RADIO!!!!!!!!"
 

ErrosionOfAccord

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Is The Reddit Rebellion About To Descend On The Precious Metals Market?
picture-5.jpg

BY TYLER DURDEN
THURSDAY, JAN 28, 2021 - 8:56
Precious metals ETFs and mining stocks are suddenly snapping higher this morning, raising questions about whether the Reddit Rebellion is migrating to one of the most manipulated markets of all.

One WallStreetBets user (jjalj30) posted the following last night:
Silver Bullion Market is one of the most manipulated on earth. Any short squeeze in silver paper shorts would be EPIC. We know billion banks are manipulating gold and silver to cover real inflation.​
Both the industrial case and monetary case, debt printing has never been more favorable for the No. 1 inflation hedge Silver.
Inflation adjusted Silver should be at 1000$ instead of 25$. Link to post removed by mods.​
Why not squeeze $SLV to real physical price.
Think about the Gainz. If you don't care about the gains, think about the banks like JP MORGAN you'd be destroying along the way.​
Edit 1: ALL IN ON $AG. LETS GET THE MINERS.
Edit: $AG UP 40% PM. YOU FUCKING RETARDS. SLV TO THE FUCKING MARZ. I have got some interesting ifo from Gold Ventures. Here he goes---​
Hi master!! In our debate about of which ETF is the best for our purposes (PSLV or SLV) I think that obviously the choice is SLV. Many people try to discredit it putting in doubt that it holds all the silver that it should, but I think that this had been always biased propaganda by the bullion dealers. SLV is run by BlackRock, who has many, many, many more assets under management than the SLV (in fact SLV is one of their smallest funds). Will such a leader of the investment industry put its reputation in risk??? Some years ago (in the darknest recent age of silver, about 2013-2015), the short interest in SLV was much higher than nowadays (about 25-30%). Ted Buttler always defended that shorting the SLV was not permitted by the ETF prospectus itself, because shorting one share inhibits the adding os one Oz of silver (you can sell one share to a new investor without issuing it). He initiated a public campaign against BlackRock by permitting it. The result was a legal threat of BlackRock to Buttler, he had to retreat, but magically the short interest started to decrease during the next weeks/months till "simbolic" levels. Even during this last year, where we witnessing silver inflow to the trust of several hundreds os Moz over the year before, the short interest of SLV itself didn't rise. SLV itself has no meaningful short interest itself, but the arbitrage among it and the spot/futures market make the concentrated shorts of the Comex very vulnerable. And remember, the master of the crooks, the one with the biggest and more corrupt influences, JPM, is no longer in the short side, so it will be no threated and by that will do nothing.​
Advantages of SLV over PSLV are clear:​
Much more available on brokers (unless in Europe due to MiFid II)​
Much more liquid​
And of course, it has options!!​
Tldr- Corner the market. GV thinks its possible to squeeze $SLV, FUCK AFTER SEEING $AG AND $GME EVEN I THINK WE CAN DO IT. BUY $SLV GO ALL IN TH GAINZ WILL BE UNLIMITED. DEMAND PHYSICAL IF YOU CAN. FUCK THE BANKS.
Disclaimer: This is not Financial advice. I am not a financial services professional. This is my personal opinion and speculation as an uneducated and uninformed person.

On the heels of that, SLV is spiking

And GLD...

But it is the miners that are flying... for instance AG...


Luke Gromen has some words of warning however...

One thing is sure - if WSB'rs start messing with the primal source of BIS power, Benoit will be at his desk very fast...

And the regulators will stomp all over it!

https://www.zerohedge.com/markets/reddit-rebellion-about-descend-precious-metals-market
 

solarion

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If the masses fragment their attack into multiple miners, they'll scarcely make a dent. Even if they do make progress with First Majestic, for instance, the market riggers makers will simply increase margin requirements and/or shut off the ability to buy while allowing sell orders.

Large(1k) orders on the SLV with demand settlement makes more sense...even though JPM will simply settle in funny munny. Then it'll just be about physical, and the so called market makers can't pull that out of their asses.
 

ErrosionOfAccord

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AG halted; lost $2.50 during halt; trading again and climbing steadily past $18 again.

Ameritrade is blown up again.
 

solarion

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Looks like it was halted and a chunk taken out at 10:06. Love them "free" markets baby. Wonder how many whales caught short got a chance to cover/re-position during the halt.

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ErrosionOfAccord

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Wall Street is criminal and Ameritrade is an accessory.
 

GOLDBRIX

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Scorpio

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today they are all moving to the up,

so you should be getting picked up in the storm on the way by

SLV/AEM/PAAS/MUX/AG/FSM/ etc