This Day On The Street
Continue to site
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

Silver Bulls' Struggles Continue

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.

The close

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.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs