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Friday, April 29, 2011

Mag (MVG) (FVITF) (HL) (AMEX: EXK) Close Down as Silver, Gold Break Records

Mag Silver Corporation (AMEX:MVG), Fortuna (OTC:FVITF.PK), Hecla Mining (NYSE:HL) and Endeavour Silver (AMEX: EXK) all closed down Thursday even as gold and silver prices broke all-time records. It appears investors are taking some profits off the top.

Silver prices for July moved up $1.55 to settle at $47.54 an ounce.

Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.

Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.

Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.

The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.

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