Of course, ECU is not the only silver stock to underperform since December 7th. In general, silver mining equities have underperformed since Pearl Harbor Day. The SIL:SLV ratio hit .9804 on a spike high on December 7th and currently sits at .8189.

It looks as if a major decision was made by somebody on December 7th to ramp up the "short silver mining equities, and go long Silver" trade that day. We got a big gap up on silver mining equities at the open....2.68% gap up on SIL, and the rug was pulled out from under the silver mining equities. SLV hit $30.00 that morning, and then was crushed to close at 28.08. SLV is up 22.54% from its December 7th close, while SIL is up only 9.07% from its December 7th close. Nice leverage to an exploding silver price....

Life for the silver mining equities has not been the same since Pearl Harbor day, despite Silver's strength

I hope this trade is reversed soon...we could actually see mining equities appreciate while the related metal proces fall.