| Collateral damage of silver prices continues on sluggish demand | |
| | |
|
Massive silver sell-off in bullion market (Part 1 of 2) Silver price volatility
Silver April futures closed at $15.80 per ounce on March 6, 2015. They tested the lows on December 29, 30, and 31, 2014. This was the eighth down day in the last ten trading sessions, and there have been 0.51% more average up days than down days over the last ten days.
Silver declines
On March 6, April silver futures traded in COMEX (the commodities exchange division of the New York Mercantile Exchange) closed near the day’s low. Prices were down by 2.17% compared to the last trading session, and the total volume was at 41,153 contracts at the close of trading. Volume accelerated from the previous day by 18,753 contracts.
Silver prices are trading lower by 67% from the peaks of April 2011. The appreciating dollar, strong US economic growth, and sluggish industrial demand led to the decline in silver prices.
February and early March 2015 saw monthly silver continue its downtrend, led by a strong dollar and improving US economic conditions. A heavy sell-off from precious metals traders and jewelers due to sluggish demand led the massive decline of silver last week in the bullion market. Industry surveys suggest that the pain is not yet over for silver.
The fall of silver impacts key silver ETFs like the iShares Silver Trust (SLV) and the ProShares Ultra Silver ETF (AGQ). It also negatively affects silver stocks like Pan American Silver Corp. (PAAS), Silver Wheaton Corp. (SLW), and Hecla Mining Company (HL).
Continue to Part 2 Browse this series on Market Realist:
|
|
|
VanEck Vectors Global Alternative Energy ETF
|
|
PRODUCER |
CODE : PAAS |
ISIN : CA6979001089 |
CUSIP : 697900108 |
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Pan American Silver is a silver producing company based in Canada. Pan American Silver produces silver, copper, gold, lead and zinc in Argentina, in Bolivia, in Mexico and in Peru, develops gold and silver in Mexico, and holds various exploration projects in Argentina and in Mexico. Its main assets in production are QUIRUVILCA MINE, HUARON and MOROCOCHA in Peru, LA COLORADA, ALAMO DORADO, LLUVIA DE ORO and DOLORES MINE in Mexico, SAN VICENTE in Bolivia and MANANTIAL ESPEJO in Argentina, its main asset in development is LA PRECIOSA in Mexico and its main exploration properties are ORO BLANCO, EL DURAZNO, SAN ANTONIO ORO BLANCO, SANTA LUCIA, REAL VIEJO, PLANCHAS DE PLATA, LA DURA, LA RESERVA / EL CORREO, LA VIRGINIA GOLD/SILVER, LA CRUZ and LA BOLSA in Mexico, FLAMINGO, ESPEJO, REGALO, NAVIDAD, CALCATREAU, HOG HEAVEN, WATERLOO and LOMA DE LA PLATA (NAVIDAD) in Argentina, RIVER VALLEY PGM in Canada and PICO MACHAY in Peru. Pan American Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is 1.0 billions as of today (€ 907.3 millions). Its stock quote reached its lowest recent point on November 07, 2008 at 10.01, and its highest recent level on September 20, 2024 at 21.35. Pan American Silver has 47 442 200 shares outstanding. |