Sterling Canyon reports on a lonely figure in the west Texas scrub. Remember if you will the movie Andromeda Strain and the old town where all the bodies were found. That was the ghost town of Shafter, the feeder to this silver mine you see here and soon to be a lively ghost town. The price of silver in the past two years has risen 5 times what it was. Two years ago, silver was trading at around $8.00/ounce. It closed today at around $38.00. The price of Sterling Silver and the lovely jewelry that comes from it has gone up also. With this news comes the announcement that a Canadian mining company Aurcana has revived the abandoned mine of Presidio in west Texas and plans to produce up to 3.8 million ounces of silver annually. State history shows that Spanish Franciscan friars mined the area in the 1680’s. There is still plenty of silver left in the area. Will this production help reduce the price of silver? Not likely. The Chinese and India have shown a terrific appetite for precious metals in recent years and it doesn’t plan to subside. Look for pricier jewelry in the future. Sterling Canyon has done its best to keep prices low on the jewelry it carries. We had to raise some prices recently but the quality will never go down.
Current Precious Metal Prices