Mines Management (MGN) Trades Down as Silver Prices Fall

Mines Management (AMEX:MGN) traded down as silver prices fell on Thursday.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

Mines Management, Inc. participates in the acquisition, exploration, and development of mineral properties, mostly silver and associated base and precious metals in North America.

Mines Management (MGN) closed Thursday at $1.99, falling $0.12, or 5.69 percent.

Miners (MGN) (HL) (GPL) (MVG) (PAAS) Trade Up as Silver Rebounds

Shares of Mines Management (AMEX:MGN), Hecla Mining (NYSE:HL), Great Panther (AMEX:GPL), Mag Silver Corporation (AMEX:MVG) and Pan American Silver (NASDAQ:PAAS) as silver, gold and the majority of other commodity prices climbed on the day.

The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.

June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.

A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.

Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.

Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.

The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.

Great Panther (GPL) closed Wednesday at $3.01, gaining $0.22, or 7.89 percent.

Mines Management (MGN) Falls Along with Silver Prices

Mines Management (AMEX:MGN) dropped in Wednesday trading, as silver prices plunged again in the extremely volatile market.

The most-actively traded silver contract, for July delivery, settled down $2.971, or 7.7 percent, at $35.515 per troy ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery was down $2.971, or 7.7 percent, at $35.509.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

Mines Management, Inc. participates in the acquisition, exploration, and development of mineral properties, mostly silver and associated base and precious metals in North America.

Mines Management (MGN) closed Wednesday at $2.19, falling $0.15, or 6.41 percent.

Mines Management (MGN) Falls Along with Silver Prices

Mines Management (AMEX:MGN) dropped in Wednesday trading, as silver prices plunged again in the extremely volatile market.

The most-actively traded silver contract, for July delivery, settled down $2.971, or 7.7 percent, at $35.515 per troy ounce on the Comex division of the New York Mercantile Exchange. Silver for May delivery was down $2.971, or 7.7 percent, at $35.509.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

Mines Management, Inc. participates in the acquisition, exploration, and development of mineral properties, mostly silver and associated base and precious metals in North America.

Mines Management (MGN) closed Wednesday at $2.19, falling $0.15, or 6.41 percent.

Silver Wheaton (SLW) (SSRI) (MGN) (AG) (MVG) Trade Mixed As Silver Rebounds

Silver Wheaton (NYSE:SLW), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), First Majestic (NYSE:AG) and Mag Silver Corporation (AMEX:MVG) traded mixed as silver climbed.

Silver and gold prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on .

Silver prices settled up 21 cents to $35.01 an ounce. Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

Silver Wheaton (NYSE:SLW) closed Friday at $34.10, down $0.14, or 0.41 percent.

Silver's (HL) (SSRI) (MGN) (SVM) (AXU) Trade Up as Silver, Gold Rebound

Silver companies Hecla Mining (NYSE:HL), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), Silvercorp Metals Inc. (NYSE:SVM) and Alexco Resource (AMEX: AXU) closed up Monday as silver prices turned around on Monday.

Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.

According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).

Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.

The U.S. dollar fell to $1.434 against the euro and dropped against the Japanese yen to 80.24 yen.

Silvercorp Metals Inc. (NYSE:SVM) closed Monday at $11.64, gaining $0.50, or 4.49 percent. Mines Management (MGN) closed at $2.33, jumping $0.13, or 5.91 percent. Hecla Mining closed at $8.65, up $0.56, or 6.92 percent.

Silver's (SLW) (FVITF) (MGN) (AG) (SVM) After Metal Trades Down

Silver prices continued to be pressured Friday, as it has been weighed down by the investors takeing profits in recent trade, and increased margin requirements, which has dragged silver companies Fortuna (OTC:FVITF.PK) Mines Management (AMEX:MGN), First Majestic (NYSE:AG), Silvercorp Metals Inc. (NYSE:SVM) and Silver Wheaton (NYSE:SLW) down on the week, although most rebounded on Friday.

Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.

The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.

Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.

Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.

Silver Wheaton (SLW) closed Friday at $35.82, gaining $0.67, or 1.91 percent.

Top AMEX Losers (MGN) (IEC) (GST) (AFP) (AZK) (6-10) on May 6

The top American Stock Exchange losers (6-10) - as measured by percentages Friday on the Exchange - include Mines Management, Inc. (AMEX:MGN), IEC Electronics Corp. (AMEX:IEC), Gastar Exploration Ltd. (AMEX:GST), United Capital Corp. (AMEX:AFP) and Aurizon Mines, Ltd. (AMEX:AZK).

Mines Management, Inc. (MGN) closed Friday at $2.20, down $0.08, or 3.51 percent.

IEC Electronics Corp. (IEC) ended the day at $7.69, down $0.27, or 3.39 percent.

Gastar Exploration Ltd. (GST) closed at $4.00, falling $0.14, or 3.38 percent.

United Capital Corp. (AFP) closed at $25.56, declining $0.88, or 3.33 percent.

Aurizon Mines, Ltd. (AZK) closed Friday at $5.56, plunging $0.18, or 3.14 percent.

Mag Silver (MVG) (PAAS) (CDE) (MGN) (ISVLF) Crunched as Silver Drops

Pan American Silver (NASDAQ:PAAS), Coeur d'Alene Mines (NYSE:CDE), Mines Management (AMEX:MGN), Impact Silver (OTC:ISVLF.PK) and Mag Silver Corporation (AMEX:MVG) got crushed Thursday as gold and silver prices continued their fall.

The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.

Since the Friday settlement price silver has plummeted 25 percent.

Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.

Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.

As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.

Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.

Impact Silver (ISVLF) closed at $1.92, dropping $0.128, or 6.24 percent. Mines Management (MGN) closed at $2.28, down $0.26, or 10.24 percent.

Silver Firms (PAAS) (SSRI) (MGN) (GPL) (AG) Trade Mixed as Silver Takes Beating

Even though silver prices got pummeled again Wednesday, silver producers Pan American Silver (NASDAQ:PAAS), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN), Great Panther (AMEX:GPL) and First Majestic (NYSE:AG) closed the trading day mixed, rebounding from recent losses.

The ongoing plunge in silver prices pressured commodities one Wednesday as investors sold holdings to take money off the table after weeks of prices rising in the sector.

Silver dropped $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver approached the elusive $50 an ounce mark last week.

Silver for July delivery dropped $2.820, at $39.765 per troy ounce.

Despite silver's three-day fall, the price is still 27.3 percent higher on the year.

Gold for June delivery, the most actively traded contract, fell $25.10 to $1,515.30 an ounce.

The U.S. dollar index lost 0.15 percent to $73.01.

Pan American Silver closed Wednesday at $34.53, gaining $0.70, or 2.07 percent.

Pain for (SVM) (ISVLF) (MGN) (SSRI) (EXK) As Silver Plummets

Shares of silver miners Silvercorp Metals Inc. (NYSE:SVM), Impact Silver (OTC:ISVLF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX: EXK) were suffering again as prices plunged again in Tuesday trading.

Silver plunged another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex. In after hours trading the price almost dropped below $40 an ounce.

Much of this has been the result of the decision by the CME Group to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

To buy a 5,000 ounce contract, silver traders will now have to put up $16,200.

Leverage traders got rid of their silver positions over the last couple of days, driving the price of silver down. Expectations are silver could bottom out as about $38 if there's more leverage leaving the market.

Other than some speculation, other reasons for the boost in silver prices include the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake. India also raised its interest rates unexpectedly on Tuesday, putting some downward pressure on gold and silver as well.

Of the silver companies in the article, Endeavour was down the most, closing Tuesday at $9.92, falling $0.69, or 6.50 percent.

Silver Wheaton (SLW) (HL) (GPL) (AG) (MGN) Crushed as Silver Drops

Shares of Silver Wheaton (NYSE:SLW), Hecla Mining (NYSE:HL), Great Panther (AMEX:GPL), First Majestic (NYSE:AG) and Mines Management (AMEX:MGN) got hammered as silver prices plunged Monday.

Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.

Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.

The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.

It is surprising to see gold and silver be pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.

One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.

Silver Wheaton closed at $37.77, falling $2.85, or 7.02 percent.

Silver Wheaton (SLW) (MGN) (SVM) (ISVLF) (CDE) Trade Mixed as Silver, Gold Break Records Again

Silver Wheaton (NYSE:SLW), Mines Management (AMEX:MGN), Silvercorp Metals Inc. (NYSE:SVM), Impact Silver (OTC:ISVLF.PK) and Coeur d'Alene Mines (NYSE:CDE) closed mixed Friday as gold price records continue be broken.

Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.

Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.

The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.

The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.

Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.

Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.

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.

Silvercorp (SVM) (FVITF) (MGN) (SLW) Close Down as Silver, Gold Routed

Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820, as Silvercorp Metals Inc. (NYSE:SVM), Fortuna (OTC:FVITF.PK), Mines Management (AMEX:MGN) and Silver Wheaton (NYSE:SLW) closed down.

Gold prices closed down Tuesday from records set the previous trading session, temporarily falling below the important $1,500 level at one point, but the losses in the yellow metal were subdued.

On the other hand, silver futures plunged Tuesday as investors took profits from record prices as uncertainty over the Federal Reserve policy decision coming up could have an adverse effect on the metals' unprecedented rally.

There is some wariness by some on how the Federal Reserve might respond in light of recent signs of higher food and energy prices.

Silver took a beating Tuesday. After setting records for seven out of the last eight trading sessions. Silver closed Tuesday almost 10 percent below Monday's intraday record $49.820.

The most actively traded silver contract, for May delivery, fell $2.099, or 4.5%, to settle at $45.050 a troy ounce on the Comex division of the New York Mercantile Exchange. Front-month April silver lost $2.093, or 4.4 percent, to finish at $45.058.

Most-active Comex June gold was down $5.60, or 0.4 percent, to settle at $1,503.50 a troy ounce while the nearby April contract fell $5.60, or 0.4 percent, to end at $1,503.00.

Gold trading near $1,500 an ounce has increased buying in silver as a less expensive alternative.

Silver Wheaton closed Tuesday at $39.17, falling $1.86, or 4.53 percent. Mines Management ended the day at $2.65, down $0.10, or 3.64 percent. Fortuna Silver closed the session at $5.59, dropping $0.57, or 9.30 percent. Silvercorp Metals Inc. closed at $13.20, declining $0.69, or 4.97 percent.

Alexco Resource (AXU) (MFN) (ISVLF) (MGN) Close Down as Silver Closes in on All-Time Record

Silver and gold prices are continuing their upward move, even as silver miners Minefinders Corp. Ltd. (AMEX:MFN), Impact Silver (OTC:ISVLF.PK), Mines Management (AMEX:MGN) and Alexco Resource (AMEX: AXU) all closed down, as investors took some profits as the white metal continued its upward run.

Investors all also getting increasingly nervous at the rate the precious metals are rising, giving pause as prices continue to hit all-time highs in the case of gold, and 31-year highs in the case of silver, as silver continues to push toward breaking its all-time high of just over $50 an ounce.

Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.

Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.

Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.

The more active May silver contract jumped just shy of the $50 level, trading as high as $49.82 before falling back.

An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.

Most of this is because of the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.

The DXY index of the U.S. dollar's value against a basket six other major currencies fell 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.

Fortuna (FVITF) (SLW) (SSRI) (MGN) Close Mixed Thursday as Silver Prices Reach 31-Year High

Silver miners and companies Silver Wheaton (NYSE:SLW), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN) and Fortuna (OTC:FVITF.PK) closed mixed Thursday as most have been running up with soaring silver prices, which ended the week with silver settling at a 31-year high of just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.

The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.

Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.

A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.

The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.

Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.

The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.

Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.

Fortuna Silver closed Thursday at $6.35, gaining $0.09, or 1.48 percent. Mines Management ended the day at $2.72, falling $0.01, or 0.37 percent. Silver Standard Resources closed at $35.02, climbing $0.30, or 0.86 percent. Silver Wheaton ended the session at $42.36, jumping $0.66, or 1.58 percent.

Newcrest (NCMGY) (AEM) (MGN) (GSS) Close Up as Gold Breaks Record Again

Agnico-Eagle (NYSE:AEM), Golden Star Resources (AMEX:GSS), Mines Management (AMEX:MGN) and Newcrest Mining (OTC:NCMGY.PK) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Newcrest Mining closed Wednesday at $44.64, gaining $1.29, or 2.98 percent. Mines Management closed at $2.73, up $0.18, or 7.06 percent. Golden Star Resources ended the trading session at $2.99, rising $0.04, or 1.36 percent. Agnico-Eagle closed at $67.44, jumping $0.46, or 0.69 percent.

Endeavour (EXK) (FVITF) (MGN) (SSRI) Close Mixed as Silver Jumps Again

Fortuna (OTC:FVITF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX:EXK) closed mixed Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Silver Standard Resources closed Wednesday at $34.72, up $0.75, or 2.21 percent. Mines Management closed at $2.73, gaining $0.18, or 7.06 percent. Fortuna ended the trading day at $6.26, falling $0.02, or 0.32 percent. Endeavour Silver closed at $11.79, up $0.10, or 0.86 percent.

Silver Pushing $44 as Endeavour (EXK) (MGN) (AG) (AXU) Close Mixed

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.