Silver and silver mining stocks are soaring higher today. The popular iShares Silver Trust (ETF)
(NYSEARCA:SLV) has been under severe selling pressure lately. However since the Ben Bernanke comments yesterday about extending QE-3, the precious metal has surged higher by over 4.3 percent on today’s trading session. Traders should note that the SLV is trading into an important daily chart resistance level at $19.29, this is the 20-day moving average. Should the SLV clear this level in the next few days the next important resistance area will be around the $20.05 level.
Some other silver related equities that are rallying today include Silver Wheaton Corp. (USA)
(NYSE:SLW), Pan American Silver Corp. (USA) (NASDAQ:PAAS), and First Majestic Silver Corp
(NYSE:AG). Many investors should note that silver possesses the highest electrical conductivity of any element and the highest thermal conductivity of any metal. The precious metal is used in most radio radio-frequency devices such as smart phones. Silver is also highly affected by the value of the U.S. Dollar, usually the precious metal will trade inversely to the dollar.