Techinicals held at 22.00. Bottom is in if you ask mee.
I would say the bottom is in here. I got lucky and bought the jan 2015 calls back in july when the stock was in the 18s/19s. I am in the 28s, 30s and 33s for jan 2015. that 22.00 region is pretty important to hold as support. I don't think any investor needs to look at anything other that simple ECON 101 supply/demand. There are other world issues that would take SLW up but I am not looking at those. With a massive project such as Pascua going offline for the foreseeable future, there goes all that supply. My belief is with economies around the globe somewhat stable, demand should stay flat to increase over the next year or two. That should send silver prices higher. We will see if I am correct. got plenty of time to see.
This price action is forming up to be a W2 retrace. Would not want to be short here as my charts show retrace has either bottomed here or very close (maybe 21.96). But this next / current W3 / or C up will be a minimum top of 23.32 - 23.34. Very possible to hit 23.79 before a move down.
Good Luck To All.
Looks like, no production to lose! . . . Barrick has provided Silver Wheaton with a completion guarantee, requiring them to complete Pascua-Lama to at least 75% of design capacity by December 31, 2015. During 2014 and 2015, Silver Wheaton will be entitled to the silver production from the Lagunas Norte, Pierina and Veladero mines to the extent of any production shortfall at Pascua-Lama, until Barrick satisfies the completion guarantee. If Barrick fails to satisfy the requirements of the completion guarantee, the agreement may be terminated by Silver Wheaton. In such an event, Silver Wheaton would be entitled to the return of the upfront cash consideration of US$625 million less a credit for silver delivered up to the date of that event.
Barrick has granted Silver Wheaton a five year right of first refusal on any further metal stream sales in connection with Pascua-Lama, where more than 50% of the value is from silver.