NEW YORK, NY -- (Marketwire) -- 01/23/13 -- Silver's recent rally can be attributed to a strong surge in investment demand. Last week, the iShares Silver Trust ETF (SLV) reported holdings increased by 572-metric tons, the largest increase in five years, to 10,735 tons. Five Star Equities examines the outlook for companies in the Silver Industry and provides equity research on Coeur d'Alene Mines Corporation (NYSE: CDE) and Hecla Mining Company (NYSE: HL).
Data collected from Bloomberg and Barclays show that investment through silver-backed exchange-traded products is at a record of 19,114 tons globally, which is approximately nine months of mine output. Additionally, the U.S. mint has reported that they have temporarily sold out of 2013 American Eagle Silver coins. So far in January silver sales have totaled 6,007,000 troy ounces, more than double 2012's average monthly sales of 2,811,875, according to data from the Mint.
"Some investors see poor man's gold as a cheaper alternative to the yellow metal and are allocating to it," said Mark O'Byrne, executive director of GoldCore Ltd. "Allocations to silver remain very small which suggests that the holdings could go higher resulting in higher silver prices again in 2013."
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Coeur d'Alene Mines is a large primary silver producer with growing gold production with assets in the United States, Mexico, Bolivia, Argentina and Australia. The company reported production of 18.0 million ounces of silver and an all-time high of 226,491 ounces of gold for the full year 2012.
Hecla Mining Company has distinguished itself as the largest and one of the lowest cash cost silver producers in the U.S. The company has two operating mines and exploration properties in four world-class silver mining districts in the U.S. and Mexico. The company anticipates that its Lucky Friday mine will be in production in the first quarter of 2013 and hit production of over 2 million ounces by year end.
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