By Michelle Smith — Exclusive to Silver Investing News
Though a number of markets received support from rumors that China may lower its reserve rate requirements, the silver market seemed unfazed.China's GDP is set to be released Thursday night, and the market is not expected to ignore it. Silver, which had a good day on Thursday, is believed to have gained some support from positive expectations ahead of this release. Given the trade deficit earlier in the week, if the Chinese GDP disappoints, coming in below 8.5 percent, silver is at risk of a setback. The close New York's spot market closed Thursday up $0.80 at $32.41, the highest close of the week. Through midday Canadian trading, silver miners were also doing well, with the majority enjoying gains. Company news Endeavour Silver (TSX: EDR,NYSE:EXK,FWB:EJD) reported record production in Q1 2012 from its mines in Mexico. Compared to the first quarter of 2011, silver production rose 19 percent to 1,072,491 ounces and gold production rose 26 percent to 6,231 ounces. The company also announced that most of the metal accumulated in Q4 2011 was sold when prices strengthened in January and February. But, as prices weakened in March, it decided to accumulate Q1 2012 production and will sell some or all of that metal at appropriately higher prices if the need for cash arises. Junior mining news Caracara Silver (TSXV: CSV) announced that it has received the environmental permits needed to start drilling at its Marcia property in Peru. The company has signed a 3,000 meter drilling contract with Bradley-MDH. It expects the drilling program to begin on April 23 and be completed in approximately three months. Cream Minerals (TSXV: CMA,OTCBB:CRMXF,FWB:DFL) provided an update on the release of the resource estimate for its Nuevo Milenio project. Citing the volume of data and the challenges of providing the data to its consultant in a timely manner, the company now anticipates the release to be complete by the end of May.