A market wide rally is taking place right after Fed Chairman Ben Bernanke gave a speech on the economy. In his speech, Bernanke continued to reiterate that interest rates will stay low. Some analysts were encouraged after Bernanke did said little to rule out the possibility of more quantitative easing (QE).
Silver prices jumped along with other commodities including gold after Bernanke’s remarks. Silver for March delivery is currently trading up 1.25% at $32.65. Silver prices had been getting hit hard over the past month, falling from over $35 to around $31.50. Silver prices would rise if another round of QE hit due to inflation from the printing of money.
A quick look at stocks show the Dow up 134 points, the Nasdaq up 33 points and the S&P 500 up 14 points.
Silver Stocks to Watch
Paramount Gold and Silver Corp. (AMEX:PZG) is up 2.07% today at $2.47. PZG has traded 252 thousand shares this morning and trades 977 thousand shares a day on average. PZG shares are up today thanks to the rise in gold and silver prices in early trading. In the past 5 days, PZG shares have jumped more than $0.20. The company has a market cap of 337.85 million.
iShares Silver Trust (NYSEARCA:SLV) is up 1.67% today at $31.76. SLV has tarded 3.5 million shares so far today and trades 20.5 million shares a day on average. Over the past month, SLV has dropped more than $4 as silver prices have fallen.
Silver Standard Resources, Inc. (NASDAQ:SSRI) is up 1.41% this morning $15.15. SSRI has traded 261 thousand shares so far today and trades 1.1 million shares a day on average. Silver Standard announced this morning two long term silver concentrate sales contracts with smelters. The company has a market cap of 1.22 billion.
Great Panther Silver Limited (AMEX:GPL) is up 3.10% today at $2.33. GPL has traded 189 thousand shares so far today and trades 928 thousand shares a day on average. GPL shares have rallied more than $0.20 in the past two days. The company has a market cap of 321.22 million.
Silvercorp Metals Inc. (NYSE:SVM) is up 0.86% in early trading at $7.05. SVM has traded 565 thousand shares this morning and trades 1.6 million shares a day on average. SVM shares are up about $0.50 since Friday. The company has a market cap of 1.21 billion.
First Majestic Silver Corp. (NYSE:AG) is up 1.78% today at $17.18. AG has traded 201 thousand shares this morning and trades 774 thousand shares a day on average. AG shares are up more than $1 in the past two days as silver prices are rallying. The company has a market cap of 1.81 billion.
Silver Wheaton Corp. (NYSE:SLW) is up 0.80% this morning at $33.90. SLW has traded 1.9 million shares so far today and trades 5 million shares a day on average. Silver Wheaton stock has rallied more than $2 a share since Friday. The company has a market cap of 12.01 billion.
Hecla Mining Company (NYSE:HL) is up 1.29% today at $4.6695. HL has traded 1.9 million shares so far today and trades 7.1 million shares a day on average. Hecla shares have jumped more than $0.20 between Friday and today. The company has a market cap of 1.33 billion.
About MarcS
