Equity investors can thanks earnings or the market might look a bit different than it does right now. Jobless claims disappointed. Europe seems destined to not find a long-term solution to their sovereign debt crisis. Add in some geopolitical tensions and you have the makings of a silver rally.
Silver prices are up 35 cents as of 11am EST on the back of lackluster economic data and continuing concerns out of Europe. The metal still refuses to leave its range around 31-32 dollar per ounce mark. It is going to take firm action on the QE front or really dismal macro data to push the metal back to the highs it saw last year. Or it may be that last year’s rally may not happen this year thanks to tempered demand and general lack of firm direction on a variety of fronts.
Silver Stocks
ProShares Ultra Silver (NYSEARCA:AGQ) is up 2.23% this morning at $52.79. AGQ shares are up nearly $2 a share from yesterday’s intraday low of around $51. AGQ has traded 623 thousand shares so far today and trades 2.4 million shares a day on average.
iShares Silver Trust (NYSEARCA:SLV) is up 1.14% today at $30.99. SLV has traded just over 5 million shares so far today and trades 19.3 million shares a day on average. SLV shares are trading about $0.60 higher on the week.
Silver Wheaton Corp. (NYSE:SLW) is up 0.88% in early trading at $29.84. SLW is seeing decent volume this morning with 1.7 million shares traded and trades trades 5.3 million shares a day on average. SLW shares have dropped nearly $2 a share since last Friday. The company has a market cap of 10.59 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is up 1.18% today at $19.66. PAAS has traded 447 thousand shares so far today and trades just over 2 million shares a day on average. PAAS shares have dipped $0.60 a share in the past week. The company has a market cap of 2.07 billion.
Hecla Mining Co. (NYSE:HL) is up 0.48% today at $4.15. HL has traded 1.4 million shares so far today and trades 5.9 million shares a day on average. HL shares have dipped slightly over this over the past week and is down about $0.15 a share in that span. The company has a market cap of 1.19 billion.
Great Panther Silver Ltd. (AMEX:GPL) is unchanged this morning at $2.01. GPL has traded 211 thousand shares today and trades 870 thousand shares a day on average. GPL shares have dropped $0.10 since last Friday. The company has a market cap of 277.56 million.
Silver Standard Resources Inc. (NASDAQ:SSRI) is up 3.11% today at $13.90. SSRI has traded 201 thousand shares so far today and trades 995 thousand shares a day on average. Silver Standard Resources announced yesterday it will release first quarter consolidated results on May 8. The company has a market cap of 1.13 billion.
Silvercorp Metals Inc. (NYSE:SVM) is up 1.05% today at $6.73. SVM has traded 183 thousand shares this morning and trades 1.6 million shares a day on average. The company has a market cap of 1.16 billion.
About Kyle Pinder
