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A Chart for this Day

Commentaries & Views

This chart courtesy Stockcharts.com features ‘SIL’ the Silver producers ETF.  The chart pattern is a ‘declining wedge’.  Quite often this formation will break out to the upside.  Notice the building of ‘UP’ volume in anticipation of the next move.  It is by far the highest volume of the year.  Confirmation of a bottom will be a breakout at the blue arrow. The RSI at the top is near support and the MACD at the bottom has already turned positive.        …..And now we await the outcome.  (Meanwhile the amount of silver held in ETFs and Trusts increased last week by over 6 million ounces! The amount of silver backing SLV rose by 2.7 million ounces on Dec. 5th  and by another 1.1 million ounces on Dec 7th!)

There are 27 components to SIL and here are the top 15.

Holding

Weighting

Wheaton Precious Metals Corp (WPM)

13.48%

Polymetal International PLC (POLY:LSE)

13.15%

Fresnillo PLC (FRES:LSE)

12.03%

Korea Zinc Inc (010130:KSC)

11.88%

Pan American Silver Corp (PAAS)

4.54%

Coeur Mining Inc (CDE)

4.49%

Tahoe Resources Inc (THO:CAQ)

4.42%

Industrias Penoles SAB de CV (PE&OLES*:MEX)

4.30%

Hecla Mining Co (HL)

3.75%

First Majestic Silver Corp (FR:CAQ)

3.74%

Volcan Compania Minera SAA (VOLCABC1:LMA)

3.65%

SSR Mining Inc (SSRM)

3.44%

Hochschild Mining PLC (HOC:LSE)

2.66%

MAG Silver Corp (MAG:CAQ)

2.58%

Fortuna Silver Mines Inc (FVI:CAQ)

2.33%

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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