After getting close to $26 in early trading silver bounced and closed near the high of the day. Perhaps this was a short term bottom, but the key will be how high it can bounce. If silver can't get back above $32.50 in the next month or so it could roll back over again. I think the odds favor a shallow bounce to just under $30 and then to the $20-$25 area in Q1. We'll see.
AUMN has acted better recently despite plunging silver prices. It could have a nice oversold bounce to the $10 area over the next couple of months.
That is a decent bounce, we had continuation in Asia and London. Back over $28. I see that smaller dealers are going out of stock on product, looks like the larger outfits still have inventory.
Large tonnage gold is selling for significant premiums to market price. No one selling metals except broke working class pawning rings and necklaces. Silver is a tinderbox as supply is even tighter.
I'm not convinced a bottom is in since gold made a lower low yesterday, but it may be nothing. Silver made a higher low. In the last big PM correction, the Euro and USD were both "ok." Now Euro is in crisis and USD is suspect, everybody knows its losing purchasing power in the future. Also, miners are still recognizing handsome profits at 1560 and 28 unlike the 2008 lows of 700 and 9. I'm not ready to shoot my wad, but things look nice for nibbling with stops.
$20s silver is the new 10.
Maybe AUMN will have a release today that the update will be next week. Better to release good news next week, when things could be in rally mode?
500M ozs silver divided by $140M EV = less than 30 cents per oz... and growing...
"500M ozs silver divided by $140M EV = less than 30 cents per oz... and growing..."
About 90% of the 500M oz. figure is "inferred" not "indicated and measured" and AUMN is once again going to miss their publically issued target to release the updated El Quevar resource estimate. Very poor management in my opinion. Lot's of promises and hope with no results. It's no surprise that they stock is bumping along at two year lows.