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Friday, April 29, 2011

Silvercorp (SVM) (GPL) (SSRI) (SLW) Close Down as Silver, Gold Break Records

Silvercorp Metals Inc. (NYSE:SVM), Great Panther (AMEX:GPL), Silver Standard Resources (NASDAQ:SSRI) and Silver Wheaton (NYSE:SLW) all closed down 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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