Thursday, April 14, 2011

First Majestic (AG) (SLW) (ISVLF) (MGN) Finish Up as Silver Prices Rise

Even though Gold and silver prices were up slightly Wednesday, silver companies like Silver Wheaton (NYSE:SLW), Impact Silver (OTC:ISVLF.PK), First Majestic (NYSE:AG) and Mines Management (AMEX:MGN) were able to churn out a gain, even as most base metals fell in price.

On Wednesday gold prices closed at $1455.60 an ounce. The Silver price for the May contract was higher by .43 percent at 40.24 an ounce.

The collapsing U.S. dollar continues to be a big factor with gold and silver prices, although it gained in strength near the end of trading Wednesday. Other elements are tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening food and fuel inflation and the consequences of the Japanese earthquake in the auto and tech sectors, among others.

July platinum added $2.90 to $1,777.20 a troy ounce, but June palladium fell $4.80 to $765.30 a troy ounce.

Among base metals, May copper was down 9 cents to $4.30 a pound in New York trade, while three-month contracts were $115 lower to $9,515 a ton on the London Metal Exchange after stockpiles in LME-monitored warehouses added another 3,225 tons throughout the day.

Tin was also down in London trade, falling $300 to $32,250 a ton, while nickel dropped $450 to $26,250 a ton.

Mines Management closed Wednesday at $2.86, gaining $0.05, or 1.78 percent. Impact Silver closed at $2.552, up $0.142, or 5.89 percent. Silver Wheaton closed at $42.39, rising $0.02, or 0.05 percent. First Majestic ended the session at $23.05, jumping $2.52, or 12.27 percent.

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