you are losing focus of some positive, relative outperformance of AUMN.

I've never owned or traded the wts, but I'm assuming from the frequent description of the recent 50% counter-intuitive decline (vs the stock), that the selloff is likely to be from a large seller(s) for one of several possible reasons--tax losses, sale of wt to convert the capital to common due to expiration date value amortization, margin call, etc. Presumably, also contributing to this selling pressure is the fact that these wts trade thin.

From the common stock standpoint, we hit a recent low of $3.60 two weeks ago and have shown some impressive relative outperformance over the short term. Even today, with gold/silver still depressed, AUMN is + 13 cents to $4.25, (don't worry, I'm not doing cartwheels so no need to attack the short term enthusiasm).

The stock will eventually drive the wts, but being so far out of the money, new buyers won't flock to them until the stock moves closer to the exercise price. However, the wts will recover with continual momentum in the stock, but holders will need to remain patient amidst this recent large liquidation in such a thin market.

Silverbull50