while Gold and silver prices were up only slightly Wednesday, silver companies like Great Panther (AMEX:GPL), Coeur d'Alene Mines (NYSE:CDE), Alexco Resource (AMEX:AXU) and Pan American Silver (NASDAQ:PAAS) finished mixed, 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. Spot silver hit $40.36 and ounce, up 32 cents.
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.
Pan American Silver closed Wednesday at $41.08, gaining $0.90, or 2.23 percent. Alexco Resource closed at $8.68, the same as close on Tuesday. Coeur d'Alene Mines closed at $33.76, falling $0.85, or 2.46 percent. Great Panther ended the session at $4.00, jumping $0.09, or 2.20 percent.
Thursday, April 14, 2011
Great Panther (GPL) (CDE) (AXU) (PAAS) Close Mixed as Silver Prices Rise
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