Thursday, April 21, 2011

Endeavour (EXK) (FVITF) (MGN) (SSRI) Close Mixed as Silver Jumps Again

Fortuna (OTC:FVITF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX:EXK) closed mixed Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Silver Standard Resources closed Wednesday at $34.72, up $0.75, or 2.21 percent. Mines Management closed at $2.73, gaining $0.18, or 7.06 percent. Fortuna ended the trading day at $6.26, falling $0.02, or 0.32 percent. Endeavour Silver closed at $11.79, up $0.10, or 0.86 percent.

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