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« Pan American Silver Corporation: First Quarter Highlights | Main | Silver Wheaton Corporation: Watch for the next Options Trading opportunity »

Silver Prices at $19.34/oz

Silver Chart 12 May 2010.jpg

As the NYSE comes to a close we can see that silver prices have put in a terrific day gaining $0.84/oz despite yesterdays broader market success on the back of the European bailout package.

The action was all centered in New York as silver moved to higher ground almost without interruption.

The HUI was also wide awake for this one and it gained a little over 30 points with some of our silver producers going the extra yard and doing very well such as:

Endeavour Silver Corporation Up 9.59%
Silver Wheaton Corporation Up 8.12%
Hecla Mining Company Up 6.17%
Silver Standard Resources Inc Up 4.80%

Endeavour Silver Corporation (EXK) saw their stock price boosted further by yesterdays news release which stated that Silver Production was Up 34% and Cash Costs Down 15% Compared to Q1, 2009. So we are now looking forward to more 'ten percent' days from this company, no pressure chaps!

Over in the gold space we have Agnico-Eagle Mines Limited Up 3.47% and AEM Call Options Up 42.68%.

Note the leverage by the Call Option on Agnico-Eagle against the progress of Agnicos stock price, spine tingling stuff, however, there are times that you have to drink de-caf instead of a fully leaded coffee when you are trading options.

Smile if you are a Silver Bug.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here. we have been rather fortunate to close both the $15.00 and the $16.00 options trade on Silver Wheaton Corporation, with both returning a little over 100% profit.

If you would like to get a bit more bang out of your buck, then check out our Options Trading Service please click here.

For the analysis of a recent options trade that we have just closed please click this link.

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Reader Comments (12)

The JPMorgan traders have...paused...visions of handcuffs, trials, and they're frantically calling bullion dealers to cover those massive shorts they're so fond of...hooyeah!

May 12, 2010 | Unregistered Commentersnakeman

Stop it you guys, please spare a thought for us poor silversmiths, soon we wont be able to afford to buy any silver, anyone got any scrap they want to sell!!

May 13, 2010 | Unregistered CommenterStewart Hersey

If you're serious about scrap, ebay's a good place to find various sellers unloading all manner of well as my favored snake coins...and just about any other physical you seek up to 100oz bars...regards...Snakeman Scott

May 13, 2010 | Unregistered Commentersnakeman

Thanks Snakeman, I do check ebay out for silver scrap now and then.. but it seems a wee bit over priced when you factor the post in (And generally it is smaller quantities 2 - 15 oz)I'll take another look though..

May 14, 2010 | Unregistered CommenterStewart Hersey

That's part of the art of buying from ebay, know clearly what seller is charging for shipping and factor that different than buying from a bullion dealer off ebay...I picked up a troy pound of scrap silver ingots a few years back for about 10% under spot silver at the time...seller was a budding silversmith learning how to make ingots...I was looking to buy some weight...not pretty but I'm not worried what I'm gunna do with it when silver's $100/oz...

It takes time to find and follow the multitude of deals on ebay at any given time but it has worked out well for me, and ebay backs deals 100% as long as you don't use Western Union to send money, that sort of thing...

And like I said, I can't find my snake coins anywhere else, esp the vintage stuff...

Good luck...S

May 14, 2010 | Unregistered Commentersnakeman

Nice comments Snakeman.. but unlike you I really don't need silver to reach $100/oz, imagine the price of a silver candlestick, not funny!
I did however pick up 2.5 kilos of silver coin from a dealer for a good price on Saturday :-)

All the best, Stewart

May 17, 2010 | Unregistered CommenterStewart Hersey

Good score there Stewart, I'm guessing 2.5 kilos of junk silver, ie pre-1964...? I myself won on ebay a very rare silver Russian snake coin sunday night...probably no more than a few dozen of this mintage have made it outside of Russia...and I now own the 3 I've ever seen's a wicked piece! OK padre, have a good week...S

May 17, 2010 | Unregistered Commentersnakeman

They were special edition collectors Leonardo Di Vinci coins from the 1970's, 50g each, a set of 50. Good eh!

May 17, 2010 | Unregistered CommenterStewart Hersey

Sounds like a super nice score indeed! Alas, but that won't help your quest for some silversmith material...aach, we got to do what we got to do LOL...

And now, look how the Powers That Be slammed silver this morning. The Games shall continued to be played, for the time being.

May 17, 2010 | Unregistered Commentersnakeman

I was going to re cycle the coin, do you think there is a premium to be had on this lot? Am I crazy to turn it into bangles? I paid scrap for them, so about 20% under the fix, but there is a cost involved in turning it in to sheet or wire that I can work with, maybe I should just stick them on ebay and save myself the trouble!

May 18, 2010 | Unregistered CommenterStewart Hersey

Unless they're in really bad shape, the set is probably a very limited edition that has appreciated in value, especially a current and HISTORICAL search on ebay to see the selling history of the set and/or key coins from the set...odds are many of the sets were melted down in the big "melt down" that's talked about during the big silver bull run of the 80's...same thing happened with some of the vintage reptile pieces I collect...those mintages have appreciated significantly since then, your set has likely too...if you paid less than spot you probably have made an instant profit on the that ebay search and find out...good luck...S

May 18, 2010 | Unregistered Commentersnakeman

Team, This is good input, keep it up and many thanks, Bob K

May 19, 2010 | Unregistered CommenterSilver Prices

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