Silver Prices Tank on EU Worries. Silver Stocks to Watch

EU political upheaval is not playing well in the both commodities and the broader market this morning. In the short-term, silver prices will mimic the broader market and the sell off this morning is marked. Gains in the dollar are shaking the commodity market as investors look to the the dual elections in Europe on May 6.

Long-term any major economic downturn will be a boon for silver, but as of now it seems to be coupled with the broader market. Currently silver is off $1.12 per ounce heading into late morning trading. Silver bulls really need a QE3 announcement to reverse the downward trajectory. Judging by the lackluster macro data, they just might get their wish.

Silver Stocks

ProShares Ultra Silver (NYSEARCA:AGQ) is down 6.60% this morning at $48.50. AGQ has traded 660 thousand shares so far today and trades 2.3 million shares a day on average. AGQ shares gapped down this morning as it opened at $48.92, $3 lower than its closing price on Friday of $51.92.

iShares Silver Trust (NYSEARCA:SLV) is down $3.25% today at $29.73. SLV is falling on heavy volume this morning with 4.5 million shares traded. SLV trades nearly 19 million shares a day on average. SLV shares have dropped $1 a share from Friday’s close.

Hecla Mining Co. (NYSE:HL) is down 2.93% today at $3.97. HL has traded 1.1 million shares so far today and trades nearly 6 million shares a day on average. HL shares have dropped nearly $0.30 a share in the past week. The company has a market cap of 1.14 billion.

Silver Wheaton Corp. (NYSE:SLW) is down 4.16% today at $28.12. SLW has traded 1.3 million shares this morning and trades 5.2 million shares a day on average. SLW shares have dropped about $1.50 since last Tuesday. The company has a market cap of 9.99 billion.

Pan American Silver Corp. (NASDAQ:PAAS) is down 4.95% this morning at $18.23. PAAS has traded 608 thousand shares so far today and trades just over 2 million shares a day on average. PAAS shares have dropped close to $2 a share in the past five days. The company has a market cap of 1.92 billion.

Endeavour Silver Corp. (NYSE:EXK) is down 5.19% today at $8.12. EXK has traded 439 thousand shares this morning and trades 1.3 million shares a day on average. EXK shares have dropped $1 a share in the past week. The company has a market cap of 715.35 million.

Great Panther Silver Ltd. (AMEX:GPL) is down 5.70% in early trading at $1.82. GPL has traded 285 thousand shares so far today and trades 854 thousand shares a day on average. GPL shares are down $0.20 a share over the past week. The company has a market cap of 252.83 million.

First Majestic Silver Corp. (NYSE:AG) is down 4.77% this morning at $14.77. AG has traded 254 thousand shares so far today and trades 748 thousand shares a day on average. AG shares have dropped $1.50 a share in the past week. The company has a market cap of 1.56 billion.

Silvercorp Metals Inc. (NYSE:SVM) is down 3.23% this morning at $6.30. SVM has traded 249 thousand shares this morning and trades 1.6 million shares a day on average. SGVM shares have dropped $0.50 a share in the past week. The company has a market cap of 1.07 billion.