Gold Digger: Silver Squeeze 2.0? Keep a level head

As it hits a 13-year high, silver bulls online are trying to arrange a new silver squeeze
But experts warn it’s prudent to be sceptical about co-ordinated short squeezes
More moderate forecasters continue to be constructive on silver prices

Folk on the internet are calling for a new silver squeeze, branding March 31 as “BUY SILVER DAY”, promoting a buy up to break the so-called “price manipulation” of major financial institutions they claim suppresses the internet’s favourite metal.

One has even written a fictional anticipatory history predicting a breakdown of the world order in just days as silver hits US$1000/oz by mid-April.

In this Cormac McCarthy-esque rendering of reality, the balance of power shifts from the JPMorgans of this world to the silver stackers.

The bullion banks are husks; two have fallen, the rest cling to lifelines that might not hold. Governments raid vaults, but apes are way swifter – silver slips into private hands like a secret too big to keep. I’ve sold a few ounces to prop up a friend’s pub – loyalty cuts through the chaos – but the rest I grip tight. This isn’t just wealth; it’s a weapon. The banks ruled us; now they’re dust.

Christ, it’s freaking wild. Give it a read in case you missed your last microdose of LSD.

*This is not a vision of the future shared by Stockhead

WTF is Buy Silver Day?

#silversqueeze has been a popular community and catch phrase for precious metals investors for years on reddit and Twitter (now Elon Musk’s X).

In short, they think the metal’s price, in the doldrums for years, has been manipulated by large banks which have placed shorts on the commodity – effectively bets that allow them to profit when the price goes down.

Silver stackers claim to be accumulating the precious metal, around half of which is used in industrial applications largely thanks to a surge in solar PV production, in the hope it breaks out.

The commodity has followed its shinier cousin gold higher in the past year as investor sentiment has shifted in favour of safe haven metals. At US$33.76/oz on Wednesday, silver sat near decade long highs, but at a ratio of a 90:1 discount to the gold price, well above the 35:1 ratio seen in the last silver bull run in 2011.

But it’s gathering fresh steam on the internet of weird things ahead of March 31, which an X user called SqueakyMouse has branded as Buy Silver Day, dovetailing with the launch of a new Silver Squeeze community to coordinate a run on physical silver in an attempt to outmanouevre the banks.

🚨March 31st, BUY SILVER🚨Lets take back price control and break the banks. Spread the word; who’s in. #silversqueeze pic.twitter.com/bLl0hk725D

— Sqeaky Mouse (@TheSqeakyMouse) March 22, 2025

It all evokes memories of March 27, 1980 – 45 years ago yesterday – when oil barons the Hunt brothers tried and failed to corner the silver market, sending prices surging to US$50/oz (~US$180/oz adjusted for inflation) before losing big when the price collapsed and they faced a margin call.

Buy Silver Day’s facade is counter-cultural, but it’s also got a thick veneer of marketing that welcomes a sceptic’s perspective.

Experts say, be cautious

Experts say it’s important not to be sucked into the Robin Hood tropes used by promoters of short squeezes, who often stand to benefit from whipping retail investors into a frenzy.

Noah Rule’s Sean Russo, who advises companies on hedging and project finance, is long silver because the trend is positive. But he says he’s longer on gold and warned “you don’t need to believe in a conspiracy to be positive about having silver in your portfolio.”

He cautioned that movements like “Buy Silver Day” create a “sense of urgency because they want you to act”.

Instead, people should invest in assets sensibly with a long term strategy in mind. The history of past sharp silver spikes – 1980, 2010-11 and 2021 – was that they retraced as buyers piled in.

“Every parabolic market ends the same way, it retraces 80%. Unless you’re in and out very quickly you’re going to be a spotter for that run,” he said.

Wall Street Bets

The original ‘silver squeeze’ of the Covid era came when a push from reddit forum Wall Street Bets led a sharp lift in silver prices in January 2021, a follow on from other anti-establishment, anti-short movements carried out through the community like the GameStop run.

It was short-lived and prices had collapsed under US$20 by mid-2022.

Russo says a lot of that comes down to India. While the run to US$28/oz in January 2021 was modest compared to today’s US dollar silver price, in Rupee terms it was a record.

Silver stocks may not all be recorded in official ledgers, but they are plentiful. When prices surge, the temptation to melt down silverware for profit or sell to trade up to gold is strong.

Indian market participants sold into the domestic record price, levels which have been hit again in India in this year’s run.

“During Covid, the Reddit crowd, convinced the banksters were short silver, tried to ramp #silvertothemoon but got it to 28 USD/oz. On the other side of the world, that buying was presenting Indians, that were not getting government stimmy checks, with local silver prices around all-time record highs of 2000 INR/oz,” Russo reminded clients in a note last April.

“Ironically, perhaps the reason silver is not rising is because retail in the US (including the Reddit crowd), is happy to sell because they are finally back at break even after 3 years. There are plenty of stories of dis-hoarding and retail sales in the US. Might silver go to the moon and leave many of them behind in Mom and Pop’s basement?” he added elsewhere in the note at the time.

Some large investors have spread extraordinarily bullish silver cases. Eric Sprott, the billionaire founder of the asset manager named after him which runs a prominent silver ETF, recently told Kitco at the PDAC conference he could see the logic in arguments silver could get to US$250 or US$500/oz (well above even the inflation adjusted highs of the Hunt Brothers squeeze), repeating an argument that the silver:gold ratio could go to 15:1, closer to their proportional production rates.

In that scenario gold could get to US$8000-10,000/oz. A boy can dream.

Many mainstream analysts are also long silver, but are substantially more moderate in their projections.

Long silver

Capital Economics revised its target this year to an “above consensus” US$35/oz for 2025, upping 2026 levels to US$38/oz.

Melbourne fund manager Roscoe Widdup’s T8 Capital, which holds positions in silver equities in both its gold and energy vision portfolios, last year suggested in a note it could run to US$50/oz within 1-2 years, a forecast Widdup said remains in tact.

But its logic is far more fundamental than conspiratorial, centred on the presence of large deficits and growing demand from a dramatic expansion in Chinese solar PV production.

While the silver market isn’t as liquid as gold – Widdup estimates it would around a tenth of the size of the US$230bn a day gold market – he said its scale made it relatively efficient in enabling price discovery compared to equities and the retail market. Squeezes are more likely to occur in silver than gold, given the smaller size of the market and the access of retail investors to physical-backed ETFs, Widdup noted.

But that doesn’t mean a price spike will persist.

“If you get a spike, it will only be a spike for a short time because at some point supply which is not mine supply will enter the market,” Widdup said.

Nor is there evidence of institutional price manipulation.

Russo says many short positions are being held to hedge against positions elsewhere.

“That’s just beyond most of their understanding and some guy who runs a silver thing that sells silver coins at a premium whips them up into a fever that they’re going to stick it to the man, they’re going to be like a guy in the Big Short,” he said of Reddit led silver squeeze marketing.

Average breakeven points for pure silver miners, most of them Canadian listed, were around US$27/oz in 2024, though a large portion of primary silver supply comes as a by-product of gold, copper and base metals mining.

Silver moved beyond US$34/oz on Thursday night, trading around 13 year highs, while gold surged in the direction of US$3060/oz, hitting a new record after markets digested Donald Trump’s declaration of 25% tariffs on foreign made autos.

Trump recently couched some of his language on the April 2 reciprocal tariffs, as he looked to arrest market negativity that has pulled US stocks from record highs and lit up recession fears for the world’s largest economy.

Still, safe haven buying and central bank purchasing has powered unprecedented demand for bullion.

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

CODE	COMPANY	PRICE	WEEK %	MONTH %	6 MONTH %	YEAR %	YTD %	MARKET CAP
MRR	Minrex Resources Ltd	0.008	0%	0%	0%	-41%	14%	$ 8,678,940.02
NPM	Newpeak Metals	0.014	-7%	0%	-7%	43%	27%	$ 4,186,932.50
ASO	Aston Minerals Ltd	0.019	0%	12%	36%	46%	111%	$ 24,606,221.11
MTC	Metalstech Ltd	0.11	0%	-15%	-33%	-29%	-21%	$ 22,717,040.55
GED	Golden Deeps	0.0195	-7%	-19%	-49%	-60%	-22%	$ 2,926,424.63
G88	Golden Mile Res Ltd	0.009	0%	-18%	-10%	-25%	0%	$ 4,898,230.70
LAT	Latitude 66 Limited	0.07	8%	-5%	-48%	-65%	84%	$ 9,321,045.83
NMR	Native Mineral Res	0.087	13%	16%	314%	263%	123%	$ 62,370,500.50
AQX	Alice Queen Ltd	0.0055	-15%	-31%	-31%	10%	-31%	$ 6,307,895.37
SLZ	Sultan Resources Ltd	0.008	14%	-11%	33%	-33%	33%	$ 1,851,759.28
KSN	Kingston Resources	0.09	7%	15%	5%	4%	27%	$ 72,332,031.46
AMI	Aurelia Metals Ltd	0.255	0%	21%	50%	70%	50%	$ 431,606,023.20
GIB	Gibb River Diamonds	0.0385	-8%	10%	-4%	48%	-4%	$ 7,936,849.47
KCN	Kingsgate Consolid.	1.535	3%	15%	11%	32%	19%	$ 382,761,262.62
TMX	Terrain Minerals	0.003	-25%	-25%	-25%	-25%	0%	$ 6,010,669.80
BNR	Bulletin Res Ltd	0.042	0%	-7%	-13%	-33%	8%	$ 12,038,146.24
NXM	Nexus Minerals Ltd	0.07	-4%	9%	52%	46%	56%	$ 35,139,263.54
SKY	SKY Metals Ltd	0.051	2%	-4%	28%	55%	-6%	$ 35,535,158.30
LM8	Lunnonmetalslimited	0.22	5%	5%	38%	-20%	-12%	$ 47,435,057.41
CST	Castile Resources	0.073	-4%	18%	-4%	3%	-9%	$ 22,319,646.34
YRL	Yandal Resources	0.15	0%	-19%	67%	67%	-14%	$ 49,477,597.12
FAU	First Au Ltd	0.002	-20%	0%	0%	0%	0%	$ 5,179,983.19
ARL	Ardea Resources Ltd	0.435	5%	-6%	7%	-40%	32%	$ 83,866,824.30
GWR	GWR Group Ltd	0.083	-10%	-13%	-1%	-17%	4%	$ 26,660,982.37
IVR	Investigator Res Ltd	0.025	4%	9%	-31%	-39%	25%	$ 36,544,230.20
GTR	Gti Energy Ltd	0.003	20%	0%	-33%	-57%	-14%	$ 8,996,848.99
IPT	Impact Minerals	0.006	0%	-29%	-53%	-55%	-36%	$ 18,583,246.55
BNZ	Benzmining	0.39	0%	-7%	105%	179%	13%	$ 49,094,405.52
MOH	Moho Resources	0.004	33%	0%	-43%	-20%	-20%	$ 2,923,498.30
BCM	Brazilian Critical	0.008	0%	-20%	-33%	-62%	-11%	$ 8,503,668.70
PUA	Peak Minerals Ltd	0.011	10%	10%	467%	356%	42%	$ 33,687,855.48
MRZ	Mont Royal Resources	0.041	0%	0%	-23%	-41%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.03	11%	0%	-36%	-13%	-17%	$ 3,946,972.98
MVL	Marvel Gold Limited	0.012	20%	9%	9%	20%	33%	$ 11,877,122.17
PRX	Prodigy Gold NL	0.002	0%	0%	0%	-44%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	-11%	-20%	0%	-80%	33%	$ 8,481,504.23
CWX	Carawine Resources	0.099	-6%	3%	5%	-8%	-1%	$ 23,376,419.45
RND	Rand Mining Ltd	1.765	7%	4%	-1%	29%	17%	$ 100,386,071.17
CAZ	Cazaly Resources	0.015	7%	0%	0%	-21%	7%	$ 6,919,544.87
BMR	Ballymore Resources	0.125	-7%	14%	-11%	0%	4%	$ 22,091,323.13
DRE	Dreadnought Resources Ltd	0.013	-19%	-24%	-19%	-24%	8%	$ 62,388,000.00
ZNC	Zenith Minerals Ltd	0.052	2%	24%	21%	-43%	30%	$ 21,186,953.94
REZ	Resourc & En Grp Ltd	0.019	-14%	-27%	-24%	58%	-17%	$ 13,432,782.44
LEX	Lefroy Exploration	0.085	-8%	-6%	12%	-13%	21%	$ 21,115,711.73
ERM	Emmerson Resources	0.15	15%	25%	233%	206%	95%	$ 88,986,643.06
AM7	Arcadia Minerals	0.02	0%	0%	-43%	-71%	5%	$ 2,347,668.66
ADT	Adriatic Metals	4.62	2%	8%	29%	16%	18%	$ 1,397,280,617.60
AS1	Asara Resources Ltd	0.041	21%	21%	173%	356%	116%	$ 44,047,113.92
CYL	Catalyst Metals	5.51	20%	31%	98%	754%	114%	$ 1,215,888,306.72
CHN	Chalice Mining Ltd	1.21	-17%	-21%	-19%	20%	10%	$ 517,405,628.04
KAL	Kalgoorliegoldmining	0.07	11%	3%	192%	192%	289%	$ 24,984,059.40
MLS	Metals Australia	0.021	5%	5%	-13%	-9%	-9%	$ 13,845,670.96
ADN	Andromeda Metals Ltd	0.008	14%	14%	0%	-65%	14%	$ 24,001,093.82
MEI	Meteoric Resources	0.07	-5%	0%	-39%	-71%	-18%	$ 158,906,669.18
SRN	Surefire Rescs NL	0.003	-14%	0%	-57%	-73%	-14%	$ 7,248,923.44
WA8	Warriedarresourltd	0.064	0%	36%	5%	45%	45%	$ 59,252,284.56
HMX	Hammer Metals Ltd	0.028	-10%	-10%	-24%	-24%	-15%	$ 25,745,002.30
WCN	White Cliff Min Ltd	0.017	-6%	-6%	-11%	13%	6%	$ 32,223,002.72
AVM	Advance Metals Ltd	0.048	0%	9%	100%	37%	41%	$ 9,343,702.48
ASR	Asra Minerals Ltd	0.0035	17%	17%	-30%	-30%	17%	$ 8,305,943.90
ARI	Arika Resources	0.021	0%	-43%	-28%	5%	-22%	$ 13,620,435.72
CTO	Citigold Corp Ltd	0.004	0%	14%	33%	0%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.59	0%	4%	-24%	43%	22%	$ 411,949,644.75
M2R	Miramar	0.004	0%	33%	-43%	-76%	33%	$ 1,825,387.11
MHC	Manhattan Corp Ltd	0.018	0%	-10%	-40%	-57%	-5%	$ 4,228,180.16
GRL	Godolphin Resources	0.012	-14%	-25%	-8%	-67%	-17%	$ 4,309,183.80
SVG	Savannah Goldfields	0.017	21%	6%	-7%	-25%	-7%	$ 10,906,809.66
EMC	Everest Metals Corp	0.17	0%	-3%	36%	113%	26%	$ 38,043,252.12
GUL	Gullewa Limited	0.048	-13%	-14%	-26%	-13%	-14%	$ 10,465,064.26
CY5	Cygnus Metals Ltd	0.11	-8%	-12%	38%	112%	10%	$ 89,169,325.46
G50	G50Corp Ltd	0.15	0%	11%	-14%	11%	-3%	$ 23,286,660.56
ADV	Ardiden Ltd	0.14	0%	-7%	0%	-15%	4%	$ 8,127,275.78
AAR	Astral Resources NL	0.16	0%	19%	52%	167%	19%	$ 220,421,744.00
VMC	Venus Metals Cor Ltd	0.11	5%	39%	80%	0%	64%	$ 21,574,155.13
NAE	New Age Exploration	0.005	11%	25%	-17%	25%	43%	$ 11,967,295.10
VKA	Viking Mines Ltd	0.007	-22%	-13%	0%	-30%	-13%	$ 10,625,178.56
LCL	LCL Resources Ltd	0.008	14%	-11%	-20%	-33%	-20%	$ 8,363,688.95
MTH	Mithril Silver Gold	0.425	6%	27%	-30%	113%	6%	$ 56,847,773.58
ADG	Adelong Gold Limited	0.005	-9%	-17%	25%	25%	11%	$ 6,987,430.99
RMX	Red Mount Min Ltd	0.008	-11%	-11%	-20%	-54%	-11%	$ 3,719,662.37
PRS	Prospech Limited	0.023	0%	-15%	-36%	-45%	-21%	$ 7,562,995.40
TTM	Titan Minerals	0.445	7%	2%	1%	59%	17%	$ 109,237,934.82
AKA	Aureka Limited	0.155	0%	3%	-98%	-98%	15%	$ 16,901,757.84
AAM	Aumegametals	0.043	-7%	8%	-4%	-4%	2%	$ 25,372,747.76
KZR	Kalamazoo Resources	0.08	-1%	3%	1%	-14%	8%	$ 16,332,694.33
BCN	Beacon Minerals	0.027	4%	8%	17%	17%	23%	$ 111,998,651.09
MAU	Magnetic Resources	1.505	0%	11%	10%	56%	36%	$ 392,138,890.50
BC8	Black Cat Syndicate	0.94	12%	10%	104%	370%	66%	$ 525,629,474.30
EM2	Eagle Mountain	0.006	20%	-25%	-87%	-87%	-33%	$ 6,810,223.73
EMR	Emerald Res NL	3.82	-8%	-4%	-5%	31%	18%	$ 2,484,518,090.04
BYH	Bryah Resources Ltd	0.004	0%	0%	0%	-64%	33%	$ 2,507,202.91
HCH	Hot Chili Ltd	0.66	-3%	-11%	-22%	-38%	-6%	$ 107,633,265.79
WAF	West African Res Ltd	2.39	4%	36%	34%	104%	67%	$ 2,610,088,972.76
MEU	Marmota Limited	0.042	-11%	-19%	15%	-5%	8%	$ 49,488,843.18
NVA	Nova Minerals Ltd	0.295	-9%	2%	119%	18%	-20%	$ 99,812,999.27
SVL	Silver Mines Limited	0.11	5%	36%	17%	-33%	41%	$ 177,977,539.20
PGD	Peregrine Gold	0.19	27%	65%	-5%	-10%	36%	$ 13,906,194.75
ICL	Iceni Gold	0.078	-1%	-3%	100%	225%	10%	$ 24,322,952.84
FG1	Flynngold	0.026	18%	0%	-16%	-42%	4%	$ 8,030,531.75
WWI	West Wits Mining Ltd	0.018	-5%	0%	29%	20%	29%	$ 49,877,217.74
RML	Resolution Minerals	0.0095	0%	19%	-41%	-53%	-21%	$ 4,723,899.88
AAJ	Aruma Resources Ltd	0.011	-15%	10%	-35%	-35%	-8%	$ 2,442,639.89
HWK	Hawk Resources.	0.023	0%	-8%	-23%	-48%	5%	$ 6,231,377.33
GMN	Gold Mountain Ltd	0.002	0%	0%	-33%	-50%	-33%	$ 9,158,446.37
MEG	Megado Minerals Ltd	0.015	25%	0%	-2%	57%	-12%	$ 6,295,248.93
HMG	Hamelingoldlimited	0.078	0%	42%	15%	8%	22%	$ 12,648,000.00
BM8	Battery Age Minerals	0.064	7%	-4%	-39%	-39%	-39%	$ 7,505,243.36
TBR	Tribune Res Ltd	4.6	-3%	-5%	-7%	24%	7%	$ 241,877,834.97
FML	Focus Minerals Ltd	0.205	-2%	3%	52%	11%	21%	$ 58,744,522.23
VRC	Volt Resources Ltd	0.005	25%	25%	25%	-9%	67%	$ 21,081,500.92
ARV	Artemis Resources	0.009	13%	13%	-31%	-47%	13%	$ 22,756,763.77
HRN	Horizon Gold Ltd	0.4175	1%	3%	13%	61%	-13%	$ 61,556,967.28
CLA	Celsius Resource Ltd	0.007	-13%	-36%	-42%	-50%	-36%	$ 20,352,998.40
QML	Qmines Limited	0.045	2%	2%	-53%	-36%	-17%	$ 18,871,726.98
RDN	Raiden Resources Ltd	0.0055	10%	10%	-88%	-77%	-50%	$ 18,979,902.93
TCG	Turaco Gold Limited	0.395	10%	16%	22%	132%	55%	$ 315,833,511.35
KCC	Kincora Copper	0.023	-8%	-15%	-47%	-45%	-15%	$ 5,302,345.82
GBZ	GBM Rsources Ltd	0.008	0%	14%	-11%	-11%	0%	$ 9,368,559.82
DTM	Dart Mining NL	0.005	0%	0%	-71%	-68%	-44%	$ 3,438,819.57
MKR	Manuka Resources.	0.026	-19%	-10%	-26%	-66%	-7%	$ 21,890,727.06
AUC	Ausgold Limited	0.56	3%	24%	12%	75%	33%	$ 196,138,141.10
ANX	Anax Metals Ltd	0.008	-11%	-16%	-67%	-62%	-33%	$ 7,062,460.54
EMU	EMU NL	0.035	21%	13%	52%	27%	30%	$ 5,420,839.45
SFM	Santa Fe Minerals	0.04	-2%	-2%	14%	-11%	29%	$ 2,912,751.56
SSR	SSR Mining Inc.	17.7	1%	5%	101%	188%	62%	$ 60,070,248.00
PNR	Pantoro Limited	0.165	0%	18%	43%	170%	83%	$ 1,086,410,097.47
CMM	Capricorn Metals	8.15	-1%	3%	38%	59%	30%	$ 3,441,549,399.10
X64	Ten Sixty Four Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 129,844,903.32
VRL	Verity Resources	0.018	38%	20%	-10%	-70%	-10%	$ 3,318,130.10
HAW	Hawthorn Resources	0.052	21%	16%	-16%	-26%	27%	$ 17,755,827.49
BGD	Bartongoldholdings	0.335	5%	8%	43%	31%	37%	$ 70,042,600.64
SVY	Stavely Minerals Ltd	0.017	0%	-11%	-41%	-43%	0%	$ 8,704,673.49
AGC	AGC Ltd	0.195	8%	18%	-24%	179%	26%	$ 48,753,472.18
RGL	Riversgold	0.004	0%	-20%	-20%	-43%	0%	$ 6,734,850.37
TSO	Tesoro Gold Ltd	0.03	-3%	-3%	-19%	-3%	50%	$ 49,709,249.31
GUE	Global Uranium	0.065	-2%	-12%	-6%	-35%	8%	$ 19,451,486.60
CPM	Coopermetalslimited	0.039	0%	-11%	-28%	-63%	-15%	$ 3,055,870.35
MM8	Medallion Metals.	0.23	28%	35%	342%	290%	92%	$ 102,229,891.41
FFM	Firefly Metals Ltd	1.03	-5%	-1%	-3%	51%	11%	$ 561,843,587.39
CBY	Canterbury Resources	0.024	0%	-4%	-29%	-33%	9%	$ 4,738,581.50
SLA	Solara Minerals	0.12	-4%	-14%	-61%	-29%	33%	$ 6,668,254.65
SFR	Sandfire Resources	10.8	-6%	0%	1%	25%	16%	$ 5,123,737,005.81
SMG	Silvermetalgroupltd	0	-100%	-100%	-100%	-100%	-100%	$ 4,881,135.48
TAM	Tanami Gold NL	0.029	4%	0%	-15%	-12%	-3%	$ 34,077,814.33
NWM	Norwest Minerals	0.01	0%	-17%	-55%	-64%	-29%	$ 4,851,195.10
ALK	Alkane Resources Ltd	0.67	6%	6%	43%	16%	31%	$ 393,602,229.80
BMO	Bastion Minerals	0.004	0%	0%	-43%	-50%	0%	$ 3,378,898.66
IDA	Indiana Resources	0.078	1%	7%	44%	84%	28%	$ 50,133,131.72
GSM	Golden State Mining	0.009	0%	13%	-25%	-10%	13%	$ 2,514,335.67
NSM	Northstaw	0.039	-17%	30%	105%	8%	144%	$ 9,816,354.00
GSN	Great Southern	0.024	0%	0%	33%	20%	60%	$ 22,926,498.67
VAU	Vault Minerals Ltd	0.46	-1%	15%	33%	26%	39%	$ 3,027,100,654.99
DEG	De Grey Mining	2.17	1%	7%	57%	80%	23%	$ 4,987,997,772.16
THR	Thor Energy PLC	0.013	-7%	0%	-19%	-46%	0%	$ 8,505,478.02
CDR	Codrus Minerals Ltd	0.017	6%	0%	-15%	-59%	0%	$ 2,811,587.57
MDI	Middle Island Res	0.018	6%	6%	13%	13%	50%	$ 4,684,105.80
WTM	Waratah Minerals Ltd	0.18	3%	20%	-36%	125%	16%	$ 35,417,812.33
POL	Polymetals Resources	0.89	7%	31%	162%	224%	12%	$ 206,842,301.10
RDS	Redstone Resources	0.003	-14%	0%	0%	-25%	20%	$ 2,776,135.38
NAG	Nagambie Resources	0.02	25%	18%	25%	54%	11%	$ 14,459,442.19
BGL	Bellevue Gold Ltd	1.145	-15%	-4%	-13%	-38%	2%	$ 1,469,907,307.95
GBR	Greatbould Resources	0.074	7%	-3%	32%	35%	72%	$ 51,618,822.71
KAI	Kairos Minerals Ltd	0.022	0%	16%	76%	76%	83%	$ 49,987,331.59
KAU	Kaiser Reef	0.16	-6%	-6%	-3%	7%	0%	$ 41,697,689.60
HRZ	Horizon	0.063	-5%	2%	31%	85%	58%	$ 136,974,437.63
CDT	Castle Minerals	0.003	50%	0%	0%	-57%	50%	$ 5,783,468.64
RSG	Resolute Mining	0.47	6%	27%	-39%	21%	19%	$ 990,008,256.05
MXR	Maximus Resources	0.08	4%	29%	95%	192%	38%	$ 31,254,313.75
EVN	Evolution Mining Ltd	7.2	5%	14%	54%	105%	50%	$ 13,865,718,897.80
CXU	Cauldron Energy Ltd	0.009	-18%	-18%	-60%	-76%	-25%	$ 13,152,641.48
DLI	Delta Lithium	0.175	0%	3%	-27%	-39%	3%	$ 128,977,522.56
ALY	Alchemy Resource Ltd	0.007	0%	-13%	0%	17%	0%	$ 8,246,533.79
NH3	Nh3Cleanenergyltd	0.023	5%	5%	10%	-12%	28%	$ 14,115,119.63
OBM	Ora Banda Mining Ltd	1.13	1%	22%	75%	319%	74%	$ 1,986,971,840.71
AVW	Avira Resources Ltd	0.008	-11%	-27%	-60%	-60%	-60%	$ 1,175,517.95
LCY	Legacy Iron Ore	0.011	10%	22%	-12%	-24%	10%	$ 107,382,468.42
PDI	Predictive Disc Ltd	0.395	7%	14%	46%	76%	72%	$ 966,504,468.80
MAT	Matsa Resources	0.055	-8%	-8%	57%	83%	57%	$ 41,772,618.04
ZAG	Zuleika Gold Ltd	0.012	0%	9%	-14%	-29%	-8%	$ 8,902,559.12
GML	Gateway Mining	0.022	5%	10%	-4%	-8%	5%	$ 8,994,046.49
SBM	St Barbara Limited	0.25	11%	9%	-29%	52%	11%	$ 259,883,121.84
SBR	Sabre Resources	0.007	0%	-13%	-56%	-61%	-30%	$ 2,947,214.50
STK	Strickland Metals	0.1	11%	49%	3%	11%	18%	$ 176,593,179.36
CEL	Challenger Gold Ltd	0.061	0%	9%	13%	-24%	30%	$ 99,576,641.18
GG8	Gorilla Gold Mines	0.475	19%	83%	197%	1026%	83%	$ 266,586,081.60
NST	Northern Star	18.63	2%	6%	15%	31%	21%	$ 20,530,490,952.66
OZM	Ozaurum Resources	0.067	18%	-1%	76%	43%	123%	$ 14,500,919.87
TG1	Techgen Metals Ltd	0.03	0%	3%	-9%	0%	-14%	$ 4,759,971.30
XAM	Xanadu Mines Ltd	0.051	-2%	4%	-16%	-12%	4%	$ 99,434,272.91
AQI	Alicanto Min Ltd	0.034	6%	-3%	26%	61%	-8%	$ 27,988,718.21
KTA	Krakatoa Resources	0.009	0%	-10%	-25%	13%	-5%	$ 5,581,206.23
ARN	Aldoro Resources	0.37	21%	-17%	387%	429%	-3%	$ 66,529,569.38
WGX	Westgold Resources.	2.92	-1%	17%	7%	15%	3%	$ 2,706,724,810.30
MBK	Metal Bank Ltd	0.016	-11%	14%	-19%	-26%	7%	$ 7,959,343.97
A8G	Australasian Metals	0.075	0%	1%	-32%	25%	-5%	$ 4,341,729.38
TAR	Taruga Minerals	0.008	0%	-11%	-11%	33%	-20%	$ 6,354,241.07
DTR	Dateline Resources	0.005	25%	67%	-17%	-64%	43%	$ 12,827,843.10
GOR	Gold Road Res Ltd	2.93	19%	16%	68%	88%	43%	$ 3,179,519,107.65
S2R	S2 Resources	0.089	48%	44%	11%	-35%	33%	$ 35,322,923.45
NES	Nelson Resources.	0.003	0%	0%	0%	-14%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.165	-8%	-3%	-37%	-33%	-20%	$ 31,072,857.59
BEZ	Besragoldinc	0.045	-17%	10%	-46%	-57%	-50%	$ 18,697,002.80
PRU	Perseus Mining Ltd	3.34	5%	11%	25%	60%	30%	$ 4,445,877,873.96
SPQ	Superior Resources	0.006	0%	0%	-25%	-33%	0%	$ 15,189,046.59
PUR	Pursuit Minerals	0.052	-31%	-26%	-65%	-74%	-46%	$ 4,293,499.34
RMS	Ramelius Resources	2.47	13%	-10%	9%	37%	19%	$ 2,668,772,166.06
PKO	Peako Limited	0.004	33%	33%	0%	30%	33%	$ 4,463,225.88
ICG	Inca Minerals Ltd	0.006	20%	20%	20%	20%	20%	$ 6,160,335.20
A1G	African Gold Ltd.	0.12	74%	79%	173%	302%	118%	$ 41,986,672.20
NMG	New Murchison Gold	0.017	6%	70%	113%	183%	89%	$ 145,587,599.72
GNM	Great Northern	0.015	7%	-12%	0%	15%	7%	$ 2,319,436.16
KRM	Kingsrose Mining Ltd	0.035	-8%	-5%	0%	9%	0%	$ 25,619,901.65
BTR	Brightstar Resources	0.019	-5%	-5%	12%	27%	-5%	$ 216,717,145.83
RRL	Regis Resources	3.9	7%	19%	91%	101%	53%	$ 2,817,931,947.82
M24	Mamba Exploration	0.013	-7%	-7%	8%	-46%	8%	$ 3,837,152.93
TRM	Truscott Mining Corp	0.072	-1%	3%	0%	39%	-8%	$ 13,784,296.32
TNC	True North Copper	0.335	-9%	-12%	-91%	-95%	-89%	$ 40,268,485.12
MOM	Moab Minerals Ltd	0.001	-50%	-33%	-75%	-80%	-50%	$ 1,733,666.03
KNB	Koonenberrygold	0.045	25%	41%	350%	137%	275%	$ 36,697,211.62
AWJ	Auric Mining	0.275	0%	-5%	-25%	62%	-19%	$ 40,962,177.03
ENR	Encounter Resources	0.225	-4%	-6%	-51%	-4%	-31%	$ 114,722,233.37
SNG	Siren Gold	0.054	0%	-8%	-25%	0%	-17%	$ 11,386,471.67
STN	Saturn Metals	0.26	-5%	24%	-19%	44%	27%	$ 80,310,069.84
USL	Unico Silver Limited	0.27	15%	42%	23%	125%	38%	$ 111,675,657.53
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-29%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	0%	-33%	0%	-50%	-50%	$ 3,685,154.97
ANL	Amani Gold Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 21,449,587.12
HAV	Havilah Resources	0.195	3%	0%	-3%	18%	-13%	$ 66,154,977.72
SPR	Spartan Resources	1.94	11%	48%	41%	210%	38%	$ 2,337,688,767.40
PNT	Panthermetalsltd	0.015	-6%	0%	-32%	-39%	36%	$ 4,212,663.67
MEK	Meeka Metals Limited	0.15	3%	15%	134%	317%	95%	$ 351,493,473.80
GMD	Genesis Minerals	3.72	3%	15%	73%	106%	51%	$ 4,202,456,955.60
PGO	Pacgold	0.067	-7%	6%	-36%	-54%	-11%	$ 8,544,531.97
FEG	Far East Gold	0.145	-3%	-9%	-12%	4%	-19%	$ 51,383,843.42
MI6	Minerals260Limited	0.13	0%	0%	0%	-16%	0%	$ 30,420,000.00
IGO	IGO Limited	4.2	-3%	0%	-26%	-39%	-12%	$ 3,165,379,458.34
GAL	Galileo Mining Ltd	0.125	-11%	-19%	-22%	-53%	0%	$ 24,703,115.88
ERW	Errawarra Resources	0.06	122%	107%	-40%	58%	20%	$ 5,840,000.00
RXL	Rox Resources	0.34	5%	42%	152%	121%	70%	$ 200,613,093.12
PTN	Patronus Resources	0.077	28%	22%	45%	28%	57%	$ 109,705,652.87
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-94%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.15	0%	-6%	-12%	-9%	-17%	$ 131,661,437.03
FAL	Falconmetalsltd	0.135	-7%	23%	-29%	8%	17%	$ 23,010,000.00
SPD	Southernpalladium	0.41	-2%	-5%	-11%	24%	-32%	$ 37,289,500.00
ORN	Orion Minerals Ltd	0.017	6%	21%	0%	21%	13%	$ 123,308,060.72
TMB	Tambourahmetals	0.032	-3%	14%	-15%	-58%	52%	$ 3,762,881.47
TMS	Tennant Minerals Ltd	0.012	-20%	-14%	-17%	-56%	33%	$ 13,382,465.81
AZY	Antipa Minerals Ltd	0.475	8%	30%	90%	265%	83%	$ 263,829,063.92
PXX	Polarx Limited	0.008	0%	14%	-11%	-38%	23%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.225	25%	55%	-29%	61%	32%	$ 48,081,591.39
AUN	Aurumin	0.062	-3%	-8%	35%	82%	-6%	$ 30,644,128.93
GPR	Geopacific Resources	0.022	-2%	10%	-6%	19%	10%	$ 70,014,237.17
FXG	Felix Gold Limited	0.165	-3%	27%	38%	416%	96%	$ 54,269,553.69
ILT	Iltani Resources Lim	0.22	-8%	-14%	-4%	47%	7%	$ 9,982,720.35
BRX	Belararoxlimited	0.3	150%	122%	22%	13%	71%	$ 43,909,054.47
TM1	Terra Metals Limited	0.02	0%	-26%	-49%	-64%	-29%	$ 8,152,701.24
TOR	Torque Met	0.099	-6%	0%	19%	-27%	87%	$ 26,966,392.60
ARD	Argent Minerals	0.026	4%	44%	44%	136%	53%	$ 34,695,371.52
LM1	Leeuwin Metals Ltd	0.15	43%	25%	79%	100%	7%	$ 10,537,464.50
SX2	Southgold Consol	4.96	18%	41%	0%	0%	0%	$ 622,453,085.80

Among the biggest winners of the past week was a (newly branded) silver stock, Errawarra Resources (ASX:ERW).

Tom Reddicliffe chaired Errawarra has acquired a package in the Pilbara which includes the historic Elizabeth Hill mine, which closed in 2000 due to low silver prices and from which 1.2Moz of silver was produced from 16,000t of ore at a head grade of 2194g/t Ag in only one year of production.

ERW, which is to be renamed West Coast Silver (ASX:WCE) subject to shareholder approval, is the first explorer to consolidate the additional highly prospective underexplored areas for silver mineralisation.