Silver Mining Stocks are Oversold
Silver’s Open Interest is gaining and is well above 156,000. Open Interest by definition is the buyers and sellers holding their positions overnight. More and more positions are being held as the market price is dropping.
Those that understand the building pressure wait for a large price rise as the Open Interest wanes. When this happens (price rises/open interest drops) it suggests the shorts are exiting their trades.
Our top picks in the Silver Mining are as follows: EXK, MVG, and SSRI.
Over the past 12 months Endeavour Silver Corp (EXK) shares have traded between $6.15 and its 52-week high of $11.3. Endeavour Silver Corp shares are now trading with a P/E Ratio of 24.2 and EPS of 0.26.
Over the past 12 months MAG Silver Corp (MVG) shares have traded between $6.63 and its 52-week high of $13.42. MAG Silver Corp shares are now trading with a P/E Ratio of and EPS of -0.18.
Over the past 12 months Silver Standard Resources Inc (SSRI) shares have traded between $10.06 and its 52-week high of $18.34. Silver Standard Resources Inc shares are now trading with a P/E Ratio of 26.5 and EPS of 0.42.
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