Silver prices are following gold’s lead today, up slightly on news out of the EU and Asia. Growth concerns there are giving rise to the likelihood of further easing policies out of the Fed.
The metal is also trying to avoid its 4th straight quarterly loss. Hampering the prices are the new import taxes instituted in India. This is stifling global demand and could keep silver prices in their current range. Short-term traders would probably be better off waiting for a clearer indication on QE3’s start (if it does) while long-term seem to be content to wait for the breakout due to their own economic thesis regarding fiat currencies.
Silver Stocks Update
iShares Silver Trust (NYSEARCA:SLV) is up 0.19% today at $31.41. SLV has traded 2.1 million shares this morning and trades 20.1 million shares a day on average. SLV shares are up close to $1 from yesterday’s low.
Silver Wheaton Corp. (NYSE:SLW) is down 0.73% this morning at $32.83. SLW has traded 867 thousand shares so far today and trades 5.1 million shares a day on average. SLW shares are up more than $1 a share from Thursday’s low. The company has a market cap of 11.65 billion.
Silver Standard Resources Inc. (NASDAQ:SSRI) is down 0.60% today at $14.85. SSRI has traded 197 thousand shares in early trading and trades 1 million shares a day on average. SSRI shares are down slightly on the week, but up from yesterday’s low. The company has a market cap of 1.20 billion.
Great Panther Silver Ltd. (AMEX:GPL) is unchanged this morning at $2.27. GPL is trading light volume today with only 97 thousands shares traded so far. The stock trades 909 thousands shares daily on average. GPL shares flat on the week. The company has a market cap of 312.18 million.
Paramount Gold and Silver Corp. (AMEX:PZG) is unchanged today at $2.26. PZG has traded 300 thousand shares this morning and trades 1 million shares a day on average. PZG shares are down $0.20 a share for the week. The company has a market cap of 309.36 million.
Silvercorp Metals Inc. (NYSE:SVM) is down 1.18% in early trading at $6.72. SVM has traded 255 thousand shares so far today and trades 1.6 million shares a day on average. SVM shares are down $0.50 since the start of the week. The company has a market cap of 1.16 billion.
First Majestic Silver Corp. (NYSE:AG) is down 0.86% today at $16.17. AG has traded 130 thousand shares this morning and trades 773 thousand shares a day on average. AG shares are down close to $1 a share since Monday. The company has a market cap of 1.71 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is up 0.29% today at $54.58. AGQ has traded 548 thousand shares this morning and trades 2.4 million shares a day on average. AGQ is still down $2 a share for the week.
About Martin Stephenson
