Something big could be brewing for silver: Russell
Veteran precious metals expert Richard Russell says recent trends in silver stocks presage a major price surge in the neglected precious metal.
According to King World News Russell says he has been so busy lamenting lagging gold stocks of late that he failed to provide sufficient attention to silver stocks, which have been leaping ahead after selling for "prices that were cheaper than dirt."
Silver stocks logging impressive gains since September include Coeur D Alene Mines (NYSE:CDE), Silver Wheaton Corporation (NYSE:SLW) and Hecla Mining (NYSE:HL).
Russell believes that although silver is still a bargain, the vigorous gains of silver stocks tell us that "something big could be brewing" and that the "forgotten" commodity could soon be coming into its own.
Russell notes that any surge in the price of silver is sure to have a beneficial impact on gold, of which one ounce currently buys 53.4 ounces of silver.
The US Mint also recently reported that sales of silver Eagles have vastly exceeded those of their gold counterparts in terms of weight this year.