I know gold and silver are taking a hit today but is there something else out there that is causing this drop. We finally made it over $4 and now we slide. From what I have read, PM's are suppose to be a rollercoaster ride for a while and if this hit on PM's today is causing EXK to slide, it looks like we may be in for a bumpy road.
The U.S. dollar which was at a one month low against the yen, rose because retail sales (up 0.2%) was than the expected (down 0.1%).
The dollar rose against the yen after Japan reported a deficit of 592.8 billion yen, shocking forecasts, including the -- The Wall Street Journal, most economists and the FOREX. Most called for 380 billion deficit (Nov). Exporting was below their seasonal norm and imports of oil were costly.
This was a real surprise as to the amount of Japan's deficit to most analysts, including traders such as myself. I can't stress how importance it is to watch the Yen this year. It will play off of US economic data, with a reaction up or down for the dollar.
Thanks News and I understand that this had an impact on PM's (a decrease around .5%) but that really doesn't explain the 3.5%+ decrease in EXK. It seems like a huge hit on this miner for such a little hit on PM's. I guess it is the "grass is green" syndrome.