Shares of Silver Wheaton (NYSE:SLW) were under pressure as were other miners (HL) (PAAS) and (SSRI), after silver missed a record price level and pulled back.
Spot silver prices fell close to 2 percent, wiping out sharp initial gains, after a technical failure to take out a record price set in 1980 triggered a heavy bout of selling.
Spot silver XAG= was lower by 0.8 percent to $46.29 an ounce, off from a session high of $49.31. U.S. silver futures soared as much as over 8 percent to a intraday high of $49.82 an ounce, off an all-time peak of $50.35 set Jan. 18, 1980.
Canaccord Genuity recently upgraded Silver Wheaton from a "Hold" to a "Buy."
Silver Wheaton was trading at $41.61, falling $0.75, or 1.77 percent, as of 12:36 PM EDT.
Showing posts with label Spot Silver. Show all posts
Showing posts with label Spot Silver. Show all posts
Monday, April 25, 2011
Endeavour Silver (EXK) (CDE) (PAAS) (NXG) (ISVLF) Close Mixed Thursday as Silver Prices Reach 31-Year High
Silver miners Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS), Endeavour Silver (AMEX:EXK) and Impact Silver (OTC:ISVLF.PK) 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.
Impact Silver closed Thursday at $2.43, falling $0.08, or 3.19 percent. Endeavour Silver ended the day at $11.79, closing level with the prior trading day. Pan American Silver closed at $37.42, dropping $0.21, or 0.56 percent. Coeur d'Alene Mines ended the session at $32.05, gaining $0.44, or 1.39 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.
Impact Silver closed Thursday at $2.43, falling $0.08, or 3.19 percent. Endeavour Silver ended the day at $11.79, closing level with the prior trading day. Pan American Silver closed at $37.42, dropping $0.21, or 0.56 percent. Coeur d'Alene Mines ended the session at $32.05, gaining $0.44, or 1.39 percent.
Tuesday, March 8, 2011
Silver Wheaton (SLW) Continues its Bull Run
Silver Wheaton (NYSE:SLW) has resumed its bullish performance after a short-term lull where it dropped below $29 a share. It closed Monday at $45.02, moving from about the $29 level starting January 25, 2011.
The company is a silver streaming company launched in 1999 to acquire the silver byproduct from mines in exchange for an upfront payment and then sell the silver in the global market at spot prices.
Because SLW purchases silver byproduct at essentially a fixed price of $3.90 it locks in costs and is open to increases in the price of silver without the capex, environmental, or maintenance costs associated with operating a mine.
SLW has relationships with 3 of the top 5 silver deposits in the world, Penasquito (NYSE:GG), Pascua-Lama (NYSE:ABX) (GG), and Navidad (NASDAQ:PAAS). The Penasquito and Pascua-Lama mines are gold mines with a significant silver byproduct while the Navidad mine is primarily a silver mine.
SLW was able to get such attractive terms because it was able to provide some of the necessary capital via an upfront payment to assist in the build out of the mine. In return they get a portion of the silver for the life of the mine.
Source
The company is a silver streaming company launched in 1999 to acquire the silver byproduct from mines in exchange for an upfront payment and then sell the silver in the global market at spot prices.
Because SLW purchases silver byproduct at essentially a fixed price of $3.90 it locks in costs and is open to increases in the price of silver without the capex, environmental, or maintenance costs associated with operating a mine.
SLW has relationships with 3 of the top 5 silver deposits in the world, Penasquito (NYSE:GG), Pascua-Lama (NYSE:ABX) (GG), and Navidad (NASDAQ:PAAS). The Penasquito and Pascua-Lama mines are gold mines with a significant silver byproduct while the Navidad mine is primarily a silver mine.
SLW was able to get such attractive terms because it was able to provide some of the necessary capital via an upfront payment to assist in the build out of the mine. In return they get a portion of the silver for the life of the mine.
Source
Monday, February 28, 2011
iShares Silver Trust (SLV) Hits New High
The U.S. dollar continues to plunge as traders continue to punish the greenback. One of the main beneficiaries of that is iShares Silver Trust (NYSEArca:SLV), which has jumped to a record high Monday.
iShares Silver Trust has more than doubled over the last year, rising early in the session by about 2 percent, soaring above $33 a share.
The silver ETF dropped last week, but today's rally has already overcome that plunge.
Spot silver is up by $0.50, reaching $33.88, as of 11:33.
With the PowerShares DB US Dollar Index Bullish Fund (UUP) down about 0.5%, that should be continually watched to see which direction the U.S. dollar may be going, as it could signal more weakness in the dollar if the UUP doesn't hold at support.
iShares Silver Trust has more than doubled over the last year, rising early in the session by about 2 percent, soaring above $33 a share.
The silver ETF dropped last week, but today's rally has already overcome that plunge.
Spot silver is up by $0.50, reaching $33.88, as of 11:33.
With the PowerShares DB US Dollar Index Bullish Fund (UUP) down about 0.5%, that should be continually watched to see which direction the U.S. dollar may be going, as it could signal more weakness in the dollar if the UUP doesn't hold at support.
Tuesday, February 8, 2011
Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS), First Majestic Silver (NYSE:AG) Jump on Rising Silver Prices
Silver futures and spot silver rose over the $30 an ounce market today, driving up the prices of silver companies such as Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS) and First Majestic Silver (NYSE:AG).
All three of the companies were trading over 3 percent earlier in the session, and have pulled back a little, hovering just under the three percent mark.
Driving the price of silver today are concerns over supply and rising inflation.
Silver Wheaton was trading at $35.05, $0.97, up 2.85 percent, as of 1:59 PM EST. Pan American Silver was trading at $35.35, up $1.02, or 2.97 percent. First Majestic Silver was at $13.86, gaining $0.34, or 2.51 percent.
All three of the companies were trading over 3 percent earlier in the session, and have pulled back a little, hovering just under the three percent mark.
Driving the price of silver today are concerns over supply and rising inflation.
Silver Wheaton was trading at $35.05, $0.97, up 2.85 percent, as of 1:59 PM EST. Pan American Silver was trading at $35.35, up $1.02, or 2.97 percent. First Majestic Silver was at $13.86, gaining $0.34, or 2.51 percent.
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