A day after silver and gold were hammered, the two precious metals rebounded after investors took advantage to get in at a good price.
Silver and gold prices have been soaring, and were due for a correction.
Silver for May delivery climbed $1.02, or 2.9 percent, to $35.66 an ounce. Gold for April delivery rose $10.90, or 0.6 percent, to end the session at $1,722,20 an ounce on the Comex division of the New York Mercantile Exchange.
Neither the long-term outlook for silver or gold has changed, and the upward price momentum, over time, will continue.
Other metals were also up today, including May copper, which was up 5 cents, or 1.4 percent, to $3.92 a pound.
April platinum rose $8.50, or 0.5 percent, to $1,701.10 an ounce. Palladium for June delivery jumped $8.35, or 1.2 percent, to $715 an ounce.
Silver Wheaton closed at $38.80, gaining $0.43, or 1.12 percent. First Majestic Silver closed at $20.80, jumping $0.34, or 1.66 percent. Silvercorp Metals closed at $7.36, up $0.01, or 0.14 percent.
Showing posts with label First Majestic Silver. Show all posts
Showing posts with label First Majestic Silver. Show all posts
Thursday, March 1, 2012
Thursday, February 16, 2012
First Majestic Silver (AG): Time to Invest?
Of the silver miners out there, the stock with the most significant leverage to silver is First Majestic Silver (NYSE:AG), with a leverage of 95 to 96 percent of its revenue to the direct price of silver.
That's not to say there aren't by-product to silver, as other products mined include diamonds, gold, lead, iron ore and zinc. The inclusion of these of course help to stabilize the performance of First Majestic by offering more price continuity to balance the more volatile silver prices.
First Majestic continues to be weighed down some by the news from its La Encantada mine, where in the third quarter of 2011, high manganese was run into, slowing down silver exploration, which caused production estimates to fall short, whereby an expected sell off followed.
Even so, 2011 was a good year for the company, as ended at 7,562,493 equivalent ounces of silver, up 8 percent from the 7,024,056 equivalent ounces of silver produced in 2010.
Lead production for 2011 jumped significantly, climbing to 7,888,943 pounds, an increase of 23 percent. Gold production was at 1,537 ounces, down 29 percent from 2010.
Keith Neumeyer, President and CEO, said this in an interview concerning 2011, "The year, 2011 marks the eighth year in a row that First Majestic has achieved record production of silver. Not only is this a great achievement, but our growth is not slowing down. There appears to be no end in sight of our growth in silver production. As the fastest growing and purest silver producer in the world, management's focus and top priority remains to continually deliver shareholder value."
Guidance for 2012 has silver production at First Majestic projected to reach 8.9 to 9.4 million silver equivalent ounces, or 8.3 to 8.7 million ounces of pure silver. Looking further out, projections are for production to reach 16 million silver equivalent ounces for 2014.
Drivers for 2012 include the opening of the Del Toro mine, expansion at La AParrilla, and improvements scheduled at La Encantada. A total of $20 million in capex has been set aside for these projects.
By 2014, Del Toro should be the largest operation of First Majestic Silver, producting an estimated 6 million ounces of silver annually.
The point is First Majestic is positioned for aggressive growth over the next several years,
As to management, it has one of the top teams in the industry, with virtually no attrition at the top levels once a person is placed. That's rare in the industry, and a definite competitive advantage and differentiator.
After the shares took a hit in early October of 2011, they have steadily fought back to where it is today. The good news is it's still way off its highs, and it may be wise if you're considering starting a position in silver or expanding it, to give First Majestic a serious look before it begins to run up, which it is on its way to doing.
First Majestic closed Wednesday at $19.26, gaining $0.17, or 0.89 percent. After hours it fell to $18.91, down $0.35, or 1.82 percent.
That's not to say there aren't by-product to silver, as other products mined include diamonds, gold, lead, iron ore and zinc. The inclusion of these of course help to stabilize the performance of First Majestic by offering more price continuity to balance the more volatile silver prices.
First Majestic continues to be weighed down some by the news from its La Encantada mine, where in the third quarter of 2011, high manganese was run into, slowing down silver exploration, which caused production estimates to fall short, whereby an expected sell off followed.
Even so, 2011 was a good year for the company, as ended at 7,562,493 equivalent ounces of silver, up 8 percent from the 7,024,056 equivalent ounces of silver produced in 2010.
Lead production for 2011 jumped significantly, climbing to 7,888,943 pounds, an increase of 23 percent. Gold production was at 1,537 ounces, down 29 percent from 2010.
Keith Neumeyer, President and CEO, said this in an interview concerning 2011, "The year, 2011 marks the eighth year in a row that First Majestic has achieved record production of silver. Not only is this a great achievement, but our growth is not slowing down. There appears to be no end in sight of our growth in silver production. As the fastest growing and purest silver producer in the world, management's focus and top priority remains to continually deliver shareholder value."
Guidance for 2012 has silver production at First Majestic projected to reach 8.9 to 9.4 million silver equivalent ounces, or 8.3 to 8.7 million ounces of pure silver. Looking further out, projections are for production to reach 16 million silver equivalent ounces for 2014.
Drivers for 2012 include the opening of the Del Toro mine, expansion at La AParrilla, and improvements scheduled at La Encantada. A total of $20 million in capex has been set aside for these projects.
By 2014, Del Toro should be the largest operation of First Majestic Silver, producting an estimated 6 million ounces of silver annually.
The point is First Majestic is positioned for aggressive growth over the next several years,
As to management, it has one of the top teams in the industry, with virtually no attrition at the top levels once a person is placed. That's rare in the industry, and a definite competitive advantage and differentiator.
After the shares took a hit in early October of 2011, they have steadily fought back to where it is today. The good news is it's still way off its highs, and it may be wise if you're considering starting a position in silver or expanding it, to give First Majestic a serious look before it begins to run up, which it is on its way to doing.
First Majestic closed Wednesday at $19.26, gaining $0.17, or 0.89 percent. After hours it fell to $18.91, down $0.35, or 1.82 percent.
Friday, December 16, 2011
Examworks (EXAM) (AG) (FDX) (KH) (IL) (NCT) Biggest NYSE Gainers
Examworks Group, Inc. (NYSE:EXAM), First Majestic Silver (NYSE:AG), FedEx (NYSE:FDX), China Kanghui Holding (NYSE:KH), IntraLinks Holdings, Inc. (NYSE:IL) and Newcastle Investment Corp. (NYSE:NCT) were the biggest Gainers on the NYSE, Thursday, December 15.
Examworks Group, Inc. (EXAM) ended the session up 11.59 percent, closing at $8.76. They traded in a range of $7.82 to $8.78. A total of 491,537 shares of the stock were traded.
First Majestic Silver (AG) ended the session up 8.82 percent, closing at $15.92. They traded in a range of $15.32 to $16.39. A total of 3,867,763 shares of the stock were traded.
FedEx (FDX) ended the session up 7.89 percent, closing at $83.39. They traded in a range of $79.97 to $83.81. A total of 7,259,456 shares of the stock were traded.
China Kanghui Holding (KH) ended the session up 7.56 percent, closing at $14.08. They traded in a range of $13.15 to $14.15. A total of 14,144 shares of the stock were traded.
IntraLinks Holdings, Inc. (IL) ended the session up 7.47 percent, closing at $6.04. They traded in a range of $5.78 to $6.09. A total of 320,005 shares of the stock were traded.
Newcastle Investment Corp. (NCT) ended the session up 6.59 percent, closing at $4.85. They traded in a range of $4.60 to $4.86. A total of 1,520,041 shares of the stock were traded.
Examworks Group, Inc. (EXAM) ended the session up 11.59 percent, closing at $8.76. They traded in a range of $7.82 to $8.78. A total of 491,537 shares of the stock were traded.
First Majestic Silver (AG) ended the session up 8.82 percent, closing at $15.92. They traded in a range of $15.32 to $16.39. A total of 3,867,763 shares of the stock were traded.
FedEx (FDX) ended the session up 7.89 percent, closing at $83.39. They traded in a range of $79.97 to $83.81. A total of 7,259,456 shares of the stock were traded.
China Kanghui Holding (KH) ended the session up 7.56 percent, closing at $14.08. They traded in a range of $13.15 to $14.15. A total of 14,144 shares of the stock were traded.
IntraLinks Holdings, Inc. (IL) ended the session up 7.47 percent, closing at $6.04. They traded in a range of $5.78 to $6.09. A total of 320,005 shares of the stock were traded.
Newcastle Investment Corp. (NCT) ended the session up 6.59 percent, closing at $4.85. They traded in a range of $4.60 to $4.86. A total of 1,520,041 shares of the stock were traded.
Friday, May 20, 2011
First Majestic (AG) Trades Down as Silver Prices Fall
First Majestic (NYSE:AG) traded down as silver prices fell on Thursday.
Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.
Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.
Extremely bad news on Obama's economy pressured the commodity sector.
July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.
Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.
First Majestic Silver Corp. participates in the production, development, exploration, and acquisition of mineral properties, primarily silver in Mexico.
First Majestic (AG) closed Thursday at $17.39, falling $0.34, or 1.92 percent.
Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.
Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.
Extremely bad news on Obama's economy pressured the commodity sector.
July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.
Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.
First Majestic Silver Corp. participates in the production, development, exploration, and acquisition of mineral properties, primarily silver in Mexico.
First Majestic (AG) closed Thursday at $17.39, falling $0.34, or 1.92 percent.
Thursday, May 19, 2011
Miners (SSRI) (CDE) (FVITF) (ISVLF) (AG) Trade Up as Silver Rebounds
Shares of Silver Standard Resources (NASDAQ:SSRI), Coeur d'Alene Mines (NYSE:CDE), Fortuna (OTC:FVITF.PK), Impact Silver (OTC:ISVLF.PK) and First Majestic (NYSE:AG) as silver, gold and the majority of other commodity prices climbed on the day.
The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.
June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.
A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.
Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.
Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.
The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.
First Majestic (AG) closed Wednesday at $17.73, gaining $0.77, or 4.54 percent.
The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.
June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.
A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.
Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.
Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.
The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.
First Majestic (AG) closed Wednesday at $17.73, gaining $0.77, or 4.54 percent.
Wednesday, May 18, 2011
Miners (SLW) (PAAS) (HL) (CDE) All Close Up Tuesday
Shares of Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS), Hecla Mining (NYSE:HL) and Coeur d'Alene Mines (NYSE:CDE) closed up on Tuesday, as silver prices were up slightly on the day.
Silver gained 0.7 percent to settle at $33.80 an ounce. Since the latter part of April it has fallen almost 33 percent from a record high of $49.51.
Gold futures for June delivery closed down $10.60, or 0.7 percent, at $1,480.00 per ounce in New York. Trade ranged from a low $1,471.10 to a high of $1,497.50.
Silver Wheaton (SLW) closed Tuesday at $34.32, gaining $0.57, or 1.69 percent.
Endeavor Silver (AMEX:EXK) closed the same as Monday, while First Majestic (NYSE:AG) and Silvercorp Metals Inc. (NYSE:SVM) both closed down.
Silver gained 0.7 percent to settle at $33.80 an ounce. Since the latter part of April it has fallen almost 33 percent from a record high of $49.51.
Gold futures for June delivery closed down $10.60, or 0.7 percent, at $1,480.00 per ounce in New York. Trade ranged from a low $1,471.10 to a high of $1,497.50.
Silver Wheaton (SLW) closed Tuesday at $34.32, gaining $0.57, or 1.69 percent.
Endeavor Silver (AMEX:EXK) closed the same as Monday, while First Majestic (NYSE:AG) and Silvercorp Metals Inc. (NYSE:SVM) both closed down.
Tuesday, May 17, 2011
First Majestic (AG) Falls Along with Silver Prices
First Majestic (NYSE:AG) dropped in Wednesday trading, as silver prices plunged again in the extremely volatile market.
The most-actively traded silver contract, for July delivery, settled down $2.971, or 7.7 percent, at $35.515 per troy ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery was down $2.971, or 7.7 percent, at $35.509.
Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.
Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.
Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.
First Majestic Silver Corp. participates in the production, development, exploration, and acquisition of mineral properties with a focus on silver in Mexico.
First Majestic (AG) closed Wednesday at $18.10, falling $1.62, or 8.22 percent.
The most-actively traded silver contract, for July delivery, settled down $2.971, or 7.7 percent, at $35.515 per troy ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery was down $2.971, or 7.7 percent, at $35.509.
Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.
Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.
Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.
First Majestic Silver Corp. participates in the production, development, exploration, and acquisition of mineral properties with a focus on silver in Mexico.
First Majestic (AG) closed Wednesday at $18.10, falling $1.62, or 8.22 percent.
Monday, May 16, 2011
Silver Wheaton (SLW) (SSRI) (MGN) (AG) (MVG) Trade Mixed As Silver Rebounds
Silver Wheaton (NYSE:SLW), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), First Majestic (NYSE:AG) and Mag Silver Corporation (AMEX:MVG) traded mixed as silver climbed.
Silver and gold prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on .
Silver prices settled up 21 cents to $35.01 an ounce. Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce.
The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.
Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.
Silver Wheaton (NYSE:SLW) closed Friday at $34.10, down $0.14, or 0.41 percent.
Silver and gold prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on .
Silver prices settled up 21 cents to $35.01 an ounce. Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce.
The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.
Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.
Silver Wheaton (NYSE:SLW) closed Friday at $34.10, down $0.14, or 0.41 percent.
Tuesday, May 10, 2011
Silver's (GPL) (CDE) (PAAS) (AG) (MVG) Trade Mixed as Silver, Gold Rebound
Silver companies Great Panther (AMEX:GPL), Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS), First Majestic (NYSE:AG) and Mag Silver Corporation (AMEX:MVG) closed mixed Monday as silver prices turned around on Monday.
With the exception of Coeur d'Alene Mines, the rest of the silver mining companies listed above traded positive.
Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.
According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).
Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.
The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.
First Majestic (AG) closed Monday at $19.77, gaining $1.53, or 8.39 percent. Pan American Silver (PAAS) closed at $34.31, jumping $1.10, or 3.31 percent. Great Panther (GPL) closed at $3.48, up $0.17, or 5.14 percent.
With the exception of Coeur d'Alene Mines, the rest of the silver mining companies listed above traded positive.
Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.
According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).
Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.
The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.
First Majestic (AG) closed Monday at $19.77, gaining $1.53, or 8.39 percent. Pan American Silver (PAAS) closed at $34.31, jumping $1.10, or 3.31 percent. Great Panther (GPL) closed at $3.48, up $0.17, or 5.14 percent.
Monday, May 9, 2011
Silver's (SLW) (FVITF) (MGN) (AG) (SVM) After Metal Trades Down
Silver prices continued to be pressured Friday, as it has been weighed down by the investors takeing profits in recent trade, and increased margin requirements, which has dragged silver companies Fortuna (OTC:FVITF.PK) Mines Management (AMEX:MGN), First Majestic (NYSE:AG), Silvercorp Metals Inc. (NYSE:SVM) and Silver Wheaton (NYSE:SLW) down on the week, although most rebounded on Friday.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver Wheaton (SLW) closed Friday at $35.82, gaining $0.67, or 1.91 percent.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver Wheaton (SLW) closed Friday at $35.82, gaining $0.67, or 1.91 percent.
Big Movers (ISRG) (ESL) (NFX) (FMX) (AG) on May 6
Among the big, positive movers on Friday, May 6, were Intuitive Surgical (ISRG), Esterline Technologies (ESL), Newfield Exploration (NFX), Fomento Economico (FMX) and First Majestic Silver (AG).
Intuitive Surgical (ISRG) jumped $1.44, to close at $348.38, a gain of 0.42 percent.
Esterline Technologies (ESL) was up $1.43 on the day to close at $72.61, a gain of 2.01 percent.
Newfield Exploration (NFX) climbed $1.42 to close at $67.60, a gain of 2.15 percent.
Fomento Economico (FMX) rose $1.41 to close the session at $61.89, a gain of 2.33 percent.
First Majestic Silver (AG) was up $1.41 to end the day at $18.24, a gain of 8.38 percent.
Intuitive Surgical (ISRG) jumped $1.44, to close at $348.38, a gain of 0.42 percent.
Esterline Technologies (ESL) was up $1.43 on the day to close at $72.61, a gain of 2.01 percent.
Newfield Exploration (NFX) climbed $1.42 to close at $67.60, a gain of 2.15 percent.
Fomento Economico (FMX) rose $1.41 to close the session at $61.89, a gain of 2.33 percent.
First Majestic Silver (AG) was up $1.41 to end the day at $18.24, a gain of 8.38 percent.
Friday, May 6, 2011
Hecla (HL) (AG) (FVITF) (SVM) (SLW) Hammered as Silver Drops
First Majestic (NYSE:AG), Hecla Mining (NYSE:HL), Fortuna (OTC:FVITF.PK), Silvercorp Metals Inc. (NYSE:SVM) and Silver Wheaton (NYSE:SLW) got crushed Thursday as gold and silver prices continued their fall.
The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.
Since the Friday settlement price silver has plummeted 25 percent.
Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.
Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.
As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.
Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.
Silver Wheaton closed at $35.15, dropping $1.98, or 5.33 percent. Silvercorp Metals closed at $10.77, down $1.13, or 9.50 percent.
The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.
Since the Friday settlement price silver has plummeted 25 percent.
Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.
Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.
As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.
Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.
Silver Wheaton closed at $35.15, dropping $1.98, or 5.33 percent. Silvercorp Metals closed at $10.77, down $1.13, or 9.50 percent.
Thursday, May 5, 2011
Silver Firms (PAAS) (SSRI) (MGN) (GPL) (AG) Trade Mixed as Silver Takes Beating
Even though silver prices got pummeled again Wednesday, silver producers Pan American Silver (NASDAQ:PAAS), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), Great Panther (AMEX:GPL) and First Majestic (NYSE:AG) closed the trading day mixed, rebounding from recent losses.
The ongoing plunge in silver prices pressured commodities one Wednesday as investors sold holdings to take money off the table after weeks of prices rising in the sector.
Silver dropped $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver approached the elusive $50 an ounce mark last week.
Silver for July delivery dropped $2.820, at $39.765 per troy ounce.
Despite silver's three-day fall, the price is still 27.3 percent higher on the year.
Gold for June delivery, the most actively traded contract, fell $25.10 to $1,515.30 an ounce.
The U.S. dollar index lost 0.15 percent to $73.01.
Pan American Silver closed Wednesday at $34.53, gaining $0.70, or 2.07 percent.
The ongoing plunge in silver prices pressured commodities one Wednesday as investors sold holdings to take money off the table after weeks of prices rising in the sector.
Silver dropped $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver approached the elusive $50 an ounce mark last week.
Silver for July delivery dropped $2.820, at $39.765 per troy ounce.
Despite silver's three-day fall, the price is still 27.3 percent higher on the year.
Gold for June delivery, the most actively traded contract, fell $25.10 to $1,515.30 an ounce.
The U.S. dollar index lost 0.15 percent to $73.01.
Pan American Silver closed Wednesday at $34.53, gaining $0.70, or 2.07 percent.
Wednesday, May 4, 2011
Pain for (SLW) (HL) (GPL) (AG) (MFN) As Silver Plummets
Shares of silver companies Silver Wheaton (NYSE:SLW), Hecla Mining (NYSE:HL), Great Panther (AMEX:GPL), First Majestic (NYSE:AG) and Minefinders Corp. Ltd. (AMEX:MFN) were punished again as silver prices fell in Tuesday trading.
Silver plunged another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex. In after hours trading the price almost dropped below $40 an ounce.
Much of this has been the result of he decision by the CME Group to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.
To buy a 5,000 ounce contract, silver traders will now have to put up $16,200.
Leverage traders cut their silver positions over the last couple of days, driving the price of silver down. Expectations are silver could bottom out as about $38 if there's more leverage abandoning the market.
Other than some speculation, other reasons for the boost in silver prices include the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake. India also raised its interest rates unexpectedly on Tuesday, putting some downward pressure on gold and silver as well.
Hecla Mining closed Tuesday at $8.42, falling $0.45, or 5.07 percent.
Silver plunged another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex. In after hours trading the price almost dropped below $40 an ounce.
Much of this has been the result of he decision by the CME Group to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.
To buy a 5,000 ounce contract, silver traders will now have to put up $16,200.
Leverage traders cut their silver positions over the last couple of days, driving the price of silver down. Expectations are silver could bottom out as about $38 if there's more leverage abandoning the market.
Other than some speculation, other reasons for the boost in silver prices include the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake. India also raised its interest rates unexpectedly on Tuesday, putting some downward pressure on gold and silver as well.
Hecla Mining closed Tuesday at $8.42, falling $0.45, or 5.07 percent.
Tuesday, May 3, 2011
Silver Bubble for (SLW) (SLV) (SVM) (EXK) (AG)?
With the soaring price of silver, the question is increasingly being asked if silver has now reached bubble proportions and if it's time to sell companies and ETFs like Silver Wheaton Corp., (NYSE:SLW), First Majestic Silver Corp. (NYSE:AG), Silvercorp Metals Inc. (NYSE:SVM), iShares Silver Trust (NYSE:SLV) and Endeavour Silver Corp. (NYSE:EXK).
Some have pointed out the positive media coverage concerning investing in silver as a reason to believe it has reached bubble proportions. While that is one possible indicator, it's somewhat weak, because you could pick out any company or sector and make the same conclusion if it's garnering positive comments. Look at Apple (NASDAQ:AAPL) as an example.
That's not to say there won't be a correction with silver, as it's a given in light of the recent rise in silver prices.
But a bubble implies a price that's not in line with realities, and I can't see that with silver, at least over the long term, as it's an alternative to gold in the investment realm as a hedge against inflation and a place of safety. Add to that growing industrial demand and you have an excellent long-term investment.
In the short term, it is definitely going to correct. With the history of silver being extremely volatile, we'll see some big price swings going forward, but that's simply part of the experience of investing in silver.
As for the silver stocks listed above, they've had a nice boost in share price, but recently have been pulling back. That appears to imply there is some disbelief by investors over the near term concerning the sustainability of of silver prices. They're probably correct.
It's probably not a good time to enter silver, and possibly time to take some profits off the table. But over the long term, taking into account the policies of the Federal Reserve and weak economy, silver should have some way to go before topping off, although it'll be a pretty wild ride.
The bottom line is whether the underlying fundamentals support the price of equities or commodities, and in the case of silver, there's nothing to suggest at this time the fundamentals have changed.
Some have pointed out the positive media coverage concerning investing in silver as a reason to believe it has reached bubble proportions. While that is one possible indicator, it's somewhat weak, because you could pick out any company or sector and make the same conclusion if it's garnering positive comments. Look at Apple (NASDAQ:AAPL) as an example.
That's not to say there won't be a correction with silver, as it's a given in light of the recent rise in silver prices.
But a bubble implies a price that's not in line with realities, and I can't see that with silver, at least over the long term, as it's an alternative to gold in the investment realm as a hedge against inflation and a place of safety. Add to that growing industrial demand and you have an excellent long-term investment.
In the short term, it is definitely going to correct. With the history of silver being extremely volatile, we'll see some big price swings going forward, but that's simply part of the experience of investing in silver.
As for the silver stocks listed above, they've had a nice boost in share price, but recently have been pulling back. That appears to imply there is some disbelief by investors over the near term concerning the sustainability of of silver prices. They're probably correct.
It's probably not a good time to enter silver, and possibly time to take some profits off the table. But over the long term, taking into account the policies of the Federal Reserve and weak economy, silver should have some way to go before topping off, although it'll be a pretty wild ride.
The bottom line is whether the underlying fundamentals support the price of equities or commodities, and in the case of silver, there's nothing to suggest at this time the fundamentals have changed.
Silver Wheaton (SLW) (HL) (GPL) (AG) (MGN) Crushed as Silver Drops
Shares of Silver Wheaton (NYSE:SLW), Hecla Mining (NYSE:HL), Great Panther (AMEX:GPL), First Majestic (NYSE:AG) and Mines Management (AMEX:MGN) got hammered as silver prices plunged Monday.
Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.
Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.
The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.
It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.
One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.
Silver Wheaton closed at $37.77, falling $2.85, or 7.02 percent.
Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.
Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.
The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.
It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.
One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.
Silver Wheaton closed at $37.77, falling $2.85, or 7.02 percent.
Monday, May 2, 2011
Mag Silver (MVG) (FVITF) (AG) (MFN) (EXK) Trade Mixed as Silver, Gold Break Records Again
Mag Silver Corporation (AMEX:MVG), Fortuna (OTC:FVITF.PK), First Majestic (NYSE:AG), Minefinders Corp. Ltd. (AMEX:MFN) and Endeavour Silver (AMEX: EXK) closed mixed Friday as gold price records continue be broken.
Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.
Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.
The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.
The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.
Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.
Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.
Silver investors have been getting jittery over the soaring prices, the reason a number of companies are trading low in the midst of high silver prices.
Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.
Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.
The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.
The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.
Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.
Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.
Silver investors have been getting jittery over the soaring prices, the reason a number of companies are trading low in the midst of high silver prices.
Friday, April 29, 2011
Pan American (PAAS) (MGN) (AG) (IM) Close Mixed as Silver, Gold Break Records
Pan American Silver (NASDAQ:PAAS), Mines Management (AMEX:MGN), First Majestic (NYSE:AG) and International Minerals (TSE:IM) closed mixed Thursday even as silver and gold prices broke all-time records. It appears investors are taking some profits off the top.
Silver prices for July moved up $1.55 to settle at $47.54 an ounce.
Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.
Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.
Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.
The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.
Silver prices for July moved up $1.55 to settle at $47.54 an ounce.
Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.
Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.
Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.
The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.
Thursday, April 28, 2011
Great Panther (GPL) (AG) (MVG) (SVM) Close Up as Silver Jumps, Gold Prices Soar to New Records
Great Panther (AMEX:GPL), First Majestic (NYSE:AG), Mag Silver Corporation (AMEX:MVG) and Silvercorp Metals Inc. (NYSE:SVM) close up as gold prices post new records again and silver soars.
Gold prices Wednesday soared to another record, reaching as high as $1,529.20 on the Comex division of the New York Mercantile Exchange, before ending the session at $1,517.10 an ounce for June at the Comex.
At the close of regular trading on Comex, silver for May delivery jumped 91 cents, or 2 percent, to end at $45.96 an ounce. Gold and silver were pushing higher in after-hours trading.
Some of this was the result of Federal Reserve chairman Ben Bernanke saying he won't be doing anything soon to combat the soaring inflation.
Bernanke likes to use the so-called core inflation numbers, which exclude food and fuel, which are part of the surging increase in inflation, but aren't officially counted. Which is why Bernanke can say core inflation will rise 1.3%-1.6%, below its 2% inflation mandate.
As to economic growth, Bernanke admitted it was slowing down in the U.S. in 2011, somewhere in the range of 3.1%-3.3%.
The non-action by the Fed concerning interest rates is a very bullish factor for gold and silver, and will continue to offer support and impetus to the precious metals.
The euro climbed to $1.4782 from Tuesday's $1.464. The U.S. dollar rose against the yen, up to 82.11 yen from Tuesday's 81.53 yen.
Mag Silver Corporation closed Wednesday at $13.31, gaining $0.85, or 6.82 percent. First Majestic ended the day at $22.45, rising $1.89, or 9.19 percent. Great Panther closed at $3.82, up $0.54, or 16.46 percent. Silvercorp Metals Inc. closed the session at $13.94, climbing $0.78, or 5.91 percent.
Gold prices Wednesday soared to another record, reaching as high as $1,529.20 on the Comex division of the New York Mercantile Exchange, before ending the session at $1,517.10 an ounce for June at the Comex.
At the close of regular trading on Comex, silver for May delivery jumped 91 cents, or 2 percent, to end at $45.96 an ounce. Gold and silver were pushing higher in after-hours trading.
Some of this was the result of Federal Reserve chairman Ben Bernanke saying he won't be doing anything soon to combat the soaring inflation.
Bernanke likes to use the so-called core inflation numbers, which exclude food and fuel, which are part of the surging increase in inflation, but aren't officially counted. Which is why Bernanke can say core inflation will rise 1.3%-1.6%, below its 2% inflation mandate.
As to economic growth, Bernanke admitted it was slowing down in the U.S. in 2011, somewhere in the range of 3.1%-3.3%.
The non-action by the Fed concerning interest rates is a very bullish factor for gold and silver, and will continue to offer support and impetus to the precious metals.
The euro climbed to $1.4782 from Tuesday's $1.464. The U.S. dollar rose against the yen, up to 82.11 yen from Tuesday's 81.53 yen.
Mag Silver Corporation closed Wednesday at $13.31, gaining $0.85, or 6.82 percent. First Majestic ended the day at $22.45, rising $1.89, or 9.19 percent. Great Panther closed at $3.82, up $0.54, or 16.46 percent. Silvercorp Metals Inc. closed the session at $13.94, climbing $0.78, or 5.91 percent.
Wednesday, April 27, 2011
First Majestic (AG) (PAAS) (CDE) (IMZ) Close Mixed as Silver, Gold Routed
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions, silver closed Tuesday almost 10 percent below Monday's intraday record $49.820, as Pan American Silver (NASDAQ:PAAS), Coeur d'Alene Mines (NYSE:CDE), First Majestic (NYSE:AG) and International Minerals (TSE:IMZ) closed mixed.
Gold prices closed down Tuesday from records set the previous trading session, temporarily falling below the important $1,500 level at one point, but the losses in the yellow metal were subdued.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4 percent, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
Gold prices closed down Tuesday from records set the previous trading session, temporarily falling below the important $1,500 level at one point, but the losses in the yellow metal were subdued.
On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.
There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.
Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.
The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4 percent, to finish at $45.058.
Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.
Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.
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