Smallwood told CNBC's Jackie DeAngelis that his company is looking to better position itself in the gold space. On Tuesday, the Vancouver-based company announced it signed a $1.9 billion deal with Brazil's Vale SA to acquire a share of the gold produced at some of the company's mines in Brazil and Canada. Silver Wheaton will pay $1.33 billion for 25 percent of gold produced at the Salobo mine in Brazil over its mine life, and $570 million for 70 percent of gold produced over a 20-year period at some of Vale's mines in Sudbury, Ontario.
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Although he declined to give specific levels, Smallwood said he's bullish on precious metals in general for the long run.
From the New York Mercantile Exchange, professional trader Anthony Grisanti said he's also bullish on gold and silver on the belief that current monetary policies will likely push prices higher. He plans to trade silver futures by buying the March contract at $31.30 with a price target at $32.20 and a stop at $30.75.
In Chicago, pro trader Jim Iuorio said he agreed that silver prices are likely to go higher in the long run, but he thinks the technicals indicate it could soon breakout to the downside. He recommends staying away from silver for the time being.