NEW YORK, NY--(Marketwire -06/27/12)- Silver stocks have struggled in 2012 amidst growing concerns of a global economic slowdown. Around 50 percent of silver's demand comes from industrial uses, which has suffered significantly from the euro-zone crisis. The Global X Silver Miners (SIL) has fallen over 18 percent in the last three months, while the iShares Silver Trust ETF (SLV) has fallen over 14 percent over the same period. The Paragon Report examines investing opportunities in the Silver Industry and provides equity research on First Majestic Silver Corp. (AG) (FR.TO) and Silvercorp Metals Inc. (SVM) (SVM.TO).
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Silver prices last Friday hit a new 19-month low as both industrial and investment demand for the precious metal has slowed. Silver for July delivery settled at $26.661 per troy ounce Friday, the lowest since November of 2010. The recent decision by the Federal Reserve to not pursue aggressive stimulus measures has reduced investment demand for safe havens, gold and silver. "In light of silver industrial demand slowing down and investment demand failing to plug the gap, it is the precious metal most vulnerable on the downside," Barclays' Suki Cooper said in a note.
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First Majestic owns three producing silver mines and two development projects through four separate wholly owned Mexican subsidiaries. Production from the company's La Encantada Silver Mine reached close to 3.8 million ounces of silver in 2010 and is anticipated to reach approximately 4.5 million ounces of silver in the form of Dore bars in 2011.
Silvercorp Metals recently reported a significant gain in measured and indicated mineral resources and proven and probable mineral reserves at the Ying Silver-Lead-Zinc mining district. Based on Proven and Probable reserves, the Ying mine complex is a viable operation with a projected Life of Mine (LOM) through to 2023 assuming an annual average production rate of approximately 6 million ounces of silver.
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