NEW YORK, NY -- (Marketwire) -- 05/03/12 -- Silver prices rebounded after Ben Bernanke commented that the Federal Reserve was prepared to take action if the economy required additional support. Silver spot prices ended last week at $31.27 after dipping below $30. Silver's rally will look to continue in 2012 as China has recently received approval to begin trading silver futures. Five Star Equities examines the outlook for companies in the Silver Industry and provides equity research on Silver Wheaton Corp. (NYSE: SLW) (TSX: SLW) and Coeur d'Alene Mines Corporation (NYSE: CDE).
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The China Daily newspaper on April 26th reported that China had received approval to start trading silver futures on the Shanghai Futures Exchange. "There has been an absence of a means of trading in silver in China," Wang Ruilei, an analyst with precious metal trader CGS Co Ltd, told China Daily. "The market will be bigger and more liquid with the advent of these futures contracts." Allowing Chinese investors access to the silver market will provide an influx of investment dollars into the commodity, and make it more difficult for American speculators to manipulate the markets in their favor. Also Phillip Klapwijk of GMFS expects fabrication demand for silver, which makes up 80 percent of total demand for the metal, to rise as much as 5% this year.
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Established in 2004, Silver Wheaton has quickly positioned itself as the largest silver streaming company in the world. The company has entered into a number of agreements where, in exchange for an upfront payment, it has the right to purchase, at a low fixed cost, all or a portion of the silver production from several high-quality mines located in politically stable regions around the globe. The company announced that they will release 2012 first quarter results on Monday, May 14, 2012, before market open.
Coeur d'Alene Mines Corporation is the largest U.S.-based primary silver producer and a growing gold producer. The Company built and commenced production from three wholly owned, long-lived mines between 2008 and 2010: the San Bartolome silver mine in Bolivia, the Palmarejo silver-gold mine in Mexico and the Kensington gold mine in Alaska. The company recently reported that its Kensington gold mine is resuming full production ahead of schedule.
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