 Good day fellow investors, now we start to dig into the interesting silver investments. Tahoe resources which shows exactly why investing in miners is extremely risky. Tahoe resources top price went from 26 above 26 in 2014, dropped to below 10, went up to 15 in 2016 and now we are at 4.68. The reason for such a drop is the largest silver mine in the world Escobar has lost its license to operate in Guatemala because of environmental issues. We'll talk a bit more about that later. So they have this big mine in Guatemala and locals environmentalists are not that happy about the mine so they have suspended it. They have managed the government court of Guatemala to suspend the mine. When that happens Tahoe is really really hit and now from an investment perspective we have to see okay what's Tahoe worth without that let's say it's impaired completely. Are the other parts of Tahoe worth this price that make this investment a low risk high return bet if the Escobar mine gets back its license? Let's dig more into that. So Tahoe's profitability Q1 was very good, Q2 was okay and then since the suspension of the mine it went into negative territory. Nevertheless it was still still profitable for 2017. They are investing a lot in growth expansion projects so it might lower the importance of Escobar. There is also liquidity but we don't know if this 175 million liquidity credit will hit the debt convenience on the EBITDA without Escobar. That's always a risk and something to look into more debt. Nevertheless the gold production and expected gold productions is growing. They expect to hit 500 plus 550 plus 1000 ounces in the future which is very interesting if that will be a future growth production plus the results with the Escobar option. Let's see what happened Escobar. In the summer their license was revoked or temporarily suspended. The Supreme Court issued the ruling that reinstated the Escobar mine. However that was appealed to the higher constitutional court so we are still waiting for a ruling. The company remains optimistic about the ruling so they think they will get the license near term. However there are also roadblocks at the mine which are not allowing diesel, not allowing power, not allowing everything to come to the mine which means that the mine isn't possible to operate even if they get the license. So that's something if you want to see the optionality of Escobar you should really dig into the Guatemala news and see whether Tahoe might win or not. Let's say I'm interested in Tahoe what do I do? I dig into each miner, each mine, each operational part. See what's the value, see what's the value if Tahoe owns it or if somebody else owns it. See what's the optionality if on Escobar. As I said I don't want risk but I want huge upside so even if Escobar gets lost if I don't lose money it might be an interesting investment. So what is necessary here I didn't find it anywhere online is to make an in-depth analysis really cash flows everything risks mine by mine that Tahoe owns to see what it will end up with and what's the actual fair value now with or without Escobar. Preliminary research I have found this Escobar is not Tahoe's only problem let's see La Arena mine in Peru is in the same situation or the management of Tahoe doesn't see that they have to think about the environment and they are protesting there and they have managed to stop Newmont from building a mine maybe they will stop build manage to stop Tahoe from building also this mine so or the management doesn't see what's going on or they think they will get along very well independent of the local protests what I will do I have on my list I will research Tahoe in depth I have to sit down and then really see okay now we are at an interesting price really see what's the risk reward perhaps it will be a dud perhaps it will be a great investment I will I think we are hitting closely to 10,000 subscriber so as a gift I will do the Tahoe in detail research analysis risk reward to see whether it is a good analysis or not this is just a preliminary research if you have more info on that please share it in the comments thank you for watching see you in the next video