Charts courtesy www.stockcharts.com

Continuing with our plan to deploy our opportunity cash we acquired more of Pan American Silver Corporation at an average price of $36.53 yesterday.

PAAS is now sitting on its 200dma, which in our humble opinion suggests that the downside is limited. The indicators are high at the moment, which is something that we will have to live with. We prefer to buy when the technical indicators are a lot lower however silver is on the move and should take PAAS along for the ride.

We take some comfort from the fact that the stock price is pretty much sitting on the 200dma and that the 50dma has turned north, lending support to future price increases.

Pan American Silver Corporation trades on the NASDAQ under the symbol of PAAS and on the Toronto Stock Exchange under the symbol of PAA.

PAAS has a market capitalisation of $2.81 billion, a P/E ratio of 28.07 with 80.77 million shares outstanding and an EPS of 1.24.

Have a sparkling day.

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