Mag Silver Corporation (AMEX:MVG) traded down as silver prices fell slightly 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.
MAG Silver Corp. participates in the acquisition, exploration, and development of mineral properties in the Mexican Silver Belt.
Mag Silver (MVG) closed Thursday at $9.47, gaining $0.02, or 0.21 percent.
Showing posts with label MAG Silver. Show all posts
Showing posts with label MAG Silver. Show all posts
Friday, May 20, 2011
Thursday, May 19, 2011
Miners (MGN) (HL) (GPL) (MVG) (PAAS) Trade Up as Silver Rebounds
Shares of Mines Management (AMEX:MGN), Hecla Mining (NYSE:HL), Great Panther (AMEX:GPL), Mag Silver Corporation (AMEX:MVG) and Pan American Silver (NASDAQ:PAAS) 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.
Great Panther (GPL) closed Wednesday at $3.01, gaining $0.22, or 7.89 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.
Great Panther (GPL) closed Wednesday at $3.01, gaining $0.22, or 7.89 percent.
Tuesday, May 17, 2011
Mag Silver (MVG) Drops Along with Silver Prices
Mag Silver Corporation (AMEX:MVG) 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.
MAG Silver Corp. participates in the acquisition, exploration, and development of mineral properties in the Mexican Silver Belt.
Mag Silver Corporation (MVG) closed Wednesday at $10.17, falling $0.62, or 5.75 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.
MAG Silver Corp. participates in the acquisition, exploration, and development of mineral properties in the Mexican Silver Belt.
Mag Silver Corporation (MVG) closed Wednesday at $10.17, falling $0.62, or 5.75 percent.
Mag Silver (MVG) Drops Along with Silver Prices
Mag Silver Corporation (AMEX:MVG) 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.
MAG Silver Corp. participates in the acquisition, exploration, and development of mineral properties in the Mexican Silver Belt.
Mag Silver Corporation (MVG) closed Wednesday at $10.17, falling $0.62, or 5.75 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.
MAG Silver Corp. participates in the acquisition, exploration, and development of mineral properties in the Mexican Silver Belt.
Mag Silver Corporation (MVG) closed Wednesday at $10.17, falling $0.62, or 5.75 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 (PAAS) (SSRI) (CDE) (ISVLF) (MVG) After Metal Trades Down
Silver prices continued to be pressured Friday, as it has been weighed down by the investors taking profits in recent trade, and increased margin requirements, which has dragged silver companies Pan American Silver (NASDAQ:PAAS), Silver Standard Resources (NASDAQ:SSRI), Coeur d'Alene Mines (NYSE:CDE), Impact Silver (OTC:ISVLF.PK) and Mag Silver Corporation (AMEX:MVG) 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.
Pan American Silver (PAAS) closed Friday at $33.21, gaining $0.28, or 0.85 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.
Pan American Silver (PAAS) closed Friday at $33.21, gaining $0.28, or 0.85 percent.
Friday, May 6, 2011
Mag Silver (MVG) (PAAS) (CDE) (MGN) (ISVLF) Crunched as Silver Drops
Pan American Silver (NASDAQ:PAAS), Coeur d'Alene Mines (NYSE:CDE), Mines Management (AMEX:MGN), Impact Silver (OTC:ISVLF.PK) and Mag Silver Corporation (AMEX:MVG) 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.
Impact Silver (ISVLF) closed at $1.92, dropping $0.128, or 6.24 percent. Mines Management (MGN) closed at $2.28, down $0.26, or 10.24 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.
Impact Silver (ISVLF) closed at $1.92, dropping $0.128, or 6.24 percent. Mines Management (MGN) closed at $2.28, down $0.26, or 10.24 percent.
Thursday, May 5, 2011
Silver Firms (CDE) (FVITF) (MVG) (MFN) (EXK) Trade Mixed as Silver Takes Beating
Even though silver prices got pummeled again Wednesday, silver producers Coeur d'Alene Mines (NYSE:CDE), Fortuna (OTC:FVITF.PK), Mag Silver Corporation (AMEX:MVG), Minefinders Corp. Ltd. (AMEX:MFN) and Endeavour Silver (AMEX: EXK) 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 indexlost 0.15 percent to $73.01.
Fortuna Silver Mines closed Wednesday at $5.20, gaining $0.27, or 5.48 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 indexlost 0.15 percent to $73.01.
Fortuna Silver Mines closed Wednesday at $5.20, gaining $0.27, or 5.48 percent.
Wednesday, May 4, 2011
Pain for (MVG) (FVITF) (CDE) (PAAS) (AXU) As Silver Plummets
Shares of silver miners Mag Silver Corporation (AMEX:MVG), Fortuna (OTC:FVITF), Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS) and Alexco Resource (AMEX: AXU) 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 slashed 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 leaving 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.
Pan American Silver closed Tuesday at $33.83, falling $0.67, or 1.94 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 slashed 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 leaving 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.
Pan American Silver closed Tuesday at $33.83, falling $0.67, or 1.94 percent.
Tuesday, May 3, 2011
Mag Silver (MVG) (PAAS) (SVM) (EXK) (FVITF) Crushed as Silver Drops
Shares of Mag Silver Corporation (AMEX:MVG), Pan American Silver (NASDAQ:PAAS), Fortuna (OTC:FVITF.PK), Silvercorp Metals Inc. (NYSE:SVM) and Endeavour Silver (AMEX: EXK) 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.
Silvercorp Metals closed at $12.30, falling $1.29, or 9.49 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.
Silvercorp Metals closed at $12.30, falling $1.29, or 9.49 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
Mag (MVG) (FVITF) (HL) (AMEX: EXK) Close Down as Silver, Gold Break Records
Mag Silver Corporation (AMEX:MVG), Fortuna (OTC:FVITF.PK), Hecla Mining (NYSE:HL) and Endeavour Silver (AMEX: EXK) all closed down Thursday even as gold and silver 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
Mag Silver (MVG) (GPL) (SSRI) (EXK) Close Down 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, with Mag Silver Corporation (AMEX:MVG), Great Panther (AMEX:GPL), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX: EXK) closed down.
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.
Endeavour Silver closed at $10.66, falling $0.67, or 5.91 percent. Silver Standard Resources closed at $32.86, down $1.98, or 5.68 percent. Great Panther ended the trading session at $3.28, falling $0.32, or 8.89 percent. Mag Silver Corporation closed at $12.46, dropping $0.27, or 2.12 percent.
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.
Endeavour Silver closed at $10.66, falling $0.67, or 5.91 percent. Silver Standard Resources closed at $32.86, down $1.98, or 5.68 percent. Great Panther ended the trading session at $3.28, falling $0.32, or 8.89 percent. Mag Silver Corporation closed at $12.46, dropping $0.27, or 2.12 percent.
Tuesday, April 26, 2011
Hecla (HL) (MVG) (FVITF) (PAAS) Close Down as Silver Closes in on All-Time Record
Silver and gold prices are continuing their upward move, even as silver miners Pan American Silver (NASDAQ:PAAS), Hecla Mining (NYSE:HL), Fortuna (OTC:FVITF.PK) and Mag Silver Corporation (AMEX:MVG) all closed down, as investors took some profits as the white metal continued its upward run.
Investors all also getting increasingly nervous at the rate the precious metals are rising, giving pause as prices continue to hit all-time highs in the case of gold, and 31-year highs in the case of silver, as silver continues to push toward breaking its all-time high of just over $50 an ounce.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract jumped just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
Most of this is because of 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.
The DXY index of the U.S. dollar's value against a basket six other major currencies fell 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Investors all also getting increasingly nervous at the rate the precious metals are rising, giving pause as prices continue to hit all-time highs in the case of gold, and 31-year highs in the case of silver, as silver continues to push toward breaking its all-time high of just over $50 an ounce.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract jumped just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
Most of this is because of 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.
The DXY index of the U.S. dollar's value against a basket six other major currencies fell 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Monday, April 11, 2011
Silver Wheaton (SLW) (PAAS) or (MVG) Best Silver Investment?
It will be instructive to look at some silver companies in light of silver prices continually rising to surpass 31-year levels, including Silver Wheaton (NYSE:SLW), Pan American Silver (Nasdaq:PAAS) and MAG Silver (AMEX:MVG).
They're interesting because they represent three different parts of the industry.
Silver Wheaton is of course is a streaming company buying up assets of companies that need capital at low prices, with built-in prices other than small adjustments for inflation.
Pan American and MAG Silver are both miners, but MAG is still in the exploratory stage (although holding some of the highest grade ore in the sector). Pan American is a fully operational silver miner producing significant and measurable results.
Silver Wheaton simply stands on its own. It have very low operational costs because it has nothing to do with funding miners, just takes in money from the agreements in place. It's not a miner, and as silver prices go so goes Silver Wheaton, which bodes well for investors.
As far as Pan American and MAG Silver, it may depend on the way you invest. As long term MAG does have some serious potential because of the high grade ore mentioned above. Pan American has better short- and mid-term potential because the results are tangible.
Silver investors will win in all the cases above, but it's more the time horizon investors hold that will make the biggest difference in making a decision. Everyone should probably own Silver Wheaton, and Pan American and MAG Silver are the type that could move up at times much quicker, but also perform in a much more volatile manner, as all silver companies will do because of the nature of silver as an investment itself.
Pan American Silver closed Friday at $42.65, gaining $3.31, or 8.41 percent. MAG Silver closed at $14.48, rising $0.75, or 5.46 percent. Silver Wheaton climbed $46.91, up $1.40, or 3.08 percent.
They're interesting because they represent three different parts of the industry.
Silver Wheaton is of course is a streaming company buying up assets of companies that need capital at low prices, with built-in prices other than small adjustments for inflation.
Pan American and MAG Silver are both miners, but MAG is still in the exploratory stage (although holding some of the highest grade ore in the sector). Pan American is a fully operational silver miner producing significant and measurable results.
Silver Wheaton simply stands on its own. It have very low operational costs because it has nothing to do with funding miners, just takes in money from the agreements in place. It's not a miner, and as silver prices go so goes Silver Wheaton, which bodes well for investors.
As far as Pan American and MAG Silver, it may depend on the way you invest. As long term MAG does have some serious potential because of the high grade ore mentioned above. Pan American has better short- and mid-term potential because the results are tangible.
Silver investors will win in all the cases above, but it's more the time horizon investors hold that will make the biggest difference in making a decision. Everyone should probably own Silver Wheaton, and Pan American and MAG Silver are the type that could move up at times much quicker, but also perform in a much more volatile manner, as all silver companies will do because of the nature of silver as an investment itself.
Pan American Silver closed Friday at $42.65, gaining $3.31, or 8.41 percent. MAG Silver closed at $14.48, rising $0.75, or 5.46 percent. Silver Wheaton climbed $46.91, up $1.40, or 3.08 percent.
Friday, December 31, 2010
Gold Prices Today, Silver, Ending Year with a Roar
Gold will finish another year in positive ground, as gold prices today soared on the ongoing story of the weak U.S. dollar and other weak world currencies.
With quantitative easing in the U.S. ramping up again heading into 2011, that will continue to pressure the dollar and when banks really start lending again, will result in major inflation.
The sovereign debt crisis in Europe continues to weigh on the global economy, which has actually helped the U.S. dollar as the euro falls every time focus from the financial press zeros in on the extraordinary threat looming there.
Silver also continues to move up in percentage against gold, as investors migrate there as an alternative investment to gold as gold prices continue to rise.
This will be the tenth straight annual gain for gold, and that string shouldn't end over the next couple of years, and definitely won't in 2011.
Gold futures for February delivery rose to $1,418.60 an ounce on the Comex in New York as of 12:07 PM EST. Spot gold climbed to $1,418.70, up $14.60.
Silver futures for March delivery increased by 37.7 cents, or 1.2 percent, to $30.89 an ounce. Spot silver was trading at $30.90, up 0.44.
Gold and Silver Companies today:
Barrick Gold (NYSE:ABX) was trading at $53.22, up $0.62, or 1.18 percent, as of 12:42 PM EST.
Goldcorp (NYSE:GG) was at $45.89, up $0.61, or 1.35 percent.
Newmont Mining (NYSE:NEM) was at $61.57, gaining $0.49, or 0.80 percent.
Eldorado Gold (NYSE:EGO) was up to $18.67, rising by $0.13, or 0.70 percent.
Gammon Gold (NYSE:GRS) was trading at $8.23, up $0.27, or 3.39 percent.
Silver Companies
Silver Wheaton (NYSE:SLW) was trading at $39.13, up $1.26, or 3.33 percent.
Mag Silver (AMEX:MVG) was at $12.45, up $0.07, or 0.57 percent.
Hecla Mining (NYSE:HL) was at $11.35, gaining $0.22, or 1.98 percent.
Pan American Silver (Nasdaq:PAAS) rose to $41.57, increasing by $0.58, or 1.41 percent.
Silver Standard Resources (Nasdaq:SSRI) was at $28.24, up $0.21, or 0.75 percent.
With quantitative easing in the U.S. ramping up again heading into 2011, that will continue to pressure the dollar and when banks really start lending again, will result in major inflation.
The sovereign debt crisis in Europe continues to weigh on the global economy, which has actually helped the U.S. dollar as the euro falls every time focus from the financial press zeros in on the extraordinary threat looming there.
Silver also continues to move up in percentage against gold, as investors migrate there as an alternative investment to gold as gold prices continue to rise.
This will be the tenth straight annual gain for gold, and that string shouldn't end over the next couple of years, and definitely won't in 2011.
Gold futures for February delivery rose to $1,418.60 an ounce on the Comex in New York as of 12:07 PM EST. Spot gold climbed to $1,418.70, up $14.60.
Silver futures for March delivery increased by 37.7 cents, or 1.2 percent, to $30.89 an ounce. Spot silver was trading at $30.90, up 0.44.
Gold and Silver Companies today:
Barrick Gold (NYSE:ABX) was trading at $53.22, up $0.62, or 1.18 percent, as of 12:42 PM EST.
Goldcorp (NYSE:GG) was at $45.89, up $0.61, or 1.35 percent.
Newmont Mining (NYSE:NEM) was at $61.57, gaining $0.49, or 0.80 percent.
Eldorado Gold (NYSE:EGO) was up to $18.67, rising by $0.13, or 0.70 percent.
Gammon Gold (NYSE:GRS) was trading at $8.23, up $0.27, or 3.39 percent.
Silver Companies
Silver Wheaton (NYSE:SLW) was trading at $39.13, up $1.26, or 3.33 percent.
Mag Silver (AMEX:MVG) was at $12.45, up $0.07, or 0.57 percent.
Hecla Mining (NYSE:HL) was at $11.35, gaining $0.22, or 1.98 percent.
Pan American Silver (Nasdaq:PAAS) rose to $41.57, increasing by $0.58, or 1.41 percent.
Silver Standard Resources (Nasdaq:SSRI) was at $28.24, up $0.21, or 0.75 percent.
Tuesday, November 23, 2010
Mag Silver (NYSE:MVG) Upgraded by Canaccord Genuity
Mag Silver Corp. (NYSE:MVG) was upgraded by Canaccord Genuity from "Hold" to "Buy," pushing the share price of the stock up by over 3 percent.
Canaccord said, "In our view, noise from the Juanicipio JV has obscured the work being done to uncover a potentially large silver-lead-zinc system at Cinco de Mayo. Investors should pay attention to this asset as drilling continues to look for Cinco de Mayo’s high-grade core."
Mag plunged in the middle of November, starting on the 11th through the 16th before rebounding and shooting up again.
They were trading at $10.23, rising by $0.36, or 3.65 percent at 12:54 PM EST.
The 52-week trading range for them is from $5.05 to $10.82.
Canaccord said, "In our view, noise from the Juanicipio JV has obscured the work being done to uncover a potentially large silver-lead-zinc system at Cinco de Mayo. Investors should pay attention to this asset as drilling continues to look for Cinco de Mayo’s high-grade core."
Mag plunged in the middle of November, starting on the 11th through the 16th before rebounding and shooting up again.
They were trading at $10.23, rising by $0.36, or 3.65 percent at 12:54 PM EST.
The 52-week trading range for them is from $5.05 to $10.82.
Monday, November 15, 2010
Endeavour (AMEX:EXK), Silver Standard (NASDAQ:SSRI), Mag Silver (AMEX:MVG) All Down on China Inflation Concerns
Endeavour Silver (AMEX:EXK), Silver Standard Resources (NASDAQ:SSRI),
Mag Silver Corp. (AMEX:MVG) were all punished on Friday when China's consumer price index (CPI) came in higher than expected, increasing to 4.4 percent.
Silver and gold prices all fell significantly as speculation China may battle their inflation by implementing higher interest rates drove down commodities, especially most metals.
Silver for December delivery finished at $25.94 an ounce, while Gold for December delivery ended at $1,365.50 an ounce. Copper for December delivery ended the session at $3.89 an ounce. The record for silver is $50.35, attained in 1980.
The reason silver prices took it hard is it's being considered an alternative to currency, just like gold is. Silver has the dual purpose of being an industrial metal and an investment metal. Investment is driving the price more at this time, so it'll respond similar to gold does in the current economic environment.
Concerning Pan American Silver Corp., they closed Friday's trading session at $36.78, losing $1.47, or 3.84 percent. Endeavour Silver ended the trading day at $6.12, dropping $0.18, or 2.86 percent. Silver Standard Resources closed at $25.51, falling $0.93, or 3.52 percent.
Mag Silver Corp. (AMEX:MVG) were all punished on Friday when China's consumer price index (CPI) came in higher than expected, increasing to 4.4 percent.
Silver and gold prices all fell significantly as speculation China may battle their inflation by implementing higher interest rates drove down commodities, especially most metals.
Silver for December delivery finished at $25.94 an ounce, while Gold for December delivery ended at $1,365.50 an ounce. Copper for December delivery ended the session at $3.89 an ounce. The record for silver is $50.35, attained in 1980.
The reason silver prices took it hard is it's being considered an alternative to currency, just like gold is. Silver has the dual purpose of being an industrial metal and an investment metal. Investment is driving the price more at this time, so it'll respond similar to gold does in the current economic environment.
Concerning Pan American Silver Corp., they closed Friday's trading session at $36.78, losing $1.47, or 3.84 percent. Endeavour Silver ended the trading day at $6.12, dropping $0.18, or 2.86 percent. Silver Standard Resources closed at $25.51, falling $0.93, or 3.52 percent.
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