Gold and silver futures extended their losses Wednesday afternoon amid broad-based weakness in the commodities complex and a modest rally in the U.S. dollar.
COMEX gold futures for December 2011 delivery settled lower by $34.40, or 2.1%, at $1,618.10 per ounce. In electronic trading, gold futures later tumbled to an intra-day low of $1,600.50 per ounce.
Silver futures, per the December 2011 contract, plunged $1.78, or 5.6%, to $29.76 per ounce this afternoon.
The sell-off in precious metals was fueled by strength in the U.S. Dollar Index (DXY), which advanced 0.5% to 78.42.
Cyclical commodities posted steep losses as well, with copper sliding 5.6% to $3.25 per pound and crude oil off 3.8% at $81.27 per barrel this afternoon.
Fortuna Silver to Begin Trading on NYSE
Fortuna Silver (FVI.TSX) announced that it has been approved to list its common shares on the New York Stock Exchange (NYSE) on September 19, 2011 under the trading ticker symbol "FSM". The Company will retain its listings on the Toronto Stock Exchange (TSX) and the Lima Stock Exchange, both under the symbol "FVI." Full Fortuna Silver Press Release
HIGHLIGHTS:
- Established in 2004, Fortuna is a growth-oriented, silver and base metal producer focused on mining opportunities in Latin America.
- The Company's primary assets are the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico.
- Shares of FVI.TSX have climbed 26.6% in 2011, bringing the company's market capitalization to C$746.3 million.
Jorge Ganoza, President & CEO of Fortuna:
“It is the right time for the Company to take this step and we believe our shareholders will benefit from listing on the NYSE, one of the world's premier securities markets. The Company looks forward to the opportunity to broaden its investor base as our business continues to expand.”
FORTUNA SILVER VS. S&P 500, XAU
Scott Cutler , Executive Vice President, NYSE Euronext:
“We welcome Fortuna Silver Mines Inc. to the NYSE Euronext family of listed companies and to New York Stock Exchange. Fortuna Silver Mines and its shareholders will benefit from superior market quality and technology, a broad array of issuer and investor services and a global brand association.
FORTUNA SILVER GROWTH
SAN JOSE CLOSES IN ON PRODUCTION
INTERACTIVE FORTUNA SILVER CHART
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