Mining Gold and Silver isn’t an Easy Job

Prices for silver have reached record levels in the past year which is why it’s an excellent time to bring your silver into EzyCash Gold Buyers of Panmure, Auckland.  EzyCash Gold Buyers always pay top cash prices for silver jewellery, silver coins, silver bullion, broken silver and scrap silver.

In April last year the price of silver peaked at US$49 a troy ounce.  Currently the spot price of a troy kilo of silver is around NZ$1214 – an increase in the silver price of over 100% cent in the past five years.

This increase in the price of silver is due to a shrinking supply of silver around the world.  And this silver supply is set to shrink slightly further due to an announcement by the Mining Health and Safety Administration in the US.  The Administration has ordered the temporary closure of the silver shaft at the Lucky Friday silver mine in Mullan, Idaho.

The silver mine, owned by Hecla Mining Company, will be closed for maintenance and cleaning until early 2013.  Over time, sand and concrete material has built up in the silver mine and must be removed by power cleaning to prevent future hazards. Continue reading →