Yes, I have a fairly large position in SLW.

The only explanation I have for the short term non-correlation with SLV is that investors that will buy stock in the company must view it as a miner.  The miners tend to correlate with stock market better than the bullion market over the short term and sometimes over the intermediatte term.  I assume that this is because a small move in bullion prices will have little or no effect on the value of a mine, but as the price of bullion rises, the mines begin to look more attractive.  This phenomina might apply to SLW also since much of their trading is done with long term futures contracts.  This frequently makes miners and SLW laggards on the turns which I try to use to my advantage.  The tactic doesn't always work, but the key is to look at the trend in the ratio between SLV or GLD and your favorite miner or mining index such as XAU or ***.  Making the call is more of an art form than a mechanical process, but the above is a way to fine tune your entry point into precious metals.

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