Monday, April 18, 2011

Hecla (HL) (AXU) (SSRI) (MGN) Trade Mixed as Silver Continues to Rise

Silver again hit new 31-year highs Friday soaring as high as $42.95 an ounce, closing the week up 4.9%. Silver for May delivery rose 90.7 cents to settle at $42.571 an ounce. Silver has risen just under 40 percent so far in 2011. Alexco Resource (AMEX:AXU), Silver Standard Resources (NASDAQ:SSRI), Hecla Mining (NYSE:HL) and Mines Management (AMEX:MGN) traded mixed on the day.

Gold prices roared toward the $1,500 an ounce mark, trading on Friday as high as $1,488 an ounce in afternoon action until closing at $1,486.50 an ounce.

Inflation continues to be a major factor in silver price movement, as it has with many precious and base metals, with food and fuel prices in the U.S. continuing to soar and consumer prices in China to climb.

The continuing collapse of the U.S. dollar, sovereign debt crisis in Europe and the unrest in the Middle East makes silver and gold an attractive safe haven alternative for capital.

Mines Management closed Friday at $2.71, plunging $0.17, or 5.90 percent. Hecla Mining closed at $9.61, gaining $0.08, or 0.84 percent. Silver Standard Resources closed at $33.80, dropping $0.18, or 0.53 percent. Alexco Resource ended the day at $9.64, losing $0.01, or 0.10 percent.

No comments: