analysts `depending on who they work for, often create a very conservative 'fair' value based on the previous years silver price average, which isnt conducive to rising prices for the metal.   ECU currently trades both in the US and Canada whihc means that shares issued are probably split over two exchanges.  In fact its conceivable a chunk may be locked up effectively as the stock seems to be very volatile considering available shares. 

There are a lot of people following ECU in Canada because of its elevation to primary position on the TSX venture listing.  I would underestimate the impact of a rising silver price