The strength in the U.S. dollar is why silver prices have fallen some 10 percent so far this year, according to one pro. ‘There definitely doesn’t look to be any other candidate stepping up in terms of being a strong currency – the U.S. dollar is the strongest,’ said Randy Smallwood, CEO of Vancouver, Canada-based Silver Wheaton (SLW), a precious metals streaming company. As for the $14 a troy ounce level seen in the market as of late, Smallwood doesn’t see prices moving much further to the downside. ‘When you look at the primary silver mining industry, most of the silver mines have costs that are higher than this so I don’t know how sustainable this is,’ he said. ‘This should be supplying some cost pressures, so this $14 is a pretty hard bottom and I can’t see much space lower than this or the mines just shut down.’ TheStreet’s Scott Gamm speaks with Smallwood in New York.
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