With the exception of Friday, when that report was released, silver was in the sub-$27 range last week. In response to the lower price level, Heraeus, a global precious metals and technology firm, said it has noticed increased demand and equally strong interest in Silver Eagles.Although some banks have lowered their forecasts for silver for 2013, physical demand, as well as the economic environment, indicate climbing prices, the firm's market report states. Like other firms, Deutshe Bank (NYSE:DB) has cut its silver forecasts. For 2013, the firm lowered its average price projection to $31 while reducing its 2014 projection to $34. These are reductions of 16.5 percent and 10.1 percent, respectively, according to MarketWatch. That indicates that the firm expects a significantly weaker performance from silver, but like Heraeus, still expects notable moves above current prices. The close Thursday May silver on the COMEX ended the US session up $0.02 at $27.68. Gains on the New York spot market were half that amount. Up by a penny, the metal's closing price was $27.66. Company news Endeavour Silver (NYSE:EXK,TSX:EDR) announced record production from its mines in Mexico during the first quarter of 2013. Silver production was up 39 percent, at over 1.4 million ounces. Gold production rose 138 percent, to 15,032 ounces. Though realized prices for silver and gold fell during the quarter, the company still reported that revenues jumped 42 percent, to nearly $70 million. Endeavour also said that the company has signed two new concentrate sales contracts. With the release of further delineation drill results, SilverCrest Mines (AMEX:SVLC,TSXV:SVL) continues to expand its Santa Elena deposit in Sonora, Mexico. The results are part of a resource expansion and reclassification that will be included in a prefeasibility study. President J. Scott Drever said the company has "drilled the known portion of the deposit at 35 to 40 metre centres [and] the Main Mineralized Zone has been extended by approximately 300 metres beyond [the] current resource boundary." SilverCrest also identified two new subparallel zones. Drever noted that the company expects the results to demonstrate an extended mine life.
The company reported that core hole SE-13-126 intercepted further bonanza grades (greater than 34 g/t gold or greater 1,000 g/t silver), with 0.6 meters grading 5.2 g/t gold and 1,840 g/t silver. These high grades are included in a broader interval of 21.6 meters grading 1.46 g/t gold and 169 g/t silver.Canadian Silver Hunter (TSXV:AGH) announced the expansion of its exploration area at the South Lorrain silver-cobalt project in Ontario. The company said recent diamond drilling returned significant silver values between 111 and 122.3 meters downhole, including 1,517 g/t over 0.3 meters, 479 g/t over 0.4 meters and 91 g/t over 0.3 meters. This zone appears to be related to a new silver-bearing structure. The recent power-stripping and channel-sampling program returned silver values ranging from 0.4 g/t to 190 g/t, with only seven of the 77 samples taken assaying below 1 g/t silver. The company has also now launched its website. Orko Silver (TSXV:OK) shareholders overwhelmingly voted in favor of the arrangement whereby the company will be acquired by Coeur d'Alene Mines (TSX:CDM,NYSE:CDE). Orko plans to apply for a final order of the Supreme Court of British Columbia on April 12 and estimates that the arrangement could be effective as soon as April 16. Securities Disclosure: I, Michelle Smith, do not hold equity interest in any of the companies mentioned in this article. Related reading: 2013 Silver Eagles Already Sold Out Silver Rises on Jobs, Moves Higher from Silver Investing News