Silver Wheaton Reports Flat 3rd Quarter Results, Despite Price Trough

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Silver

Silver Wheaton released its third quarter results and conducted a conference call with analysts yesterday. As expected, lower precious metal prices negatively impacted the company’s results, with higher volumes offsetting some of the impact of lower prices.

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An 11% year-over-year decline in realized prices per silver equivalent ounce was partially offset by a 12% rise in shipment volumes. As a result, revenues for the third quarter stood at $165.9 million, virtually flat as compared to the corresponding period last year.

On Friday, November 14, Japanese silver jumped up 1.7%, landing at JPY 582.00 ($5.35) per 10 grams and making it the day’s biggest increase. Indian silver ended the day at INR 35,227 ($574.62) per kilogram, after the 0.7% drop on Thursday. Chinese silver finished the day down 0.6% to CNY 3,405 ($554.40) per kilogram. The price of US silver fell 0.2% to $15.66 per ounce.

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Japanese gold bullion finished the day up 1.4% to JPY 4,320 ($39.68) per gram. Chinese gold bullion finished the day down 0.4% to CNY 228.80 ($37.25) per gram. Indian gold bullion ended the day at INR 25,938 ($423.10) per 10 grams, after the 0.3% drop on Thursday. The price of US gold bullion showed little movement on Thursday at $1,162 per ounce.

Chinese platinum bar prices saw a 0.8% decline to CNY 252.00 ($41.03) per gram. Japanese platinum bar prices rose 0.5% to JPY 4,477 ($41.12) per gram. At $1,190 per ounce, US platinum bar fell 0.3% on Thursday.

Japanese palladium bar gained 1.1% to finish at JPY 2,850 ($26.18) per gram. The price of US palladium bar declined 0.5% to $765.00 per ounce. The price of Chinese palladium bar held steady at CNY 169.00 ($27.52) per gram.

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