Silver prices traded relatively flat on Thursday, gaining 12 cents. However, due to the uncertain global economy stemming from the Eurozone crisis, many analysts have cut their forecasts for the year.
Silver prices broke the $30 mark for the first time in nearly a month. Fueled by a weaker dollar and successful bond auctions in Italy and Spain, the price of silver may be heading higher still.
A strong US dollar did not hamper silver prices on the day. Silver and gold prices are benefiting from the political tensions with Iran that are driving up the price of oil. Silver and gold are once again acting as a risk asset as sustained high oil prices increase the likelihood of a recession.
While prices for silver traded fairly flat today the big news came from statements made by Fed Chair Ben Bernanke at the Federal Open Market Committee. The Fed lowered prospects for US economic growth and hinted that another round of stimulus measures is not off the table. Prospects of QE3 have stoked the flames of silver bulls.
New Nadina Explorations Limited (TSXV:NNA) announced the completion of the 2011 drilling at the Silver Queen property south of Houston BC.
NQ Exploration Inc. (TSXV:NQE) announced that Robert Ayotte has been appointed as its Chief Financial Officer to replace Jean Rainville.
Kootenay Gold Inc. (TSXV:KTN) reported assay results from its ongoing 25,000 meter, multi-phase drilling program on its Promontorio silver project in Sonora, Mexico.
Excalibur Resources Ltd. (CNQ:XBR) reported that it has finalized non-brokered flow-through and non flow-through private placements for total proceeds of $718,000.
Trevali Mining Corporation (TSE:TV,FSE:4TI,OTCQX:TREVF) announces that it has filed a preliminary short form prospectus with the Securities Commissions in each of the Provinces of Canada.
New Nadina Explorations Limited (CVE:NNA) announced an update on the two drills that are being tested in Titan A and B targets at the Silver Queen property
Friday, January 20, 2012