Silver isn't Going to Zero After All
Last week we highlighted 4 Silver Stocks that Deserve Attention. Today all four names reversed course and bounced from their lows.
Here's how those stocks did today:
- Silver Standard Resources Inc 's (SSRI) jumped 6.6% today and closed at $9.94.
- Endeavour Silver Corp 's (EXK) increased 8.8% and ended at $5.63
- iShares Silver Trust 's (SLV) inched up 1.2% and closed at $28.10
- MAG Silver Corp 's (MVG) moved up 5.6% and closed at $9.50.
The bounce was overdue as the shorts have made incredible profits from pushing these silver miners and the coveted 'Silver ETF' to new lows. Thus far in the silver miners have watched their stock prices take major hits. Silver Standard Resources (SSRI) and Endeavour Silver (EXK) have had it the worse dropping 33% and 29% respectively YTD and that's with today's rally.
Mastery reminded you again on Monday to review SSRI and its friends in Three 52-Week Low Stocks to Buy. Silver has not lost its shine quite yet. We expect the metal and its miners to make a brief comeback in the coming weeks. Don't listen to us, check out Zacks.com article titled Time to Buy Silver ETFs? They do a great job of detailing why investing in silver is ripe for the picking. Expect the shorts to stick around and continue to make silver and its miners a volatile trade. However for now it appears the 52-week lows have finally stopped.
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