With Gold bouncing solidly off the lows yesterday, silver is a bit more muted in its recovery. Prices are up 40 cents as the the entire precious metals market tries to recover after a week of steep losses.
Most of the gains can be attributed to investors gingerly stepping back into the market to see if this is the floor. Demand concerns coming out of China may mean this floor is premature, but Europe’s continuing soap opera may give rise to QE3 due to spillover. Lots of variables in this market, but it is volatile for reason. And the past few months have shown that it can rocket up and collapse in an instant.
Silver Stocks to Watch
iShares Silver Trust (NYSEARCA:SLV) is up 1.34% this morning at $30.72. SLV has traded 2.6 million shares in early trading and trades 19.8 million shares a day on average. SLV shares tanked more than $2 a share in the previous two trading sessions.
Silver Wheaton Corp. (NYSE:SLW) has fallen 0.58% in early trading at $31.34. SLW has traded 903 thousand shares so far today and trades over 5 million shares a day on average. SLW shares have dropped nearly $3 a share this week. The company has a market cap of 11.05 billion.
Hecla Mining Co. (NYSE:HL) is up 0.23% today at $4.39. HL has traded 781 thousand shares this morning and trades 6.9 million shares a day on average. Hecla announced new additions to management team for its Lucky Friday mine. The company has a market cap of 1.25 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is down 1.76% today at $20.69. PAAS has traded 641 thousand shares so far today and averages 1.9 million shares a day. PAAS shares have fallen $2 a share this week. The company has a market cap of 2.16 billion.
Coeur d’Alene Mines Corporation (NYSE:CDE) is down 1.03% today at $22.27. CDE has traded 357 thousand shares so far today and trades 1.5 million shares a day on average. CDE shares have dropped close to $3 a share in the past few days. The company has a market cap of 2 billion.
Silvercorp Metals Inc. (NYSE:SVM) is up 0.47% today at $6.48. SVM has traded 271 thousand shares this morning and trades 1.6 million shares a day on average. SVM shares dropped $0.60 a share since Monday. The company has a market cap of 1.10 billion.
Silver Standard Resources Inc. (NASDAQ:SSRI) is down 0.71% today at $14.04. SSRI has traded 167 thousand shares so far today and trades around a million shares a day on average. The company has a market cap of 1.13 billion.
First Majestic Silver Corp. (NYSE:AG) is up 0.20% this morning at $15.89. AG has traded 136 thousand shares in early trading and averages 778 thousand shares a day. AG fell $1.50 a share over the past few days. The company has a market cap of 1.67 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is up 3.49% today at $52.47. AGQ has traded 649 thousand shares this morning and trades 2.4 million shares a day on average. AGQ shares have fallen $6 a share this week.
About Rachel Brook
