Monday, April 25, 2011

Silver Wheaton (SLW) Pressured after Silver Misses Record

Shares of Silver Wheaton (NYSE:SLW) were under pressure as were other miners (HL) (PAAS) and (SSRI), after silver missed a record price level and pulled back.

Spot silver prices fell close to 2 percent, wiping out sharp initial gains, after a technical failure to take out a record price set in 1980 triggered a heavy bout of selling.

Spot silver XAG= was lower by 0.8 percent to $46.29 an ounce, off from a session high of $49.31. U.S. silver futures soared as much as over 8 percent to a intraday high of $49.82 an ounce, off an all-time peak of $50.35 set Jan. 18, 1980.

Canaccord Genuity recently upgraded Silver Wheaton from a "Hold" to a "Buy."

Silver Wheaton was trading at $41.61, falling $0.75, or 1.77 percent, as of 12:36 PM EDT.

No comments: