After falling for multiple trading sessions silver prices rallied sharply Thursday and provided a great boost for silver companies. The Global X Silver Miners ETF (SIL) jumped 2.62 percent Thursday -- nearly matching the iShares Silver Trust (SLV) gain of 3.30 percent. Silver's rally will look to continue on the emergence of Chinese Silver futures and increased fabrication demand. The Paragon Report examines investing opportunities in the Silver Industry and provides equity research on Silvercorp Metals Inc. (NYSE: SVM)(TSX: SVM) and Great Panther Silver Ltd. (NYSE: GPL).
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Investors in China will now be able to trade silver futures at home. The Shanghai Futures Exchange gained approval to begin trading silver futures on April 26th, according to the China Daily newspaper. "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."
On another note, 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 percent this year to roughly 900 million ounces.
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Silvercorp Metals is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. The company reported record production of 5.6 million ounces of silver, or 6.06 million ounces of silver equivalent (including 8,800 ounces of gold), being the sixth consecutive year of production growth with an increase of 6% in silver production compared to 5.3 million ounces in fiscal 2011.
Great Panther Silver Limited is a silver mining and exploration company. The Company's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico. In the first quarter of 2012 silver production increased 1 percent to 359,526 ounces from the fourth quarter of 2011, but declined 12 percent from the first quarter of 2011.
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