Producers: Endeavour Silver (TSX:EDR,NYSE:EXK): "Endeavour Silver was the first company in the silver group to do that in 2009/2010. We have done it once or twice since that time, and our view is that there are appropriate times to either hold back sales or accelerate sales, depending on how obvious the near-term outlook is for the silver price. We also, in August and September of this year, started holding back metal from production. We didn't make it headline news like First Majestic, but we actually quadrupled our silver inventory in the third quarter. That's not going to stay there forever, the idea is to try and get a better price for that metal, and when we see a better price we will sell it." Coeur Mining (NYSE:CDE): "Obviously what they're showing the market is they believe that silver prices will be higher at some time in the future, and that holding them in inventory is like a savings account that'll pay down the road ... I'm a believer in silver and gold also, so I think that it's a good move as long as they can continue to stay profitable."Juniors: Mines Management (TSX:MGT,NYSEMKT:MGN): "If that's a strategic opportunity that First Majestic was able to make and still be able to achieve their goals, I think it's an advantageous thing for them to do." Bayhorse Silver (TSXV:BHS): "Too many people have to settle, and if you're in a position where you don't have to settle, then more power — wait for higher prices. Golden Arrow Resources (TSXV:GRG): "If you can afford to do it, you can do it. It's nice to have that sort of luxury. I don't know what it's going to do if all the silver companies pull back — we'll have to see what happens." Rare and strategic metals seller: Swissmetal: "I think they're clever. I think the prices will go up. I think by the end of this year we're probably going to see $20 to low $20s. I think by next year maybe high $20s, low $30s. And I think in the next three to five years we're going to definitely see [silver] breaking the $50-an-ounce barrier. So if I had a million ounces, I would not sell it today."
While the responses above highlight that not all silver companies are in a position to follow First Majestic's lead in holding back silver, they also show that silver producers and explorers alike support the company's plan. It will thus be interesting to see whether any make a similar leap either now or in the future.Tell us what you think Silver Investing News would like to know what you think — can an OPEC-style silver cartel like the one suggested by Neumeyer help lift silver prices? Weigh in by voting in the poll below! View This Poll Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. Related reading: First Majestic's Stockpiling a Sign Silver Miners are Taking Control Survey: Will a Cartel Save the Silver Price? from Silver Investing News