The ambiguous statement out of the G8 over the weekend is helping to prop up the Euro, which in turn is weakening silver prices. Obviously a fluff statement, which is the norm, it was done out of the lack of consensus for firm action. With multiple major events in the coming weeks including new Greek elections, expect volatility to remain in the silver market.
The well-intentioned statement out of the G8 will do its job in the short-term of propping up the Euro, but without a definitive plan of action it is destined to be rolled back into more market turmoil.
The current silver spot price is down 49 cents to $28.23 per ounce.
Silver Stocks
Silver Wheaton Corp. (NYSE:SLW) is up 2.20% today at $25.06. SLW has traded 1.6 million shares so far today and trades 5.7 million shares a day on average. SLW shares have rallied $2 a share in the past few days. The company has a market cap of 8.88 billion.
Hecla Mining Co. (NYSE:HL) is up 2.84% today at $3.98. HL has traded just over a million shares so far today and trades 5.7 million shares a day on average. HL shares are up $0.30 since last Wednesday. The company has a market cap of 1.13 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is up 1.38% this morning at $16.17. PAAS has traded 576 thousand shares so far today and trades 2 million shares a day on average. PAAS shares are up $1.50 a share over the past three days. The company has a market cap of 1.71 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 2.16% today at $41.24. AGQ has traded 728 thousand shares this morning and trades 2.1 million shares a day on average. AGQ shares are up close to $4 a share over the past five days.
iShares Silver Trust (NYSEARCA:SLV) is down 1.31% today at $27.41. SLV has traded 4.3 million shares so far today and trades 18.1 million shares a day on average. While SLV shares are down today, they had rallied about $2 a share late last week.
Endeavour Silver Corp. (NYSE:EXK) is up 2.76% this morning at $8.17. EXK has traded 442 thousand shares so far today and trades 1.3 million shares a day on average. EXK shares have jumped more than $0.50 over the past week. The company has a market cap of 724.58 million.
Coeur d’Alene Mines Corporation (NYSE:CDE) is up 1.65% this morning at $16.62. CDE has traded 459 thousand shares so far today and trades 1.6 million shares a day on average. CDE shares are down over the past five days by about $1 a share. The company has a market cap of 1.50 billion.
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