This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Silver Leads Relief Rally, Then Declines

The close

After the close of the US day session, March silver on the COMEX was down $0.56 at $30.44, near the session low. New York spot prices closed at $30.10, with losses of $0.88 for the day.

Standard Bank warned that Friday's US employment report could further weigh on the metals market.

Bears continue to possess the near-term technical advantage as several support levels were breached with the post-rally decline. Solid technical support remains at $29.63, the December low. $31 is a level of first resistance.

Company news

First Majestic Silver (NYSE:AG,TSX:FR) named Salvador Garcia Ledezma its vice president of operations. The company said it created the position to reinforce its team for future growth in operations and new projects, all of which Ledezma will now be responsible for.

Santacruz Silver Miing (TSXV:SCZ) filed an updated technical report for its San Felipe project in Sonora, Mexico. A technical report was also filed for its Rosario project in San Luis Potosi, Mexico.

Rainbow Resources (TSXV:RBW,OTCQX:RIINF) reported that drilling in the Southern section of its Gold Viking property in British Columbia intersected near-surface, high-grade silver.

Highlights include a preliminary silver value of 1.9 oz/ton over 6.2 feet between a depth of 15.4 and 21.6 feet for drill hole GV-12-04. The also company reported that some samples returned over-limit silver grades; these are being re-assayed for precise silver values.

Homestake Resource (TSXV:HSR) closed its non-brokered private placement of flow-through units by issuing 4,852,500 flow-through units for gross proceeds of $970,500. It also closed the first tranche of its non-flow-through private placement by issuing 4,179,001 non-flow-through units for gross proceeds of $626,850, raising an aggregate of $1,597,350.


Securities Disclosure: I, Michelle Smith, do not possess equity interest in any companies mentioned in this article.

Related reading:

Silver Slides into the Holiday Season, but Upswing Expected in New Year

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs