Wednesday's close was just below the bearish trend line at $32.23, said Scotiabank.“We look for a break of this trend line and the 2013 high of $32.48 to change the outlook to bullish,” the firm said in a market note.
But Thursday would not prove to be the day for such a shift. Signs of the previous day's rally completely evaporated. And, just as silver was up by more than $1 at times on Wednesday, it was likewise down by over $1 at times on Thursday.
At the end floor trading, the COMEX March contract was near the session low at $31.42, with losses of $0.75. The New York spot market closed with silver down $0.55, at $31.47.Company news On Friday, Silvercorp Metals' (NYSE:SVM,TSX:SVM) chairman and CEO, Rui Feng, wrote an open letter professing that the allegations found in lawsuits against the company and some its officials are untrue and unfounded. Monday, the company announced new management appointments in China. A chief mining engineer and deputy general manager of operations were added in China “to strengthen [the company's] management team” and “support future growth.” The company told Silver Investing News that these are new positions, but declined to say whether the creation of these positions is associated with the lawsuits. Expressing belief that its stock is currently undervalued, the company announced a share buyback Tuesday. International Northair Mines (TSXV:INM,OTC Pink:INNHF) intersected high-grade silver at its La Cigarra project in central Mexico. Over widths greater than 5 meters, the 765 g/t intersection from a drill hole in the San Gregorio zone is the highest silver grade reported to date, Fred Hewett, president and CEO, said in a press release. “These results, combined with previous drilling, indicate that a high-grade silver zone is being delineated in the northern half of San Gregorio,” he added.