Silver Prices Slip, Silver Stocks to Watch

Gold and silver

Silver prices slipped in early trading today as the dollar continues to gain strength. The dollar is strengthening after the Fed meeting yesterday where they gave no hints at any further monetary easing. The Fed also indicated that the economy was growing at a moderate pace. Not exactly a death knell for silver, but the recovery is definitely crimping the silver bug’s style.

The dollar hit an 11-month high against the yen and also rose against the euro. The euro is down 0.4% against the dollar right now at 1.3023.

Silver futures are currently trading down 3.08% at $32.51.

Silver Stocks to Watch

iShares Silver Trust (NYSEARCA:SLV) is down 3.02% in midday trading at $31.29. SLV has traded 19.9 million shares already today and trades 20.5 million shares a day on average. SLV has fallen $2 since last Friday as silver prices have taken a hit this week.

Silver Wheaton Corp. (NYSE:SLW) is down 3.71% today at $33.67. SLW is down on heavy volume early today with 3.4 million shares traded. The stock trades 4.9 million shares a day on average and should have no problem passing that today. SLW shares are down more than $2 this week. The company has a market cap of 11.90 million.

Paramount Gold and Silver Corp. (AMEX:PZG) is down 3.78% right now at $2.29. PZG is trading average volume today with 562 thousand shares traded so far, the stock trades about 1.1 million shares a day on average. Paramount Gold and Silver Corp announced reported yesterday assay results which significantly expand the size of its new high-grade gold discovery south of the La Union zone. This news helped prop PZG up yesterday, but the ongoing pressure on silver and gold prices is sending it lower today. The company has a market cap of 313.47 million.

Silver Standard Resources, Inc. (NASDAQ:SSRI) is down 4.77% today at $15.17. SSRI has traded 787 thousand shares so far today and trades 1.1 million shares a day on average. Silver Standard reported fourth quarter results on Monday and beat EPS estimates by $0.14. The company has a market cap of 1.22 billion.

Silvercorp Metals Inc. (NYSE:SVM) is down 3.13% today at $6.80. SVM is down on decent volume at midday with 1.3 million shares traded. The stock trades 1.8 million shares a day on average. SVM has fallen more than $0.40 since Monday. The company has a market cap of 1.16 billion.

First Majestic Silver Corp. (NYSE:AG) has dropped 3.92% in midday trading at $17.67. AG has traded 537 thousand shares so far today and trades 932 thousand shares a day on average. The company has a market cap of 1.86 billion.

ProShares Ultra Silver (NYSEARCA:AGQ) is down 5.25% today at $54.75. AGQ is trading heavy volume today with 2.6 million shares traded, already above its average of 2.5 million. AGQ has dropped about $8 since Monday.

ProShares UltraShort Silver (NYSEARCA:ZSL) is up 5.45% today at $5.37%. ZSL has traded 6.6 million shares in midday trading and 6.8 million shares. ZSL is an investment tool that is short silver. So, if silver futures go down this will go up and vice versa.

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About Rachel Brook

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.

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