Friday, April 29, 2011

Pan American (PAAS) (MGN) (AG) (IM) Close Mixed as Silver, Gold Break Records

Pan American Silver (NASDAQ:PAAS), Mines Management (AMEX:MGN), First Majestic (NYSE:AG) and International Minerals (TSE:IM) closed mixed Thursday even as silver and gold 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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