Thursday, June 2, 2011

Hecla (HL) (SLW) (EXK) (AG) (CDE) (SVM) Trade Down on Falling Silver Prices

Shares of Silver Wheaton (NYSE:SLW), Hecla Mining (NYSE:HL), Endeavour Silver (AMEX: EXK), First Majestic (NYSE:AG), Coeur d'Alene Mines (NYSE:CDE) and Silvercorp Metals Inc. (NYSE:SVM) all closed down Wednesday on falling silver prices.

A dismal employment report from the ADP sowing only 38,000 new jobs were added in May pressured silver down, while its precious metal cousin gold jumped on the economic news.

Also pressuring silver prices down were the weak manufacturing data coming out of China, the EU and America.

Silver for July delivery dropped 61.1 cents to settle at $37.694 an ounce. Gold for August delivery rose $6.40 to settle at $1,543.20 an ounce.

Silver prices will continue to be volatile as usual, as competing forces weigh on the precious and industrial metal.

Silvercorp Metals Inc. closed Wednesday at $10.95, falling $0.20, or 1.79 percent. First Majestic ended the session at $20.25, down $0.89, or 4.21 percent. Coeur d'Alene Mines (NYSE:CDE) closed at $26.29, dropping 1.28, or 4.64 percent. Hecla Mining closed at $8.14, declining $0.35, or 4.12 percent. Silver Wheaton ended the trading day at $35.93, plunging $0.82, or 2.23 percent. Endeavour Silver fell to $9.88, down $0.41, or 3.98 percent.

iShares Silver Trust (NYSE:SLV) ended at $35.75, lower by $1.85, or 4.92 percent.

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