Nearly a week ago we wrote that we thought that both gold and silver are in for a correction. Therefore we recommended no buying at current prices, although we have not changed our long term outlook; that silver is in a terrific bull market.

Here is a summary of the silver stocks we are following at the moment:

Hecla Mining Company (HL) $9.07 – Bought for $5.27 has gained 72.1% - a quality silver stock going along nicely and remains one of core holdings. We thought Hecla was overbought recently, as it hadn’t corrected with other silver stocks, therefore we took profits on Hecla at $11.89 and bought it back at $9.72, getting a 18% discount on our shares. We will continue to hold Hecla for the long term as we believe this stock has along way to go as this silver bull market continues.

Pan American Silver Corp (PAAS) $36.30 – Bought for $18.00 has gained 101.6%. On the 23rd August we gave another BUY signal on PAAS when we said “We made a further purchase today at $24.10” and this trade shows a profit of 50.62% in just five months.

Silver Wheaton Corp (SLW) $15.98 – Bought for $9.41 and so this stock has increased 69.81% since we bought. Silver Wheaton is a unique silver company and one which is in prime position to continue to profit from rising silver prices.

Silver Standard Resources Inc (SSRI) $33.61 – Bought for $19.98 and this stock has gained over 68.2%. On the 20th August we gave another BUY signal when we wrote “we think Silver Standard is at a good level to buy at the moment and we bought today at $28.99.” that is now showing a gain of 15.9% in five months.

Eagle Plains Resources Limited (EPL) $C0.39 – Bought for $0.53 but this stock has been hammered recently and so we are looking at a paper loss of 26.4%. We expect this stock to make a recover soon and rise to challenge its hold highs before too long, but some good press releases are needed for this to happen.

Endeavour Silver Corp (EXK) $3.50 – We bought Endeavour for $3.97 so we are now down slightly on this stock. However we are confident in the Endeavour management team and we think that this stock could double from here, so if you can bear the volatility in the short term, we think it will pay off in the longer term. EXK recently beat its production target by 7%, please see recent post.

Minco Silver Corp (MSV) $C3.25 - Bought for $2.80 and this stock is now showing a gain of over 16%. Minco Silver did take a battering but we have kept our nerve and now the price in recovering so our patience is beginning to pay off.

Traders Corner: We think silver prices are about to correct ( already correcting as we speak!) in the short term and we may take that opportunity to make a short term trade on silver as we have done in the past. Please stay tuned for our trading signals by subscribing to The Silver Prices Newsletter completely FREE of charge. Simply click here and enter your email address.