Wednesday, April 13, 2011

Endeavour (EXK) (AXU) (MGN) (GPL) (AG) Plunge with Oil Prices

Gold and silver prices dropped Tuesday after running up recently, as oil prices fell, dragging commodities in general down with them. Endeavour Silver (AMEX:EXK), Alexco Resource (AMEX:AXU), Mines Management (AMEX:MGN), Great Panther (AMEX:GPL), First Majestic (NYSE:AG) all closed down on the day

Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.

Silver declined from a 31-year high over the previous session. The May contract (SIK11) dropped 55 cents, or 1.3%, to settle at $40.07 an ounce.

The U.S. dollar dropped again, making the downward move even more counterintuitive to the fundamentals.

First Majestic closed Tuesday at $20.53, plunging $2.09, or 9.24 percent. Great Panther closed at $4.09, falling $0.11, or 2.62 percent. Mines Management ended the session at $2.81, declining $0.09, or 3.10 percent. Endeavour Silver closed at $10.90, dropping $0.50, or 4.39 percent. Alexco Resource closed at $8.68, falling $0.37, or 4.09 percent.

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