This is excellent news for the entire silver market DCFM.

I was also surprised at the aggressive nature of the target price applied to CDE given the typically conservative estimates from bank analysts. CDE is the poster-child for miners with massive short positions, so it will be interesting to see how this all unfolds.

When the silver leaders (SLW, CDE, HL, etc.) move higher it will create a vacuum for the smaller silver miners and exploration plays to fill that gap.

An increase of 154% for CDE is equivalent to an approximate $3.7 billion increase in market capitalization. Comparatively, at $3.00/share, ECU would still be less than $1 billion market capitalization with huge upside potential and a massive resource base.

On a technical note, ECU has been digesting the breakout move from November and appears to be preparing for the next run higher that should take us to the $1.95 area.