Friday, March 2, 2012

Hecla (HL) (PAAS) (SSRI) (SLW) (SVM) Down on Falling Silver Prices

Hecla Mining (HL), Pan American Silver Corp. (PAAS), Silver Standard Resources Inc. (SSRI), Silver Wheaton (SLW) and Silvercorp Metals (SVM) are all trading down today as silver price remain under pressure in light of the probability there will be no more quantitative easing in the near term.

Silver was priced at $34.785, down $0.38 or 2.32 percent, as of 1:00 PM EST.

Federal Reserve chairman Ben Bernanke made no mention of it in a recent speech, prompting investors to flee the sector. Gold prices have also been falling in response.

Other concerns on the industrial side of silver is the ongoing weakness of the global economy, especially uncertainty over the strength and sustainability of the Chinese economy.

Also pushing silver and gold prices down is the temporary strength of the U.S. dollar, which is strong against most major currencies today.

Pan American Silver was trading at $24.70, down $0.55, or 2.19 percent, as of 12:56 PM Est. Hecla Mining was at $4.97, falling $0.08, or 1.58 percent. Silver Standard Resources was trading at $16.74, declining $0.40, or 2.33 percent. Silvercorp Metals was at $7.22, down $0.14, or 1.83 percent. Silver Wheaton was plunging to $37.39, dropping $1.39, or 3.59 percent.

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