Today an ounce of gold will buy 64 (65 this morning) ounces of silver. The historical ratio has been around 16 to 1, so silver compared with gold is cheap. Nobody knows whether silver will climb back to that old ratio, but we do know that silver is cheap. I like silver here – Richard Russell of Dow Theory Letters.

Silver

Mr. (Ted) Butler’s belief that we could see silver way up there, even in the hundreds of dollars an ounce in the future may seem outlandish to some.

But in a way, we have seen a 15-20 times fold price increase in silver in our lifetimes.  What Mr. Butler believes is possible, has ALREADY happened.

Silver was $1-1.35 or so an ounce in yours and my lifetime.  Using $1 an ounce as a working figure, silver has already gone up about 20 fold since we were born. And silver seems to be staying there.

….read all the rest HERE

Silver puts in a terrific Day

Chart posted by Money Talks @ 5:15 am today

As the NYSE comes to a close we can see that silver prices have put in a terrific day gaining $0.84/oz despite yesterdays broader market success on the back of the European bailout package.

The action was all centered in New York as silver moved to higher ground almost without interruption.

The HUI was also wide awake for this one and it gained a little over 30 points with some of our silver producers going the extra yard and doing very well such as:

Endeavour Silver Corporation Up 9.59%
Silver Wheaton Corporation Up    8.12%
Hecla Mining Company Up    6.17%
Silver Standard Resources Inc Up 4.80%

Endeavour Silver Corporation (EXK) saw their stock price boosted further by yesterdays news release which stated that Silver Production was Up 34% and Cash Costs Down 15% Compared to Q1, 2009. So we are now looking forward to more ‘ten percent’ days from this company, no pressure chaps!

Over in the gold space we have Agnico-Eagle Mines Limited Up 3.47% and AEM Call Options Up 42.68%.

Note the leverage by the Call Option on Agnico-Eagle against the progress of Agnicos stock price, spine tingling stuff, however, there are times that you have to drink de-caf instead of a fully leaded coffee when you are trading options.

Smile if you are a Silver Bug.

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter HERE