Thomson Reuters GFMS Silver Market News:
Date of Release: 5th April 2013
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
Silver Wheaton reported record annual attributable production of 29.6 million silver equivalent ounces in 2012. The company expects a further rise this year, with its annual attributable production projected to reach around 53 million silver equivalent ounces in 2017, driven by its portfolio of low-cost and long-life assets, including recently acquired gold streams on Vale’s Salobo and Sudbury mines plus silver streams on Barrick’s Pascua-Lama project and Hudbay’s Constancia project.
A US district judge rejected a bid to revive claims that JP Morgan manipulated silver prices. In a decision made public on 18th March, the judge said that while investors showed that JP Morgan had the ability to influence prices, a fact the bank did not dispute, they failed to show that the bank “intended to cause artificial prices to exist” and acted accordingly.
SunTech Power Holdings, once the world’s largest solar manufacturer, defaulted on $541 million of its bonds that were due on 15th March, which forced the company to declare bankruptcy in the following week in China.
Demand for American Eagle silver bullion coins remained steady at 3.4 Moz in March. So far this year, the US Mint has sold almost 14.2 Moz of silver, up by a marked 40% on a year-on-year basis.
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