It’s a special day for the silver market. Why? Three years ago today, states BullionVault’s Miguel Perez-Santalla, the white metal traded at $49.80 per ounce on the New York spot market, meaning that somewhere it was changing hands at $50 per ounce.

Silver, however, hasn’t commemorated the occasion with a price rise. In fact, this week was fairly uneventful for the precious metal, which from Monday to Wednesday traded in a short range of $19.23 to $19.49.

Explaining that lackluster movement, News Ledge states that “[g]old and silver are stuck in a safe-haven trading rut.” Essentially — as seasoned investors are no doubt well aware — when investors are concerned about issues like “disappointing economic data, uncertainty in Ukraine,” precious metals prices jump. However, “[t]hat nervousness has been absent in recent days. Solid economic data has overshadowed developments in Ukraine.” Prices have thus been kept down.

Today was a little more exciting. Silver sank abruptly to $19.04 this morning, likely, iNVEZZ.com notes, on the back of an increase in the 10-year US Treasury yield, which “traded briefly at yield of 2.676 percent on Wednesday … mark[ing] a one-week low for the benchmark.”

That fall took silver dangerously close to sub-$19 levels, but it didn’t last for long. Hours later the white metal had jumped up to $19.76, its high point for the week thus far. Spurring that movement was Ukraine’s deployment of tanks and APCs in Slavyansk, where fighting had broken out, as per another News Ledge article. A “larger spike in jobless claims” also helped buoy silver.

Silver closed today at $19.65 per ounce.

Company news

Yesterday, Avino Silver & Gold Mines (TSXV:ASM,NYSEMKT:ASM) provided an update on the expansion taking place at its Avino mine and process plant, which are located on the company’s Mexico-based Avino property. Among other things, mine dewatering is now 93 percent complete, while main haulage ramp rehabilitation at the mine is 85 percent finished.

David Wolfin, the company’s president, CEO and director, said he is “extremely pleased” with the progress that has been made, also commenting that the company “is in great shape to complete [the] expansion within 2014, as planned.”

The same day, Santacruz Silver Mining (TSXV:SCZ,OTCQX:SZSMF) said that its common shares have begun trading under the ticker SZSMF on the OTCQX marketplace in the US. Explaining the move, Arturo Prestamo, the company’s president and CEO, noted, “[w]e believe the OTCQX platform will increase liquidity and broaden the Company’s exposure to both current and prospective U.S. shareholders.”

Junior company news

Earlier today, Golden Arrow Resources (TSXV:GRG) released results from the first seven holes of the 6,000-meter Phase III drill program at its Argentina-based Chinchillas silver project. The program is aimed at expanding the project’s existing resource.

Highlights include 54 meters at 290 grams per tonne (g/t) silver, 1.8-percent lead and 0.5-percent zinc at 130 meters depth in hole CGA-93. That includes 4 meters at 882 g/t silver, 3.3-percent lead and 1.3-percent zinc, as well as 5 meters at 1,172 g/t silver, 4.2-percent lead and 1.4-percent zinc.

Also today, Sierra Metals (TSX:SMT) said that it has started developing the Gallo Superior Magnetita orebody, with mining set to begin in two months. Development will occur along two fronts, Rebaje 398 and Banco 314. Rebaje 398 has been developed over a front of about 30 meters and averages 2.5-percent copper, 30 g/t silver and 0.032-percent zinc, the company’s press release states. Meanwhile, Banco 314 has been developed over a front of around 100 meters and averages 1.9-percent copper, 24 g/t silver and 0.15-percent zinc.

Sierra also noted that exploration drilling in the Bolivar NW area has “further defined a mineralized zone that is not within the previous resource or reserve calculations done by Gustavson.”

 

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.