| Silver Erased Its Gains from December 16 | |
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Gold, Silver, Platinum, and palladium Fell after the Rate Hike (Continued from Prior Part) Technical indicators
On December 17, 2015, silver futures for March expiry fell by 3.8%. It erased the gains from the day before. Silver rose by about 3.5% on Wednesday, December 16—the day that the Fed gave its verdict on the interest rate. It raised the interest rate by 0.25%. Silver fell about $0.55 and closed at $13.7 per ounce. Silver futures touched a low of $13.66 per ounce. The fall in silver bought the RSI (Relative Strength Index) to 35. It was 45 the day before. This brings its closer to a reversion level. Figures closer to 30 indicate that an asset is undervalued.
Silver is trading at an 8% discount to its 100-day moving average price. The technical indicators suggest a possible rebound in the price. However, the market sentiment indicates otherwise.
The rising US dollar pressured most of the commodities on Thursday including precious metals. The US dollar rose to a three-week high on Thursday. The fall in silver impacted silver-based funds like the iShares Silver Trust (SLV) and the ProShares Ultra Silver (AGQ). These two funds fell by 3% and 6.2%, respectively, on Thursday. These two indicators fell by 13.2% and 29.9%, respectively, on a YTD (year-to-date) basis.
Silver-based mining companies like Silver Wheaton (SLW), Pan American Silver (PAAS), and Coeur Mining (CDE) fell by 7.2%, 8.6%, and 9.1%, respectively, on Thursday. Together, they account for ~7% of the price changes in the Market Vectors Gold Miners ETF (GDX).
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Silver Wheaton
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PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions). Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53. Silver Wheaton has 441 520 000 shares outstanding. |