Silver Stocks Look to Rebound as Silver Prices Benefiting From Increased Demand
NEW YORK, NY -- (Marketwire) -- 07/24/12 -- After a strong start to the year silver stocks have faltered in recent months as prices for the metal have struggled to gain any upwards momentum. The Global X Silver Miners ETF (SIL) has fallen over 15 percent in the last three months, while the iShares Silver Trust ETF (SLV) 14 percent over the same period. "The slide in silver prices mirrors the stubbornly sluggish global economy, and the strength of the U.S. dollar," said Keith Newcomb, portfolio manager at Full Life Financial LLC. Five Star Equities examines the outlook for companies in the Silver Industry and provides equity research on Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) and Hecla Mining Company (NYSE: HL).
Access to the full company reports can be found at:
www.FiveStarEquities.com/PAAS
www.FiveStarEquities.com/HL
Silver has recently been benefitting from increased demand according to Commerzbank. In a recent note the bank stated that holdings in silver exchange-traded funds, 575.1 million troy ounces, were at their highest levels since May of last year. Silver futures on Friday settled at $27.217 a troy ounce. "Investors clearly view silver's current price level of $27 per troy ounce as an attractive opportunity to buy, which means higher silver prices can be expected," the bank said.
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Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver Mineral Reserves. The company has seven operating mines in Mexico, Peru, Argentina and Bolivia, including the recently acquired Dolores gold/silver mine in Chihuahua, Mexico. The company recently reported the sale of their Quiruvilca mine in Peru.
Hecla Mining controls two operating mines and exploration properties in four world-class silver mining districts in the U.S. and Mexico. The company is scheduled to release its second quarter 2012 financial and operating results before market open on Tuesday, August 7, 2012. Shares of the company have rebounded over 7 percent in the last three months.
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