Silver prices are correlating strongly to gold prices this morning. Down over 20 cents, silver seems to be following the path of gold. Investors seem to sense that a new round of QE is coming, but just don’t know when. The lack of any strong direction has the metal adrift in the market. This has silver prices trending lower after the big spike caused by the Bernanke speech this past Tuesday.
Long term silver bulls, the ones that follow Ron Paul, marc Faber and Max Keiser are all looking forward to the next fed meeting. Plus the jobs numbers this morning were hilarious if you actually read the full release. They did the upward revision on the order of 5% just to say there was a drop. At this point it isn’t a question of if there will be more monetary easing. It is when. And that’s why you have silver drifting around, sometimes positive, other times negative. Today happens to be that negative day.
Silver Stocks Update
iShares Silver Trust (NYSEARCA:SLV) is down 1.06% this morning at $30.82. SLV has traded 5.1 million shares so far today and trades 20.2 million shares daily on average. SLV has fallen $1.20 since Tuesday.
Silver Wheaton Corp. (NYSE:SLW) is down 1.76% today at $31.78. SLW has traded 1.2 million shares this morning and trades 5.1 million shares a day on average. SLW shares are down more than $2 a share this week. The company has a market cap of 11.23 billion.
Paramount Gold and Silver Corp. (AMEX:PZG) is down 1.39% this morning at $2.1694. PZG has traded 234 thousand shares so far today and trades 1 million shares a day on average. Paramount announced on Wednesday an $18.2 million private placement of stock. The company has a market cap of 297.04 million.
Silver Standard Resources Inc. (NASDAQ:SSRI) is down 0.69% today at $14.40. SSRI has traded 255 thousand shares so far today and trades 1.11 million shares a day on average. SSRI shares are down $1 a share this week. The company has a market cap of 1.16 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 1.68% today at $52.85. AGQ has traded 543 thousand shares this morning and trades 2.4 million shares a day on average. AGQ has dropped nearly $5 this week.
First Majestic Silver Corp. (NYSE:AG) is down 0.56% in early trading at $15.90. AG has traded 192 thousand shares so far today and trades 776 thousand shares a day on average. AG shares are down more than $1 a share in the past week. The company has a market cap of 1.66 billion.
Silvercorp Metals Inc. (NYSE:SVM) is down 1.34% today at $6.61. SVM has traded 305 thousand shares this morning and trades 1.6 million shares a day on average. SVM shares are down nearly $0.60 a share this week. The company has a market cap of 1.13 billion.
Great Panther Silver Ltd. (AMEX:GPL) is down 2.67% this morning at $2.19. GPL has traded 135 thousand shares so far today and trades 918 thousand shares a day on average. GPL shares are down more than $0.20 since Tuesday. The company has a market cap of 301.18 million.
About Martin Stephenson
