As a multi year investor in ECU, I have always paid attention to how many shares of ECU.to were required to buy an ounce of Silver.

At ECU's best valuation, the following number of shares were required to buy an ounce of silver:

2004 - 11.85

2005 - 17.90

2006 - 3.47

2007 - 5.11

2008 - 6.14

2009 - 12.84

2010 - 21.82

2011 YTD - 24.17

In late April, at its worst point, it took 62.88 shares of ECU.TO to buy an ounce of Silver.

As we all know, as Silver was climbing steadily toward $50 ECU actually was falling in price, despite the fact the company was providing encouraging updates in April of its deep drilling in search of massive sulphides.

Even after yesterday's nice rally, it could be argued that requiring 36.95 shares of ECU to buy an ounce of Silver implied ECU was undervalued.

The longer term moving averages of this relationship are as follows:

50 week: 33.08

100 week 29.71

200 week 21.15

With Silver the metal trading strongly above its 50 week, 100 week and 200 week moving averages, one would hope that eventually a quality silver junior like ECU would appreciate to a share price level more consistent with its profit potential.

Long Term....I'd love to see 10 shares of ECU able to buy an ounce of Silver when Silver approaches $100 an ounce. I think this is a reasonable goal, assuming inflationary policies continue to be promoted by Central Banks.