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.