Silver prices have fallen by approximately 27 percent in 2013, making it the second highest decline amongst the 24 commodities in Standard & Poor’s GSCI gauge. Goldman Sachs Group Inc. recently forecasted prices to drop to $21.70 in three months and reach $19.60 in a year. "There’s less safe-haven" demand, Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said by telephone according to a recent Bloomberg article. "We’re seeing industrial metalsextending their down move. When you have both gold weakness and copper weakness at the same time it seems to have a bit of double whammy on silver."
Hecla Mining Company (NYSE: HL) shares traded in the range of $3.12 to $3.21 Friday before settling to close at $3.18, an increase of 1.27 percent. The stock appears to be facing some resistance at the $3.34 and $3.45 levels with some support at $3.05. Shares of Hecla Mining have fallen approximately 45.0 percent in 2013.
More information on Hecla Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/HL
Pan American Silver Corp. (NASDAQ: PAAS)(TSX: PAA) shares traded in the range of $11.03 to $11.43 Friday before settling to close at $11.16, an increase of 0.27 percent. The stock appears to be facing some resistance at the $11.72 and $12.56 levels with some support at $10.32. Shares of Pan American Silver have fallen approximately 46.0 percent in 2013.
More information on Pan American Silver and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PAAS
Silver Wheaton Corp. (NYSE: SLW)(TSX: SLW) shares traded in the range of $23.87 to $24.77 Friday before settling to close at $24.70, an increase of 2.57 percent. The stock appears to be facing some resistance at the $25.96 and $29.16 levels with some support at $24.49. Shares of Silver Wheaton have fallen approximately 31.0 percent in 2013.
More information on Silver Wheaton and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SLW
Silver Standard Resources Inc. (NASDAQ: SSRI)(TSX: SSO) shares traded in the range of $6.93 to $7.24 Friday before settling to close at $7.16, an increase of 0.70 percent. The stock appears to be facing some resistance at the $7.20 and $7.49 levels with some support at $6.51. Shares of Silver Standard Resources have fallen approximately 52.0 percent in 2013.
More information on Silver Standard Resources and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SSRI
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