I have made to far 70K on spot silver this morning. My SLW long postion and Call spread is looking very handsome as well. Spot Silver is already up an incredible 70 cents today and headed past $14. Going to $20 in very near term and the printing presses are running 24/7 and the dollar will virtually collaspe in this bailout debacle. SLW is the best play out there because they are the biggest holder of Silver Buillion in the World. Furthermore they finance other miners to get their mines on line and in exchange for the financing they get to buy all the Silver out of their mines for $3.90 an oz. for usually 20yrs!!! Did you hear that correctly? Yes, you did! They get their Silver at $3.90 an oz! AS the price of Silver will dramatically rise over the next several years, SLW profits will soar. They have posted a profit every quarter since their inception in 2004. Biggest Buyer/Holder of Silver in the World with profits that are going to soar over the next several years. Get in while you can PPS is going up strongly and will go back to it's 52 week high of $20 very quickly.
There is also a new Gold Wheaton. http://www.stockhouse.com/tools/?page=/financialTools/sn_overview.asp?symbol=V.GLW
Some interesting points here. Problem with metals based companies like SLW is that a lot of their performance naturally follows the US $. All looks rosy at the moment as the metals have surged again. However, should the US Dollar come again, these stocks will almost certainly decline, no matter how good their fundamentals are. Out of interest were you long on the way down too ?
decided to take a long position in SLW against a short one in SLV not looking that good P+L wise tonight but there is always another day