Shares of most silver miners were up as silver jumped again Thursday, although Silver Wheaton (NYSE:SLW), Fortuna (OTC:FVITF.PK), Coeur d'Alene Mines (NYSE:CDE) and Pan American Silver (NASDAQ:PAAS) 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
Pan American Silver closed Thursday at $37.35, plunging $3.74, or 9.09 percent. Coeur d'Alene Mines closed at $31.08, dropping $2.68, or 7.94 percent. Fortuna ended the trading day at $6.55, up $0.40, or 6.52 percent. Silver Wheaton closed at $42.88, rising $0.49, or 1.16 percent.
Coeur d'Alene Mines and Pan American Silver were hit hard because of Bolivia's leftist, progressive government said it might rescind concessions on four mines in the country. Pan American silver was one of the companies specifically mentioned. Coeur d'Alene Mines wasn't mentioned but does mine in Bolivia.
Friday, April 15, 2011
Fortuna (FVITF) (SLW) (PAAS) (CDE) Trade Mixed as Gold, Silver Rise Again
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