In the ETF market investors have apparently changed course as last week over 48 metric tons were added to holdings after two weeks of heavy liquidation. For silver investors with a strategy of buying the dips, this could be a green light period as some market participants view silver's price weakness as short term.This week, HSBC boosted its 2013 silver forecast to $33 and its 2014 silver forecast to $31. The change was attributed to four factors: stronger industrial demand, steady investment appetite, strong coin and bar purchases and a bottoming out of jewelry demand. UBS also signaled improvement ahead stating the firm was keeping its three month target for silver at $37. The close March silver on the COMEX fell to lowest level in a month during the US session Thursday. It ended with losses of $0.51 at $30.35. Silver on the New York spot market saw losses of $0.38 finishing at $30.40 Company news Coeur d' Alene (TSX:CDM,NYSE:CDE) made a bid for Orko Silver (TSXV:OK,OTC Pink:OKOFF) that implies a price of C$2.70 per Orko share based on February 12 closing prices. This offer has been deemed a “superior proposal” to an existing arrangement with First Majestic Silver (TSX:FR,NYSE:AG), which was announced in December. Based on February 12 share prices, Orko believes the Coeur proposal represents a premium of about 25 percent to the implied value of the consideration of the First Majestic agreement. If First Majestic does not amend its offer or if the Coeur offer remains superior, Orko said it will pay First Majestic a termination fee of C$11.6 million and enter into the agreement with Coeur. Thursday First Majestic cited its five-day allowance to amend its offer and said the company is considering its position. McEwen Mining (TSX:MUX,NYSE:MUX) said operations at the San Jose Mine in Argentina have resumed after a disruption was caused by employees suffering from gastroenteritis. The employees have fully recovered, the company reported.
A severe storm has interrupted drilling at South American Silver's (TSX:SAC,OTCQX:SOHAF) Escalones site in Chile due to lack of access.The company said that there was no loss or damage to its people, equipment or facilities, but there was significant damage to the access road leading to the site. The initial assessments suggest accessing Escalones by light vehicle may not be possible for six to 10 days and access by heavy vehicle may not be possible for up to a month. South American Silver said it will help to get the road back into service. Teuton Resources (TSXV:TUO,OTCBB:TEUTF) announced that its optionee, Rotation Minerals, completed drilling 25 holes on the 4-J's property in British Columbia. Highlights from the first eight holes include: 2.44 meters of 1.29 g/t gold, 140.5 g/t silver, 3.23 percent lead, 11.73 percent zinc and 2.61 percent antimony in DDH4J-2012-1 and 3.05 meters of 0.7 g/t gold, 156.5 g/t silver, 2.5 percent lead, 9.43 percent zinc and 1.10 percent antimony in DDH4J-2012-7. Teuton's president, Dino Cremonese, said "[t]hese 4J's results represent the third successful exploration program undertaken in 2012 on Teuton ground located due south of Pretium's prolific gold-silver Brucejack property. Securities Disclosure: I, Michelle Smith, do not hold equity interest in any of the companies mentioned in this article. Weaker Silver Prices and Forecast Changes from Silver Investing News