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Silver Futures Extend Gains

September 9, 2011 By Leave a Comment

Silver futures continue to make gains based on  increased buying by traders on the back of a firm global trend. Silver rose by Rs 550 to Rs 67,481 per kg in the futures market today to continue a trend of silver futures gains in the market over the past few weeks.

With increased demand in the spot market, silver futures may continue to see these extended gains for the foreseeable future. Most investors are getting more and more reluctant to put their money into anything else, save for silver and gold.

December delivery for the white metal shot up by Rs 528, or 0.80 per cent, to Rs 66,125 per kg, with a business turnover of 15,232 lots. Again, this trend will probably continue.

The economy is does not seem to be making any significant strides in the right direction. The stock market plunged today as well, even on the heels of the Obama job plan. It seems that either no one believes his plan, or that it still needs time to see if the plan will indeed work.

Silver remains a fantastic investment, especially if you want to put your money somewhere will it will remain safe.

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iShares Silver Holdings Up 1.4 Percent

August 24, 2011 By Leave a Comment

Here is a quick note on iShares Silver. Seems that holdings of the world’s largest silver-backed exchange-traded fund, iShares Silver Trust , rose 1.4 percent to 9,896.8 tonnes on Tuesday from 9,763.5 tonnes on Monday.

Originally reported by (Reuters)

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Silvercorp Mining Purchases Majority Equity in Two China Mining Companies

August 22, 2011 By Leave a Comment

Silvercorp just announced that its 77.5% owned subsidiary, Henan Found Mining Co. (“Henan Found”), signed a share purchase agreement to acquire a 90% equity interest in Zhongxing Mining Co. Ltd. (“Zhongxing”) and Chuanxin Mining Co. Ltd. (“Chuanxin”), two local private mining companies, with common owners, in Luoyang City, Henan Province.

We have already written about China starting to get involved more passionately with the financial sector of the world. They have also made the jump to being more involved in precious metals. It seems even big mining companies are heading to China to dig around some.

Henan Found’s total cash payment for the acquisition of both companies is approximately US $10.4 million, including US$4.3 million for the equity interest and US $6.1 million cash payment for outstanding debt. Henan Found has made 80% of the required total payment and has taken over control.

Zhongxing’s main assets include the high grade XBG silver-gold-lead-zinc (“Ag-Au-Pb-Zn”) mine with a mining permit covering 26.36 square kilometers (km2) expiring November 2022 and the adjacent NTM gold exploration permit covering 2.54 km2. Chuanxin’s main assets include a 350 tonne-per-day (“t/d”) floatation mill and an associated tailings management facility built in 2009 within the mining permit area, and an environmental permit to construct a 1,000 t/d floatation mill.

With the economy the way it is you can expect to hear more and more news regarding mining companies digging around in other countries for precious metals, especially silver. The purchase price the Henan paid was actually relatively low, and while they will make their money back with ease, it looks like they are shooting for a huge score and looking to find something unexpected in the next few years.

Silver continues to be the most popular precious metal and will continue to be because of the high demand that investors and industries have for it.

Cautionary Statements

The majority of this article was taken from a Press Release.

Blog Silver has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.

Filed Under: Silver Mining, Silver News Tagged With: , ,

Sprott Plans to Buy Another $32 Million Worth of Silver

August 19, 2011 By Leave a Comment

Sprott is planning to buy another $32 million worth of silver. So what does this mean for future silver prices? Lets take a look at how silver has been performing in relation to gold. Usually Silver prices spike one way or another when gold prices do. However, this has not been the case lately, as gold is setting new price records while silver has remained steady between the $39-$42 range.

Does this change in behavior mean a rerating is taking place? Probably not yet. Silver investors are naturally nervous, particularly following the sharp fall in their favored precious metal at the beginning of May. A fall that was so severe that it may have seen some new investors in the metal withdraw from silver forever. This was an unwise move, as too many investors are jumping at a moments notice if silver spikes too fast up or down or. It is taking time to get over this setback, but in recent days seems to be recovering.

There is one move apparently under way that could drive silver very rapidly to big new highs. Pre-eminent silver bull, Eric Sprott, has told King World News that he will be selling a further 2 million shares in the Sprott Physical Silver Trust, which will make available another $32 million that will be used to buy physical silver to that value. Sourcing the 800,000 ounces or so of physical metal may put a squeeze on the market if some silver analysts are correct, and this could cause the silver price to accelerate- and along with gold’s spectacular surge could drive silver back to the $50 level and higher very quickly.

If this is the case (which it seems to be), the true silver bulls would just see this as a great buying opportunity in what they view as a long term upwards bull market in precious metals within which category they see silver as the potential star performer. What does this mean for you? Well all along we have been telling you to get invested in silver. There are a number of ways you can do that, with the most popular being Silver Bars and Coins.

Silver looks like it may be on the verge of another price spike. The news from Sprott only magnifies the fact that silver is the very best precious metal to be invested in for the long run.

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New Silver Mineralization Found in Upper Levels of the Santa Juana Mine by ECU Silver

August 19, 2011 By Leave a Comment

ECU Silver Mining Inc. (TSX: ECU.TO) is pleased to announce that through its ongoing underground development, it has uncovered the upward continuity of several mineralized veins known as the “A” veins package.   These veins were mined individually on level 17 and are currently being mined on the lower levels 18 and 19.   In the upper levels, from level 14 to 17, the veins were mined intermittently.   The total height of the active mining area where these veins are located, between levels 12 and 19, is 260 meters (853 feet).   The upward continuity of the “A” veins package, from level 12 to surface is 300 meters (984 feet).

In the block formed by the “A” veins package, there is a 100 meter (328 feet) long section where the veins are closer to one another and bulk mining can be considered.   In the mining levels between levels 12 and 19, the section of veins has an average width of 35 meters (115 feet) representing a total volume of more than 3,000,000 tonnes of mineralized material within the 260 meters (853 feet).

The information on the upward extension of the “A” veins package was recently discovered when the system was encountered while driving a new ramp starting on level 12.   A cross-cut was driven from that ramp to test the “A” veins package and the average following assay results were obtained: 1.18 g/t gold, 307 g/t silver, 0.33% lead, 0.36% zinc and 0.31% copper over a total drift length of 24 meters (79 feet).

Michel Roy, CEO and Chairman of ECU stated, “The upward continuation of the “A” veins package, with interesting precious metals grades, is encouraging as it constitutes a readily accessible source of feed for our flotation mill and any future expansion of our milling capacity.”

The Company is also continuing the deep drill hole below the Santa Juana mine and has now entered the target zone below the massive sulphide originally intercepted in drill hole SJ-18-21.   The drill has intersected 200 meters (656 feet) below the planned projection of the massive sulphide zone encountered above.   Mineralization was cut over a core length of more than 20 meters (66 feet).   Visually, it is a mixture of calcite, quartz and sulfides.   This appears to be a repetition of the variation in the mineralization of the A4 vein intercepts, 1,200 meters (3,937 feet) above, which is to be the upward continuity of this deep zone.   In the upper mined levels of the A4 vein, the mineralization vary from massive sulfides, containing high levels of lead and zinc with variable precious metals, to a mixture of calcite and sulfides with much lower lead and zinc but better average grades of precious metals and copper.   Assays are pending.

Michel Roy, CEO and Chairman of ECU stated, “There is a strong similarity of the mineralization in this first daughter hole compared to the mineralized material mined 1,200 meters (3,937 feet) above.   More daughter holes are planned as soon as this one is completed.”

On June 24th, the Company announced that it had entered into an agreement to merge with Golden Minerals Company (“Golden Minerals”) to create an exciting new junior precious metals mining company.   The details of the proposed merger have been documented in detail and have been sent out to the respective shareholders of each company.   Securityholder votes will be registered at a special meeting of shareholders for both companies to occur on August 30, 2011.

Cautionary Statements

Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.

Blog Silver has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.

Filed Under: Silver Mining, Silver News Tagged With: , , ,

MAG Silver Reports Net Losses for Second Quarter of 2011

August 16, 2011 By Leave a Comment

Silver giant MAG silver has reported some net losses for the second quarter of 2011. The first six months of 2011 operating ended on June 30th, 2011. The company reported losses that amounted to  $1,387,846.

This may seem pretty rough, but by comparison, in 2010 at this same point of the year, MAG silver reported losses of $3,554,861. Since then of course silver has been on a tear, resulting in a much better net loss number for the company to report.

Another factor that is helping MAG silver’s numbers to come up some – yet they are still in the red, was the result of an arbitration award of $1,799,775 received from Fresnillo that was recognized as income for the current quarter.

MAG Silver currently holds $34,897,811 in working capital and $33,571,781 in cash on hand. As you can see by those numbers, things are actually quite good for them.

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Silver Futures Slip Slightly

August 9, 2011 By Leave a Comment

Silver prices fell a bit early Tuesday morning in futures trade today as speculators locked-in gains at existing levels amid weak trend overseas.

Analysts said besides profit booking by speculators at current higher level, weak trend in the global markets also put pressure on the silver futures prices here. Meanwhile, silver fell by 0.38% to USD $38.88 an ounce in Hong Kong in early trade on Tuesday.

As we have said before, silver is very volatile, and when there is a spike in price it is usually dramatic. The spike in price went down some this time around, however, the overall outlook for silver is still fantastic, as it remains the most sought after precious metal by investors and industries alike.

The price of silver is still predicted to skyrocket my March 2012, so keep on investing in silver if you can.

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Silver Prices Should Remain Strong Because of Economy

August 2, 2011 By 1 Comment

Latest news out of the Dow Jones and other major financial players and networks around the globe are all reporting the same thing. Silver prices are likely to remain at current high levels in the second half, buoyed by continued uncertainties in the global economy. That was straight from the mouth of the chief executive of Fresnillo PLC (FRES.LN) Tuesday.

Following those statements up was Jamie Lomelin — the CEO of the world’s largest primary silver producer, also stated that silver is going to remain strong. There will definitely be a slowdown in the economy here in America as well as the rest of the world, however the world of precious metal’s investing is going to continue to boom. Silver should remain in the high $30-a-troy ounce level to $40-a-troy ounce. Many predictions put silver much higher than that by March 2012.

Silver is currently up 0.8% at $39.56 a troy ounce, although it’s still down nearly 16% from this year’s April peak of $46.90/oz. Meanwhile, spot gold is up 0.4% at 1,625.5/oz after reaching a new all-time record high of $1,632.74/oz last week.

Again, now is the perfect time to put your money somewhere that you know it will be safe. Silver should maintain over the foreseeable future, so go get some.

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Silver May Explode as China is Set to Enter the Precious Metal’s Market

July 28, 2011 By Leave a Comment

Silver may hit another high in the coming months, as China is set to enter the precious metal’s market and be a major player within the realm. This has been a long time coming, especially because we know how valuable silver is for industrial use as well as investing in.

China’s booming industries are among the world’s leaders in new projects and new technology. This is probably the main reason they want to get into the game, as silver can be used as a tool for them, as well as an investment. Don’t think China has the money to pull something like this off? Think again. China by itself has trillions of dollars. If they dropped only 0.01% of that money into silver, it could explode silver past the control of the American exclusive.

The Hong Kong Mercantile Exchange proclaimed that it would launch U.S. dollar-denominated silver futures contracts on July 22, 2011. It cited “surging international demand for silver” as the main trigger for the launch. HKME also pointed out that silver demand rose 67% in China in between 2008 and 2010, with the nation accounting for nearly 23% of the world’s silver usage last year.

China has the world’s largest economical climate, and when they do something, the rest of the world tends to follow. Remember, we are not talking about China’s poor credit rating here; we are talking about cold hard spendable cash, which is something China has a lot of.

The growing Chinese demand of gold as well as silver is one of the elements that will continue to drive silver and other precious metals up, making it a very smart move to invest in Silver Bars and Coins.

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Silver Has a Bright Future According to Pan American Metals

July 27, 2011 By Leave a Comment

By now many of us realize that silver has a very bright future. It doesn’t hurt though when we here it from large precious metal’s companies that state the exact same thing that we (investors) have been seeing for around a year now.

Pan American Metals out of Miami is the latest big company to reaffirm these thoughts for us. “Silver makes an excellent entry point into the world of bullion investing,” says Bill Hionas of Pan American Metals of Miami. Pan American Metals of Miami was showing silver just over the $40 mark at $40.29 as of today.

What is fueling statements from big companies like this? If you check the data that is being thrown around, it would seem that the demand for silver is increasing all over the world. Silver demand from Asia is soaring. Demand for silver in China alone rose 67% in just two years between 2008 and 2010, and the Hong Kong Mercantile Exchange has entered the silver futures market as a major player.

Silver has more than doubled gold’s rise during the first part of 2011 (26% compared with 12%). Add to this the fact that the Hong Kong Mercantile Exchange’s entry into the market is likely to be a real game changer, and you can see that the door is opening wider for silver prices to skyrocket.

Known for many years as a “poor man’s gold”, silver now has taken on a whole new level with investors, not only because of its demand, but because it offers a very accessible entry point into the precious metals market. Continuing concerns over international debt crises, as well as the debt crisis on our home soil is also helping to support a strong rise in silver, as many people are looking for a safe investment option.

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