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« Silver Production Falls by 70%? | Main | Silver Facts & History »

Silver Standard Resources Incorporated: UP 31.85% in a day!

SSRI Chart 30oct08
The DOW finishes the day in negative territory, the rumour was bought and the news has been sold, however, the precious metals sector was boosted all across the board with Silver Standard Resources Incorporated gaining $2.01 to close at $8.32.

Silver itself was also in a buoyant mood adding $1.08 for a gain of 12.29% and closing at $9.87, as another 50 basis points were knocked off the rate for the US Dollar by Ben Bernanke.

Keep an eye on the financial results, which are to be published by Silver Standard Resources Incorporated on 5th November 2008 as they may well be overlooked as the new president takes centre stage.

Silver Standard has taken a beating along with the other stocks in this sector as the above chart shows it is a long way down from its 52-week high of $48.16. Is it a buy you ask? Well probably, but we are waiting for the dust to settle on the planets biggest bail out front and also for the election to pass. Then we will take a serious look at just where the value lies and continue with what was our summer acquisition programme before it was so rudely interrupted.

Other winners yesterday were PAAS up 15.18%, Endeavour up 20.99%, Hecla up 12.18%, Minco up 31.43% and SLW up 25.09%. All these stocks are trading way below their previous highs so once silver gets back into the saddle they will move higher and at some speed.

Silver Standard Resources Incorporated can be found on the NASDAQ under the symbol of SSRI and has a market capitalisation of $521.60 million with 62.69 million shares outstanding.

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Reader Comments (1)

By far, this is THE premier silver stock of all.
It has taken one hell of a beating and is a screaming bargain.

October 30, 2008 | Unregistered Commenterobiwan

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