"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


Sunday, April 17, 2011

SIL (Silver Miners ETF) to Silver ratio

This one is very revealing as it contains silver miners. Its performance against silver since last year has been spectacular - if one can measure a poor showing in those terms (spectacularly poor).

SIL Top Ten Holdings

  1. Silver Wheaton Corporation (SLW): 12.74%
  2. Industrias Penoles SAB de CV (PE&OLES): 11.10%
  3. Fresnillo PLC (FRES): 10.44%
  4. Pan American Silver Corporation (PAAS): 9.82%
  5. First Majestic Silver Corp (AG): 6.86%
  6. Coeur D'Alene Mines Corporation (CDE): 5.64%
  7. Silvercorp Metals Inc. (SVM): 5.22%
  8. Hochschild Mining PLC (HOC): 4.45%
  9. Hecla Mining Company (HL): 4.40%
  10. Silver Standard Resources, Inc. (SSRI): 4.32%

Selected Silver stocks to silver ratio by request

Thanks to the folks who caught my stupid error

I appreciate the emails and notes from so many who took some time out to write and help me get my head on straight when it comes to interpreting my own chart.

A falling GDX to GDXJ ratio does indeed note that GDX in UNDERPERFORMING the latter. That would mean the opposite is occuring from what I wrote! 

Maybe one of these days I will get some sleep and think clearly again. My apologies to the readers and my appreciation for your forebearance.

What the falling ratio would indicate is that the large caps are underperforming against the smaller mid caps and juniors in general.

I am going to leave the former post up as a monument to my denseness. Just flip the analysis around and you will have the right picture. You might also want to focus on some of the stocks I have detailed and compared to silver to get a view of actual company performances against the metal.

I will probably be pressed for time in mentioning this, but if some of you have some particular silver stocks that you want to compare to the performance of the underlying metal send some of the names here and I will attempt to construct the charts so that you get a visual graph of how it is faring.

Thanks again to all