Gediminas Jasionis
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U.S. Silver Corp. (CVE:USA) (PINK:USSIF) Share Price Pushed Up by Quarterly Results

by Gediminas Jasionis Jun 22, 2011
usa_chart.pngU.S. Silver Corp. (CVE:USA) (PINK:USSIF) continues to rally up despite mixed technical signals. The momentum is sustained by the recently issued quarterly results.

USA continues to spike up this week and could be holding this momentum for another day. The stock gaped up on Tuesday and sustained steady price action adding 10% and finishing the session at the day's high. This suggests there could be another gap up on Wednesday.

Stock went up after bouncing off the support at 45 cents, but the moving averages are currently situated in favor of a downtrend.

us_silver_logo.jpgVolume is nothing special as well. It was above the average on Monday but that's about it. The light and decreasing volume usually means the rally won't last long.

The rally was influenced by the first quarter results which were announced on June 17, 2011. Compared to the same quarter in 2010, the situation mostly changed in a positive way:

• Revenue up 27% to $19.1 million;
• Cash flow more than doubled and was $7.2 million;
• Net profit was $4.2 million compared to $0.5 million on 2010;
• Ended the quarter with $15 million in cash;
• Silver production was down 22% to 494 thousand ounces.

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