Silver Wheaton Corporation: BUY!
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| Topic: Silver Mining Companies — July 15th, 2008
Yesterday we decided to take the plunge and acquire more shares in Silver Wheaton Corporation having failed to acquire it with low bids recently. We met the market and paid an average price of $15.61 for this stock. This purchase looks a little expensive at the moment however we expect silver to challenge and beat its previous highs by the end of the year propelling Silver Wheaton to higher ground.
We prefer to buy when the technical indicators are on the floor however the silver train has started to head north earlier than we expected. 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.
Silver Wheaton Corporation. (TSX: SLW, AMEX: SLW) has also recently been listed on the New York Stock Exchange (NYSE: SLW).
Have a good one.
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I Like SLW a lot too. I am looking at the gap at the 50 d.m.a. to buy , it looks like it should get filled, and I am hoping for an intraday pull back and fill it and head north. Hoping too much??? No…all the metals mining stocks have broken out with great volume and are retesting the break out. LOAD UP I am going for SLW at the gap…more ABX, EXK , now in SSRI and GG !!
happy trades
Comment by Robert — July 16, 2008 @ 8:09 pm
Re: Silver Wheaton
Previously, you mentioned $13 being support. On Friday, Aug. 1, it was broken. Is this a result of the recent earnings release and more? Do you still hold SLW? What is your latest take on silver and specifically SLW? Still think that silver will outperform gold for the rest of the year?
Comment by SS — August 1, 2008 @ 9:03 pm
SS,
Yes we still hold SLW, if we buy or sell anything we will post it on this site as we do for every trade that we make.
Silver was down $0.26 yesterday so there was a negative impact on most silver producers. This is the last few weeks of the summer season, which we regard as a window of opportunity. We have 2 maybe 3 more ‘buys’ to make and SLW may be one of them. We are still working on just where to deploy what remains of our opportunity cash. But when we do move it will be on here in minutes, hope this helps.
Comment by Silver Prices — August 2, 2008 @ 5:34 am
We have just signalled another BUY on SLW.
http://www.silver-prices.net/slw-buy/
Comment by Silver Prices — August 6, 2008 @ 6:37 pm