Silver stocks take flight

With silver spot prices soaring US20, to US$5.86 per lb., all the U.S.-listed silver stocks enjoyed strong gains during the 4-day period ended Dec. 29.

Leading the way was Idaho-based Coeur d’Alene Mines, which jumped US96 to US$5.75 as it reported that ongoing optimization and feasibility work at both its San Bartolome silver project in Bolivia and Kensington gold project in Alaska have significantly improved their expected project economics, with development timetables now estimated to add to the company’s gold and silver production beginning in 2006.

The rest of the silvers were equally impressive: Coeur’s cross-town rival, Hecla Mining, popped up US$1.15 to US$8.60; Canada’s Pan American Silver charged ahead US$2.25 to an all-time high of US$14.57; Wheaton River Minerals soared 20% to US$3.08; San Cristobal developer Apex Silver tacked on US$3.38 to hit an all-time high of US$20.93 on strong volume; explorer Western Silver rocketed 25% to an all-time high of US$5.45; and even micro-cap Grand Central Silver Mines enjoyed a wild burst to 25 on the pink sheets before falling back to close at US10, up US3 on the week.

The greatest value changes were led by British diversified base metal miner Rio Tinto, up US$4.91 to US$110.12, Canadian uranium giant Cameco, up US$4.11 to US$57.62, and American copper major Phelps Dodge, up US$3.60 to US$79.40.

The most-active list was headed up by the world’s biggest gold miner, Newmont Mining, up US$3.12 to US$49.41, and South African gold major Durban Roodepoort Deep, up US24 to US$3.13.