Silver miners Great Panther (AMEX:GPL), First Majestic (NYSE:AG), Hecla Mining (NYSE:HL) and Alexco Resource (AMEX: AXU) closed mixed Thursday as most have been running up with soaring silver prices, which ended the week with silver settling at a 31-year high of just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.
The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.
Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.
A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.
The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.
Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.
The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.
Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.
Alexco Resource closed Thursday at $10.17, gaining $0.21, or 2.11 percent. Hecla ended the day at $9.46, rising $0.24, or 2.60 percent. First Majestic closed at $23.31, dropping $0.39, or 1.65 percent. Great Panther ended the session at $3.92, losing $0.08, or 2.00 percent.
Showing posts with label Silver Miners. Show all posts
Showing posts with label Silver Miners. Show all posts
Monday, April 25, 2011
Tuesday, April 19, 2011
Alexco (AXU) (AG) (GPL) (PAAS) Close Down Even as Silver Prices Surge Again
Even though silver prices traded at another 31-year high on Monday, that wasn't the direction for most silver companies, as First Majestic (NYSE:AG), Alexco Resource (AMEX:AXU), Pan American Silver (NASDAQ:PAAS) and Great Panther (AMEX:GPL) all closed down on the day.
Silver prices for May delivery rose 38.5 cents, or 0.9 percent, to settle at $42.956 an ounce. Silver traded in a range from $42.200 to $43.560 — again its highest level in 31 years.
U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.
The sovereign debt crisis in Europe continues to push up silver prices, as the euro and U.S. dollar face pressures on out-of-control government spending and refusal to make meaningful spending cuts.
Global inflation and unrest in the Middle East are also major factors in the silver price equation, as investors put money in the precious metal as a gold alternative.
As to why most silver miners have been pulling back, much of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in silver companies don't take into account.
Great Panther closed Monday at $4.01, dropping $0.07, or 1.72 percent. Pan American Silver closed at $37.46, falling $0.61, or 1.60 percent. Alexco Resource ended the day at $9.51, down $0.13, or 1.35 percent. Fortuna closed at $22.73, losing $0.96, or 4.05 percent.
Silver prices for May delivery rose 38.5 cents, or 0.9 percent, to settle at $42.956 an ounce. Silver traded in a range from $42.200 to $43.560 — again its highest level in 31 years.
U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.
The sovereign debt crisis in Europe continues to push up silver prices, as the euro and U.S. dollar face pressures on out-of-control government spending and refusal to make meaningful spending cuts.
Global inflation and unrest in the Middle East are also major factors in the silver price equation, as investors put money in the precious metal as a gold alternative.
As to why most silver miners have been pulling back, much of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in silver companies don't take into account.
Great Panther closed Monday at $4.01, dropping $0.07, or 1.72 percent. Pan American Silver closed at $37.46, falling $0.61, or 1.60 percent. Alexco Resource ended the day at $9.51, down $0.13, or 1.35 percent. Fortuna closed at $22.73, losing $0.96, or 4.05 percent.
Friday, April 15, 2011
Hecla (HL) (SSRI) (GPL) (MGN) Trade Mixed as Gold, Silver Rise Again
Shares of most silver miners were up as silver jumped again Thursday, although Silver Standard Resources (NASDAQ:SSRI), Hecla Mining (NYSE:HL), Mines Management (AMEX:MGN) and Great Panther (AMEX:GPL) were trading mixed.
Silver climbed $1.427, or 3.6 percent, to $41.664 an ounce.
Gold for June delivery rose $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange.
Spot gold was up 1.4 percent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday.
The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.
The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.
In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound
Great Panther closed Thursday at $4.16, gaining $0.16, or 4.00 percent. Mines Management closed at $2.88, up $0.02, or 0.70 percent. Hecla Mining ended the day at $9.53, up $0.34, or 3.70 percent. Silver Standard Resources closed at $33.98, rising $0.26, or 0.77 percent.
Silver climbed $1.427, or 3.6 percent, to $41.664 an ounce.
Gold for June delivery rose $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange.
Spot gold was up 1.4 percent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday.
The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.
The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.
In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound
Great Panther closed Thursday at $4.16, gaining $0.16, or 4.00 percent. Mines Management closed at $2.88, up $0.02, or 0.70 percent. Hecla Mining ended the day at $9.53, up $0.34, or 3.70 percent. Silver Standard Resources closed at $33.98, rising $0.26, or 0.77 percent.
Monday, November 15, 2010
Hecla (NYSE:HL), Pan American (NASDAQ:PAAS), Silver Wheaton (NYSE:SLW) Drop on China CPI Numbers
Hecla Mining Company (NYSE:HL), Pan American Silver Corp. (NASDAQ:PAAS) and Silver Wheaton Corp. (NYSE:SLW) all dropped in response to China's consumer index price came in at 4.4 percent, higher than was expected.
This also reeked havoc on gold prices as well, with gold miners, gold futures and spot gold prices all plummeting on Friday.
The reason the prices of gold and silver fell was in response to speculation China may rein in their economy even further and raise interest rates as the tool of choice.
While silver is unique in that it's considered an industrial and investment metal, it has both of those working in its favor at this time, but it's increasingly being thought of for its investment quality at this time, so is moving up and down more on that fact rather than industrial demand.
In other words, people are using silver similar as gold, in that they're considering it a place of safety and protection against inflation.
One factor for silver and gold companies going forward should be cost containment, as those who better manage costs, at least for long-term investors, will be those who can operate better in strong or weak economic conditions, and have flexibility of pricing and ability to grow through acquisition if they choose to. That comes from having more cash on hand to work with and not be boxed in from too much debt.
As for Hecla Mining Company, they closed Friday at $8.41, dropping $0.51, or 5.72 percent. Silver Wheat ended the week at $33.79, losing $1.60 Friday, or 4.52 percent. Pan American Silver Corp. was at $36.79, falling $$1.47, or 3.84 percent.
This also reeked havoc on gold prices as well, with gold miners, gold futures and spot gold prices all plummeting on Friday.
The reason the prices of gold and silver fell was in response to speculation China may rein in their economy even further and raise interest rates as the tool of choice.
While silver is unique in that it's considered an industrial and investment metal, it has both of those working in its favor at this time, but it's increasingly being thought of for its investment quality at this time, so is moving up and down more on that fact rather than industrial demand.
In other words, people are using silver similar as gold, in that they're considering it a place of safety and protection against inflation.
One factor for silver and gold companies going forward should be cost containment, as those who better manage costs, at least for long-term investors, will be those who can operate better in strong or weak economic conditions, and have flexibility of pricing and ability to grow through acquisition if they choose to. That comes from having more cash on hand to work with and not be boxed in from too much debt.
As for Hecla Mining Company, they closed Friday at $8.41, dropping $0.51, or 5.72 percent. Silver Wheat ended the week at $33.79, losing $1.60 Friday, or 4.52 percent. Pan American Silver Corp. was at $36.79, falling $$1.47, or 3.84 percent.
Tuesday, November 9, 2010
Has Endeavour Silver's (AMEX:EXK), MAG Silver's (AMEX:MVG), and Silvercorp Metals' (NYSE:SVM) Time Come?
Now that silver has definitely turned the corner and is beginning to soar, the lagging silver miners like Endeavour Silver (AMEX:EXK), MAG Silver (AMEX:MVG) and Silvercorp Metals (NYSE:SVM) are about to have their moment, and investors should strongly benefit from them and others with strong exposure to silver, as it should begin to outperform gold going forward, even though gold will remain a great investment, as well as many gold mining companies.
Silver miners in the last quarter who have reported so far have done well, and that was in far less opportune times. That has changed over the last several weeks, and the ratio between gold and silver prices is beginning to narrow back to historical norms, and that means silver prices are rising as measured by percentages, faster than gold is.
The recent earnings report from Pan American Silver (Nasdaq:PAAS) is one example of that.
Endeavour Silver traded at $6.61, gaining $0.20, or 3.12 percent at 1:08 PM EST. Mag Silver was up to $10.30, increasing $0.30, or 3 percent. Silvercorp Metals Inc rose to $12.97, gaining $0.25, or 1.97 percent.
There is no doubt the time for silver miners place in the sun is here, and the overall sector looks good, but we still need to look at those with best cost controls in place, even though the increase in silver price in the near term will be forgiving to those with higher costs.
Silver miners in the last quarter who have reported so far have done well, and that was in far less opportune times. That has changed over the last several weeks, and the ratio between gold and silver prices is beginning to narrow back to historical norms, and that means silver prices are rising as measured by percentages, faster than gold is.
The recent earnings report from Pan American Silver (Nasdaq:PAAS) is one example of that.
Endeavour Silver traded at $6.61, gaining $0.20, or 3.12 percent at 1:08 PM EST. Mag Silver was up to $10.30, increasing $0.30, or 3 percent. Silvercorp Metals Inc rose to $12.97, gaining $0.25, or 1.97 percent.
There is no doubt the time for silver miners place in the sun is here, and the overall sector looks good, but we still need to look at those with best cost controls in place, even though the increase in silver price in the near term will be forgiving to those with higher costs.
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