After yesterday’s FOMC meeting gave no indication of renewed QE, silver sold off. During the press conference, Fed Chairman Ben Bernanke refused to shut the door to further stimulus citing global growth stability. Jobless claims may be that cover the Fed needs for a renewed QE policy. The 1k drop in claims was directly attributable to the BLS revision of last week’s numbers.
An anemic job market could be the catalyst the metals market needs to push out of its range. Also any sharp sell-off in equities could cause the Fed to step in. That could come from more disappointing macro data domestically or if Europe unravels after the elections early next month in France and Greece.
Spot silver is currently up 48 cents to $30.83 per ounce.
Silver Stocks
Silver Wheaton Corp. (NYSE:SLW) is up 1.78% this morning at $30.29. SLW has traded 1.6 million shares so far today and trades 5.2 million shares a day on average. SLW shares have jumped nearly $2 a share this week. The company has a market cap of 10.70 billion.
iShares Silver Trust (NYSEARCA:SLV) is up 0.40% in early trading at $29.98. SLV has traded 2.4 million shares this morning and trades 18.5 million shares a day on average. SLV shares are up $0.80 a share from yesterday’s low of $29.20.
ProShares Ultra Silver (NYSEARCA:AGQ) is up 0.84% today at $49.38. AGQ has traded 336 thousand shares so far today and trades 2.3 million shares a day on average. AGQ shares have rallied more than $2 a share from Wednesday’s low of below $47.
Hecla Mining Co. (NYSE:HL) is up 1.93% this morning at $4.23. HL has traded 888 thousand shares in early trading and averages 5.8 million shares a day. HL shares have bounced about $0.30 a share from Monday’s low of $3.95. The company has a market cap of 1.20 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is up 1.22% today at $19.02. PAAS has traded 418 thousand shares so far today and trades 1.8 million shares a day on average. PAAS shares are up $0.90 a share this week. The company has a market cap of 2.00 billion.
Coeur d’Alene Mines Corporation (NYSE:CDE) is up 0.05% this morning at $21.53. CDE has traded nearly 200 thousand shares in early trading and trades 1.5 million shares a day on average. The company announced today its’ Kensington mine returned to full production ahead of schedule. The company has a market cap of 1.95 billion.
Endeavour Silver Corp. (NYSE:EXK) is up 0.69% today at $8.75. EXK has traded 212 thousand shares so far today and trades 1.2 million shares a day on average. EXK shares have jumped close to $0.70 a share after trading as low as $8.10 on Tuesday. The company has a market cap of 773.28 million.
Great Panther Silver Ltd (AMEX:GPL) is up 2.91% this morning at $2.0890. GPL has traded 236 thousand shares already today and trades 831 thousand shares a day on average. GPL shares have jumped more than $0.30 a share this week. The company has a market cap of 287.18 million.
Silvercorp Metals Inc. (NYSE:SVM) is up 2.01% today at $6.60. SVM has traded 165 thousand shares this morning and trades 1.5 million shares a day on average. SVM shares have jumped more than $0.30 a share in the past few days. The company has a market cap of 1.13 billion.
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