After today’s impressive move in precious metals, both gold and silver, I thought I would put a blog focus on silver – more specifically, Canadian silver mining companies.
The primary chatter was around SLV, of course, and, yes, the SLV chart does look pretty impressive and primed for more upside. The problem is that no one understands silver right now and I believe it might struggle to bring in the high volume we saw in April and June necessary to push it back into the 40s. However, we should watch it.
SLV – today’s gap up pushed SLV right up to the top of the descending triangle and falling channel on the daily chart, but volume wasn’t that of a breakout. To push through tomorrow, or anytime soon, we’ll need volume.. lots of it. But, the chart is looking ready with an intermediate target of 37.60.
If you’re not playing silver via SLV (via option calls), then here are some Canadian Mining Companies worth watching (there are some gold miners mixed in here, as well):