AXcess News: Silver Hits 22-Year High.RENO, Nev. -- Silver hit a 22-year high on Friday after the Securities and Exchange Commission announced the launch of a silver-backed exchange-traded fund Exchange-traded funds (or ETFs) are Open Ended investment companies that can be traded at any time throughout the course of the day. Typically, ETFs try to replicate a stock market index such as the S&P 500 (e.g. . The fund is expected to be popular with silver investors as it's similar to gold funds that follow the underlying metal price. The silver fund is being introduced at a time when commodities are in high demand overall and if it's anything like gold funds, it could catapult demand -- and prices -- even higher. Barclays Global Investors Barclays Global Investors is a subsidiary of British-based Barclays Bank which is in the investment management industry. It is the largest corporate money manager in the world, with over £936 billion (US$1.77 trillion) under management as of March 2006[1]. filed an application with the SEC late last year to launch the silver fund, and a deadline of February 13 was set for final comments. That makes the silver fund's launch imminent, which could be good news for investors who hold large quantities of the bullion. And for Itronics, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ITRO ITRO In the Region Of ITRO Interservice Training Review Organization ITRO Information Technology Resource Optimization (Maryville Technologies) ), the rise in silver prices this year has already shown good returns. In late January, the Reno-based enviro-ag company announced that Itronics' silver sales increased by 83 percent in the fourth quarter and 44 percent for the full year 2005. Itronics recycles photochemicals, removing the heavy metals heavy metals, n.pl metallic compounds, such as aluminum, arsenic, cadmium, lead, mercury, and nickel. Exposure to these metals has been linked to immune, kidney, and neurotic disorders. that yield its silver, which it then processes into 5-ounce pure silver bars as the only manufacturer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The remaining liquids are used in the manufacture of its environmentally friendly liquid fertilizer under the brand name GOLD'n GRO GRO Guerrero (Estado de México) GRO General Register Office (UK) GRO Greater Research Opportunities GRO Gamma Ray Observatory GRO Growth-Related Oncogene GRO Greensboro, North Carolina , its core product. But what's intriguing about the rise in silver price is that Itronics just completed doubling the size of its processing plant in North Reno Nevada to meet demand this spring for its bulk fertilizer sales, which includes an increase in storage of photochemicals that it began building up last year when silver prices were down around $7.50 an ounce. The results are that "Itronics has tripled silver recovery," the company said in its January 31st announcement, yet its share price has drifted down 30 percent, even after Friday's 16 percent spike in price to close at $0.05. Silver hit an intraday high of $10.31 a troy ounce on Friday, after rising more than 4 percent Thursday, on a wave of buying over expectations of an announcement by the SEC. Silver closed in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Friday at $10.18. Itronics raised the price of its 5-ounce silver bars last week. Editors Note: This is a "News Features" story from AXcess News. "News Features" stories are available copyright free to any website or newspaper to display or reprint in full. All we ask is that you include our attribute (AXcess News) as the author and if displaying online, please include a link to our news Web site: www.axcessnews.com If you would like more information on AXcess News' "News Features" program, please contact: Eric Stevenson Editor AXcess News Reno, Nevada 775-826-4547 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion