The worries over the unemployment report were justified. With expectations looking for a print of 160k, the number came in at 115k. The unemployment rate dipped to 8.1%, but that was due to 350k people dropping out of the labor force. This is showing that at best the US economy is muddling along with no real sense of an upward trajectory.
For metals such as silver this could be bullish long-term, because it may force the Fed to react to any softness in the market. If a new QE program is announced it could set the metal back into rally mode. If not, the range it has been in could sick for months without any real breakout in any direction.
Currently the silver spot price is up 16 cents to $30.23. It had reached an intraday high of $30.40
Silver Stocks
Silver Wheaton Corp. (NYSE:SLW) is down 1.04% this morning at $28.58. SLW has traded 1.8 million shares so far today and trades 5.03 million shares a day on average. SLW shares have dropped 3.72% this week. The company has a market cap of 10.16 billion.
iShares Silver Trust (NYSEARCA:SLV) is down 0.27% today at $29.22. SLV has tarded 5.2 million shares so far today and trades 17.6 million shares a day on average. SLV shares have dropped about 2% this week.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 0.40% in early trading at $46.89. AGQ has traded 636 thousand shares this morning and averages 2.2 million shares a day. AGQ shares have dropped 4% this week.
Hecla Mining Co. (NYSE:HL) is down 1% today at $3.98. HL has traded 1.3 million shares so far today and trades 5.6 million shares a day on average. HL shares have dropped 5.45% today at $3.9893. The company has a market cap 1.14 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is down 0.56% this morning at $17.52. PAAS has traded 537 thousand shares so far today and trades 1.8 million shares a day on average. PAAS shares have dipped 7.55% this week. The company has a market cap of 1.84 billion.
Coeur d’Alene Mines Corporation (NYSE:CDE) is down 0.80% in early trading at $19.88. CDE has traded 336 thousand shares so far today and trades 1.5 million shares a day on average. CDE shares have dropped nearly 8% this week. The company has a market cap of 1.79 billion.
First Majestic Silver Corp. (NYSE:AG) is down 1.13% this morning at $14.87. AG has traded 332 thousand shares so far today and trades 703 thousand shares a day on average. AG shares have dipped 3% this week. The company has a market cap of 1.57 billion.
Endeavour Silver Corp. (NYSE:EXK) is down 0.92% today at $8.57. EXK has traded 344 thousand shares so far today and trades 1.2 million shares a day on average. EXK shares have dropped 1.60% this week. The company has a market cap of 755.81 million.
Silvercorp Metals Inc. (NYSE:SVM) is down 1.52% today at $6.47. SVM has traded 291 thousand shares so far today and trades 1.5 million shares a day on average. SVM shares have fallen 2.69% this week.
About Kyle Pinder
