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« Silver: On the move! | Main | Silver Standard: Time to Correct and Consolidate »

Pan American Silver Corporation: Up 4.41% in one day!

PAAS Coins 30oct07

Silver put in a storming performance yesterday with many of the silver mining stocks joining in the fun, notably was the Pan American Silver Corporation (PAAS), which improved by 4.41% for a gain of $1.36.

PAAS Chart 30oct07

A super performance by PAAS has seen it rise from $21 where it bottomed in the August carnage, to close at $31.28 in about 10 weeks. After a 50% rise we would expect a breather but these are volatile times with the US Dollar falling from grace and the slow but sure recognition of the value of precious metals as an investment.

This week we have another meeting of the Federal Reserve Board and all eyes will be looking for a rate cut. The market would appear to have built in a cut of twenty-five basis points with an outside possibility of a fifty basis points cut. If we get fifty basis points then we would expect the US Dollar to head south in a rush and gold to head north in a rush taking silver with it. However if we get the lower rate cut it could initially be viewed with a little disappointment and have little to no effect on the market. Anyway we will know on Wednesday.

Have a good one.

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