Wednesday, April 13, 2011

Hecla Mining (HL) (SLW) (PAAS) (SSRI) (CDE) Plunge with Broader Commodities

Gold and silver prices fell Tuesday after running up recently, as oil prices fell, dragging commodities in general down with them. Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS), Silver Standard Resources (NASDAQ:SSRI), Hecla Mining (NYSE:HL), Coeur d'Alene Mines (NYSE:CDE) all closed down on the day

Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.

Silver declined from a 31-year high over the previous session. The May contract (SIK11) dropped 55 cents, or 1.3%, to settle at $40.07 an ounce.

The U.S. dollar dropped again, making the downward move even more counterintuitive to the fundamentals.

Coeur d'Alene Mines closed Tuesday at $34.61, down $0.97, or 2.73 percent. Hecla Mining closed at $8.98, falling $0.15, or 1.64 percent. Silver Standard Resources ended the session at $33.42, declining $1.59, or 1.73 percent. Pan American Silver closed at $40.19, dropping $0.76, or 1.86 percent. Silver Wheaton closed at $42.37, falling $1.74, or 3.94 percent.

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