Silver prices are seeing slight gains this morning as the dollar trades lower against the euro. Silver prices have been trading in a significant downtrend over the past month, trading from $37 to below $32. Silver futures for April are currently trading up 1.94% at $31.93.
The euro is bouncing back against the dollar some today as investors are not as worried over slowing Chinese and euro zone growth as they were earlier in the week. The EUR/USD pair is currently trading at 1.3252.
The overall market is trading lower this morning as new home sales fell to 313,000, a 1.6% drop from January. Prices for a new home rose more than 8% to $233,700, the highest since last June. The housing market continues to struggle to recover due to the massive numbers of used homes. A lot the huge inventory is due to foreclosures and these homes typically sell below their market value.
A quick look at the major indices show the Dow down 9 points, the Nasdaq down 11 points and the S&P 500 down 1 point.
iShares Silver Trust (NYSEARCA:SLV) is up 1.93% this morning at $31.13. SLV has traded 5.3 million shares so far today and trades 20.4 million shares a day on average. Silver holdings in SLV remain unchanged at 9,726.99 metric tons according to company’s website.
Silver Wheaton Corp. (NYSE:SLW) is up 5.78% today at $33.81. SLW has traded 2.5 million shares this morning and trades nearly 5 million shares a day on average. Silver Wheaton Corp. announced earnings yesterday with revenue of $191.9 million and EPS of $0.41. Analysts were expecting revenue of 202.3 million and EPS of $0.41. Revenue rose more than $40 million from the same quarter last year. The company has a market cap of 11.97 billion.
Paramount Gold and Silver Corp. (AMEX:PZG) is up 3.47% in early trading at $2.3799. PZG has traded 298 thousand shares this morning and trades 969 thousand shares a day on average. PZG is up about $0.15 a share on the week after hitting a low of $2.22 on March 20. The company has a market cap of 324.42 million.
Silver Standard Resources, Inc. (NASDAQ:SSRI) is up 4.02% today at $15.01. SSRI has traded 292 thousand shares so far today and trades 1.1 million shares a day on average. The company has a market cap of 1.21 billion.
Great Panther Silver Limited (AMEX:GPL) is up 4.58% today at $2.2172. GPL has traded 251 thousand shares so far today and trades 926 thousand shares a day on average. It’s been a rough month for GPL as silver prices have helped drive the stock down about $0.70 a share. The company has a market cap of 303.66 million.
First Majestic Silver Corp. (NYSE:AG) is up 0.87% today at $16.30. AG has traded 401 thousand shares so far today and trades 756 thousand shares a day on average. The company has a market cap of 1.71 billion.
About Martin Stephenson
