Well, the first day after the unusual move and silver prices are down decently but SLW in USA and Canada is strongly supported and up. Silver Standard is up in both canada and usa and only PAAS seems to be struggling.
It's been a long time since we've seen something like this. The miners leading the metal or resisting the metal fall. To truly appreciate how strong this support in SLW is, one has to look at the fact that the major index, TSX which SLW is a part of, is down 100 points but SLW remains positive.
The $HUI, proxy the for the miners index, seems to be breaking out today and projects 12% higher. This begins to signify the miners may start to outperform the metals for a change. The only problem is that $XAU, more representative of how silver miners are doing, isn't breaking upward the same way as the HUI.
Otherwise a boring day. I have a silver low at $38.25 to $38.05 so I'll have bids in that range and waiting. It will probably happen tonight or tomorrow. The challenge is we may not get an opportunity to buy it if that low is hit tonight. I'll wait to see the prices tomorrow and not try to be too clever.