This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Outperforms Gold, Then Declines

The close

Thursday, technical selling and diminishing safe-haven demand emerged as unshakable sources of pressure for silver, which snapped its string of gains and experienced a sub-$32 drop.

COMEX March silver ended the US day session $0.72 in the red, at $31.72. New York spot prices fell $0.61, to $31.62.

Company news

Silvercorp Metals (TSX:SVM,NYSE:SVM) stated that it is aware that class-action lawsuits have been filed against it. Based on allegations made on the website AlfredLittle.com, the lawsuits essentially accuse the company of fraud by way of misrepresenting information about ore grades and financial details.

These accusations, in Silvercorp's opinion, have been proven false by a forensic report, an Ernst & Young audit and updated technical reports that were reviewed by regulatory authorities.

Prospero Silver (TSXV:PSL) signed option agreements that enable it to earn 100 percent of two additional claims — Sucara and Dos Amigos — within the Northern Cebollas target area of the Baborigame district in Mexico. With these agreements, the district "is essentially 100% controlled and covers all exploration targets identified in the project area," the company stated in a press release.

Prospero and its joint venture partner, Minera Hochschild Mexico, are preparing Baborigame for drilling. The two additional claims will be integrated and funded under the terms of that partnership.

El Tigre Silver (TSXV:ELS,OTCQX:EGRTF) started drilling at its El Tigre silver-gold property in Sonora, Mexico.

The 2013 exploration program anticipates drilling 5,000 meters of core in 30 to 40 holes. Assay results from the first phase, which will be 2,700 meters, are expected by the end of March. The company said it will concurrently be working to update its NI 43-101 technical report "to include the first reported gold and silver resource based on this phase of the drill program and the 2011 and 2012 programs."

Southern Silver Exploration's (TSXV:SSV) board of directors approved an advance-notice policy for director nominations in hopes of providing a clear framework for the process.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

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 Bankrate.com

  • 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