Monday, April 25, 2011

Fortuna (FVITF) (SLW) (SSRI) (MGN) Close Mixed Thursday as Silver Prices Reach 31-Year High

Silver miners and companies Silver Wheaton (NYSE:SLW), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN) and Fortuna (OTC:FVITF.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.

Fortuna Silver closed Thursday at $6.35, gaining $0.09, or 1.48 percent. Mines Management ended the day at $2.72, falling $0.01, or 0.37 percent. Silver Standard Resources closed at $35.02, climbing $0.30, or 0.86 percent. Silver Wheaton ended the session at $42.36, jumping $0.66, or 1.58 percent.

1 comment:

Anonymous said...

Maybe SSRI has been running with silver, but the other 2 are seriously lagging. I should know. I own all 3 of them. Put them all in a chart vs. silver and silver is beating them handily for the last month when it should be the other way around.