Currently down over 30 cents, silver is following gold prices in that they are still range bound. The speech by Bernanke undoubtedly gave a short-term boost but it seems that the market is looking for actual action on the monetary easing front to push the metals higher.
With Bernanke saying the labor market growth is probably not sustainable, it should not be long for traders to see the movement they are looking for. Will be interesting if it can break through the range it has been in for the past few weeks. If so it could be that good old days for silver will be back and the silver bulls will be back in control.
Silver Stocks to Watch
iShares Silver Trust (NYSEARCA:SLV) is down 0.68% this morning at $31.36. SLV has traded 5 million shares in early trading and trades 20.4 million shares a day on average. SLV is down $0.70 from yesterday’s high of $32.13.
Silver Wheaton Corp. (NYSE:SLW) is down 2.68% in early trading at $32.67. SLW has traded 1.6 million shares so far today and trades 5.1 million shares a day on average. SLW shares are down nearly $2 a share this week. The company has a market cap of 11.54 billion.
Paramount Gold and Silver Corp. (AMEX:PZG) is down 5.58% today at $2.20. PZG has traded 567 thousand shares a day on average and trades 981 thousand shares a day on average. Paramount Gold and Silver Corp. announced this morning an $18.2 million private placement of common stock. The company has a market cap of 305.26 million.
Great Panther Silver Limited (AMEX:GPL) is down 0.98% today at $2.2675. GPL has traded 234 thousand shares so far today and trades 927 thousand shares a day on average. GPL shares are down about $0.15 a share in the past two days. The company has a market cap of 310.81 million.
Silvercorp Metals Inc. (NYSE:SVM) is down 2.23% this morning at $6.7606. SVM has traded 406 thousand shares in early trading and trades 1.6 million shares a day on average. SVM shares have dipped nearly $0.40 a share from yesterday’s high. The company has a market cap of 1.15 billion.
Silver Standard Resources, Inc. (NASDAQ:SSRI) is down 2.55% today at $14.50. SSRI has traded 265 thousand shares so far today and trades 1.1 million shares a day on average. SSRI shares are down about $1 a share in the past two days. The company has a market cap of 1.17 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 1.54% this morning at $54.41. AGQ has traded 793 thousand shares so far today and trades 2.5 million shares a day on average. AGQ shares have dropped more than $2 since yesterday morning.
First Majestic Silver Corp. (NYSE:AG) is down 3.18% today at $16.16. AG has traded 195 thousand shares this morning and trades 774 thousand shares a day on average. AG shares are down $1 so far this week. The company has a market cap of 1.70 billion.
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