In what is quickly turning into a repeat of 2011, silver is getting hammered by rumors out of Europe that would hope to rescue the dire situation. The turmoil out of the continent is wreaking havoc on the precious metals market with silver losing its grip on $30 per ounce.
Long-term if the situation deteriorates most analysts think the market will recover as investors flee into hard assets such as gold and silver. Question remains, how low will the prices go before you see that snap back rally?
Currently the silver spot price is down 6 cents to $27.66 per ounce.
Silver Stocks
Silver Wheaton Corp. (NYSE:SLW) is up 2.80% today at $23.88. SLW has traded 3.4 million shares so far today and trades 5.4 million shares a day on average. SLW shares fell more than $2 a share earlier this week. The company has a market cap of 8.52 billion.
Hecla Mining Co. (NYSE:HL) is up 1.61% this morning at $3.81. HL has traded 1.4 million shares so far today and trades 5.7 million shares a day on average. HL shares have fallen as much as $0.40 a share this week before bouncing back some today. The company has a market cap of 1.10 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is up 0.64% this morning at $39.66. AGQ has traded 802 thousand shares in early trading and trades 2.1 million shares a day on average. AGQ shares fell as much as $3 a share on Monday and Tuesday.
iShares Silver Trust (NYSEARCA:SLV) is up 0.41% today at $26.95. SLV has traded 5.9 million shares so far today and trades 17.7 million shares a day on average. SLV shares have dropped $1.50 a share this week.
Silvercorp Metals Inc. (NYSE:SVM) is up 4.36% today at $5.25. SVM has traded 681 thousand shares so far today and trades 1.4 million shares a day on average. SVM shares fell about $1 this week before bouncing back today. The company has a market cap of 909.38 million.
Endeavour Silver Corp. (NYSE:EXK) is up 0.40% this morning at $7.54. EXK has traded 744 thousand shares so far today and trades 1.2 million shares a day on average. EXK shares dipped more than $1 a share on Monday and Tuesday. The company has a market cap of 674.39 million.
Silver Standard Resources Inc. (NASDAQ:SSRI) is down 1.24% today at $10.37. SSRI has traded 593 thousand shares so far today and trades 957 thousand shares a day on average. SSRI shares continue to sell off today and are down $2 a share in the past week. The company has a market cap of 847.83 million.
Great Panther Silver Ltd (AMEX:GPL) is down 1.25% today at $1.5780. GPL has traded 570 thousand shares so far today and trades 777 thousand shares a day on average. GPL shares are down $0.50 a share since last Wednesday. The company has a market cap of 248.20 million.
About Kyle Pinder
