Silver prices moved up with gold, reaching another 31-year high as gold blew past the $1,500 an ounce mark on Tuesday. Silver companies like Alexco Resource (AMEX:AXU), Mines Management (AMEX:MGN), First Majestic (NYSE:AG) and Endeavour Silver (AMEX:EXK) closed mixed on the day.
Silver prices for May delivery climbed almost a dollar to settle at $43.91, adding 96 cents, another 31-year high.
The gold contract for June delivery jumped $2.20 to settle at $1,495.10 an ounce, shy of its all-time and daily high of $1,500.50 an ounce. Spot gold prices dropped 50 cents, to $1,495.90 an ounce.
Most of this is based upon the collapsing U.S. dollar, which pulled back again today, the tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, inflation concerns and consequences of the Japanese earthquake. Silver is used by some investors as a gold alternative when gold price rise to high levels as they now are.
The warning from rating agency S&P that the U.S. may have its debt downgraded if it doesn't deal with the risky debt crisis and you have a weak macroeconomic outlook favoring silver, gold and other commodities.
Endeavour Silver closed Tuesday at $11.69, gaining $0.09, or 0.78 percent. First Majestic Corporation ended the session at $22.76, up $0.03, or 0.13 percent. Mines Management closed at $2.55, losing $0.08, or 3.04 percent. Alexco Resource closed the day at $9.57, gaining $0.06, or 0.63 percent.
Wednesday, April 20, 2011
Silver Pushing $44 as Endeavour (EXK) (MGN) (AG) (AXU) Close Mixed
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