| Silver Reaches $16 Mark—What Lies Ahead? | |
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Silver Leads and Gold Follows (Continued from Prior Part)
Silver shines
Silver futures on Comex, a commodity division of the New York Mercantile Exchange, have risen for four straight days. They rose nearly 13% over the four-day period, bringing YTD (year-to-date) profit to 2.35% and putting behind precious metal counterparts. Silver futures settled at $15.984 per ounce on Tuesday, October 6, rising 1.76%. They also reached a high of $16.09 per ounce—their highest level in the last three months. Silver has had a five-day trailing rise of 9.73%, outpacing gold, platinum, and palladium.
Nearing the 200-day moving average
With Chinese markets still closed for the Golden Week celebrations, gold also rose but again lagged silver prices, touching a high of $1,151 an ounce. Silver prices rose, reversing all of the last three months’ falls against the US dollar. It has risen almost 14% from August lows of $14 per ounce. Bearish betting against silver by money managers trading US Comex futures and options grew 15% in the past week. Let’s not forget the extreme long position that Warren Buffet has in silver.
It seems that the strong global trend due to a possible delay in the rate hike has supported the precious metals and dimmed the prospects of the US dollar. Silver rose above its 100-day moving average and has neared its 200-day moving average at $15.93.
Silver-backed ETFs have risen due to the rise in the second favorite precious metal. The iShares Silver Trust ETF (SLV) and Global X Silver Miners ETF (SIL) have risen 7.87% and 17.27%, respectively, on a five-day trailing basis. Silver mining companies such as Hecla Mining (HL), Silver Wheaton Corp. (SLW), and First Majestic Silver Corp. (AG) have risen 19.79%, 22.35%, and 29.63%, respectively. These three companies make up ~7% of the Market Vectors Gold Miners ETF (GDX).
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Silver Wheaton
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PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 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. |