Bill,
Here is a comparison of some big silver miners, ECU a premier junior explorer, and the silver ETF over the last 3 months. ECU and SSRI have lost 18% while PAAS has gained 10%, SVM & CDE have gained 17% and GRS has gained 20% but for GRS this is due to a massive rise in the last two weeks. The silver ETF (SLV) was the biggest gainer at 22% increase. So much for leverage of mining companies! There is clearly some catching up to do.

Over 1 year only Silvercorp (SVM) outperformed silver bullion (SLV) and not by much. SSRI was down 8% and ECU down 38%, CDE was break even while PAAS was up 20%. GRS lost almost 60%!

Over 2 years the best performer is SVM at +250% followed by ECU at +140%. Only three of the miners outperformed silver bullion while CDE has declined 13% and GRS 56%.

All the silver miners and ECU are underperforming silver bullion in the medium to short term. As the silver price continues to explode investors are going to realize that silver in the ground is astonishingly under-valued and the silver miners will have to play serious catch up. Perhaps the move of GRS in the last 2 weeks will be mimicked by more mining stocks very shortly.

In the mean time it is very frustrating but this is not the time to throw in the towel.

Cheers
Adrian