Brien Lundin, in the April, 2014, edition of the Gold Newsletter, says hold Endeavour Silver Corp., recently $4.71. Mr. Lundin said buy Endeavour Silver nine times between August, 2005, and October, 2013, at prices ranging from $1.62 to $9.43. Assuming a $1,000 investment for each of the nine buys, the $9,000 position is now worth $12,486. The company reported a net loss of $89.5-million in fiscal 2013, much lower than its net income of $42.1-million in fiscal 2012. The newsletter editor says the loss mainly comprised a non-cash writedown of the company's resources due to lower metal prices and Mexican tax reform. He frets about the new tax laws in Mexico, noting there is a 2-per-cent increase in the corporate tax rate. He also says the government has eliminated the flat tax, and introduced a 7.5-per-cent special mining duty on mine revenue and a 0.5-per-cent environmental tax on gold and silver revenue. Mr. Lundin says although these new taxes will materially affect the company's financial results, he is confident that Endeavour has capable management that can create shareholder value in any environment. The newsletter editor says he will stick with his hold recommendation.