After a dismal few weeks, silver prices finally received a needed boost in the form a Fed Chairman speech. The metal had been languishing in the high 20s due to positive economic outlooks and profit taking by short-term traders.
As of right now, spot silver is up 20 cents to just over $33 per ounce. With consumer confidence data on tap for today, the metal could be buoyed if consumers start to feel the pinch at the pump. This could slow economic growth and hasten the return of QE and other monetary easing policies.
Silver Stocks to Watch
iShares Silver Trust (NYSEARCA:SLV) is up 0.42% today at $32.06. SLV has traded 2.4 million shares today and trades 20.4 million shares today. SLV has rallied nearly $2 since last Thursday when it was trading below $30.40.
Silver Wheaton Corp. (NYSE:SLW) is up 0.44% today at $34.12. SLW has traded 1.1 million shares this morning and trades 5.1 million shares a day on average. Silver Wheaton stock is up more than $2 a share over the past week. The company has a market cap of 12.06 billion.
Paramount Gold and Silver Corp. (AMEX:PZG) is unchanged this morning at $2.43. PZG has traded 168 thousand shares in early trading and trades 978 thousand shares a day on average. PZG shares have rallied about $0.20 in the past week. The company has a market cap of 335.37 million.
Silver Standard Resources, Inc. (NASDAQ:SSRI) is up 0.40% today at $15.24. SSRI has traded 180 thousand shares this morning and trades 1.1 million shares a day on average. Silver Standard stock is trading even on the year after trading as high as $18 in early February. The company has a market cap of 1.23 billion.
Great Panther Silver Limited (AMEX:GPL) is up 0.41% in early trading at $2.3999. GPL has traded 114 thousand shares so far today and trades 926 thousand shares a day on average. GPL shares have jumped more than $0.30 per share in the past three days. The company has a market cap of 331.16 million.
Silvercorp Metals Inc. (NYSE:SVM) is down 0.56% today at $7.08. SVM has traded 261 thousand shares this morning and trades 1.6 million shares a day on average. SVM shares have jumped more than $0.50 a share in the past three days. The company has a market cap of 1.21 billion.
First Majestic Silver Corp. (NYSE:AG) is up 0.05% this morning at $17.09. AG has traded 211 thousand shares in early trading and trades 770 thousand shares a day on average. The company has a market cap of 1.80 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 0.76% at $56.14. AGQ has traded 745 thousand shares this morning and trades 2.5 million shares a day on average. AGQ has jumped more than $5 since last Thursday.
About MarcS
