SILVER PRICE NEWS – The silver price surged above $40 per ounce Friday, climbing to as high as $40.335 in morning trading. The rally in the price of silver marked the ninth day this year in which the silver price reached a new 31-year high.
The only record remaining now for the silver price is its all-time high above $50 per ounce, set in 1980 as the Hunt Brothers attempted to corner the market.
With today’s advance, the silver price extended its year-to-date gain to 30.3%, far surpassing that of almost any other commodity. Moreover, the price of silver has now doubled since only September 2010, having last traded below $20 per ounce on September 13th.
Silver stocks continued to climb alongside the silver price, with the Global X Silver Miners ETF (SIL) jumping $0.75, or 2.5%, to $30.85, a new record high. Notable advancers among silver stocks included Silver Wheaton (SLW) and Silver Standard Resources (SSRI), which each posted gains of 2.3% this morning.
Fortuna Silver (FVI.TSX) reported the company earned $0.12 per share in 2010 on sales of $74.06 million. The silver miner’s revenues were up 44% versus 2009 on both higher production levels and higher silver prices. Unlike pre-production companies, Fortuna is able to take advantage of the highest silver price in 31 years by selling the precious metal into the market. Full Fortuna Silver Press Release