By Melissa Pistilli-Exclusive to Silver Investing News

Like many commodities heading into the traditional Thanksgiving slowdown, silver is holding steady. Silver ended the day Wednesday at $10.27/oz. The next upside target for the precious metal is $11.09 with a key resistance level at $10.46 and a key support level at $9.15, says Crown Forex.

Trading will likely slow for the rest of the week as U.S. markets close for the holiday. Canadian markets are generally quiet during this period as well.

What’s Good for Gold is Good for Silver

Many analysts are still predicting that a seriously bad case of inflation is headed our way as the Fed continues to throw more money at the worsening financial crisis. Of course, an inflationary climate is healthy for gold prices, and what’s good for gold is often good for silver as the white metal historically tends to track its yellow cousin.

Gold has been closing above $800/0z since last Friday and has managed to hold on to most of its gains going into the holiday.  “The more stable mood in the financial markets and the Fed’s pledge to inject a further $800 billion into the credit system has drawn further investment interest towards gold,” said TheBullionDesk.com analyst James Moore.

Bullish sentiment towards precious metals still exists in the market as shown by the latest report from Citigroup, which predicts gold hurdling towards $2,000/oz. “For those who refer to gold as ‘that useless piece of yellow metal that has no real value and earns nothing’ (and have done for years) they might want to look at financial market charts more closely,” said Tom Fitzpatrick, Citigroup’s chief technical strategist.

“They are throwing the kitchen sink at this,” Fitzpatrick said. “The world is not going back to normal after the magnitude of what [the world's authorities] have done. When the dust settles this will either work, and the money they have pushed into the system will feed through into an inflation shock.” Or, he warns, the world will enter a deepening depression that brings about serious civil unrest and even perhaps wars.

Whichever possible future becomes our present reality, gold prices will most assuredly skyrocket bringing silver along for the ride.

Great Panther Resources

On the fast-track to becoming a primary silver producer, Great Panther Resources [TSX.V: GPR] announced yesterday that recently completed underground drilling and mine development at the company’s 100% owned Topia Mine in Mexico has increased the potential for high grade silver, gold, lead and zinc mineralization along the Cantarranas Vein, which is historically known for its high grades.

New development along a 95 metre strike length of the vein has averaged 1,867g/t silver, 1.00g/t gold, 2.67% lead, and 4.58% zinc over a width of 0.31 metres. Great Panther believes the potential for bonanza grade silver exists throughout a 350 by 150 metre zone of the Cantarranas Vein. Quality grade mill feed for the Topia Mine can be provided by the eastern extension of the vein.

Early 2009, the company hopes to prepare production stopes in the area to supply silver production at Topia. Great Panther is currently working on further underground development and exploitation on four mineralized vein structures at Topia.

In addition to the Topia Mine, Great Panther also has 100% ownership of the Guanajuato Mines property located in Guanajuato Mining District, one of the most well known silver districts in the world. Output from the mines has risen from over 70,000 silver-equivalent ounces in the fourth quarter of 2006 to over 275,000 by the second quarter of 2008.

Recently, Great Panther completed a $15 million financing and now has a healthy treasury. The company has an annual production rate target of over 4 million ounces of silver equivalent from its producing mines.

The Gold Report has said that Great Panther Resources is “one of the companies coming across our radar screen a lot . . . because people are following it.” Earlier this month, 321gold.com editor Bob Moriarty lavished praise on the up and coming silver producer. “I love them. I was the first newsletter writer to visit the project; I saw it literally as Bob Archer was negotiating for it,” said Moriarty. “They are another good, soon-to-be mid-tier silver producer. They have two or three producing projects there now. They’re increasing their resources, well cashed-up, excellent management.”

Dudley Baker, PreciousMetalsWarrants.com editor, also professed his love for Great Panther this month. “I love the company and its location. I live in Mexico – just outside of Guadalajara, so it’s about a 3-1/2 hour drive from my home. This is one of my favorite silver companies. I’ve visited Bob Archer, the president, several times and have seen the properties. They’re going to be mining silver way after all of us are gone from this planet. It’s a great operation selling for 10% of its all time high.”

Shares of Great Panther Resources were trading at $0.30 on Thursday, down from a 52-week high of $1.68.

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