|
Canadian
|
|
|
|
Date
|
Dollar
|
Silver
|
ECU.TO
|
|
August 24, 2010
|
93.77
|
$17.7700
|
$0.5500
|
|
December 7, 2010
|
99.85
|
$30.6700
|
$1.4500
|
|
Today
|
103.05
|
$35.2000
|
$1.1500
|
Did ECU go too far too fast between August 24, 2010 and December 7, 2010? Or, is the performance since December 7th illogical?
In addition to the solid rise in Silver's price, ECU has been busy pumping out good news...as summarized nicely in Yesterday's news release.
On December 6, 2010, we were provided this piece of good news:
Michel Roy, CEO and Chairman of ECU stated, "The mantos-type of mineralization is typically related to replacement bodies which is a very encouraging development for us, as some of the best orebodies in Mexico are of this type of mineralization. Historical mining in "mantos" style deposits have shown that these types of mineralization are generally associated with very high grades and good widths."
We hit a high the next day, and it has been ugly ever since.
At the same time, other juniors have exploded recently, such as Impact Silver.
Very frustrating...but in the big picture, we are talking about a short time frame and stock prices can be very illogical over shorter time frames.
One thing I am hoping for is a completion of the ABC pattern up off the August 24, 2010 low via a "C' leg up to the $1.90 area for ECUXF, which would be roughly $1.96 for ECU.TO.
