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Commodities & Metals

Silver’s Re-Run: The Devil’s Metal Lives On (SLV, GLD, AGQ, SLW, PAAS, HL)

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By Jon C. Ogg Updated Published

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Is it starting to feel like the silly season all over again?  On a day after higher consumer confidence and weak durable goods, spot gold is up just over 1% at $1,788.90 but spot silver is up almost 4% at $36.99 per ounce.  Silver is now at a high back to when the rug was yanked out from under its feet in September. A Euro cash infusion and a 10% silver mine activity in December may be adding fuel to today’s fire.

iShares Silver Trust (NYSE: SLV) is up 5% at $36.06 and we have seen 20.6 million shares trade at 12:45 PM EST versus an average volume of 18 million shares.  The ProShares Ultra Silver (NYSE: AGQ) is up 10% at $73.20 and it has already crossed its average daily volume as well with its double-leverage.  The SPDR Gold Trust now has more than $71 billion in assets and it is up ‘only’ 1.2% at $173.80.

The individual stocks are lagging today.  Silver Wheaton Corporation (NYSE: SLW) is up 3.45% at $39.83.  Pan American Silver Corporation (NASDAQ: PAAS) is up 2.7% at $26.08.  Even the most battered of the lot in Hecla Mining Company (NYSE: HL) is up only 1.9% at $5.33.

Silver has more industrial use than gold, besides silver is called the devil’s metal for a reason.  We’ve seen this movie before.

JON C. OGG

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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