Silver mining companies rose in aftermarket trading Tuesday even as the price of silver gave up gains achieved earlier in the day.
Silver for December delivery, the most actively traded contract on the Comex division of the New York Mercantile Exchange, ended floor trading up 2.48 percent. But then in electronic trading silver gave up about third of those gains.
Shares of many large silver mining companies, however, continued rising in late aftermarket action.
Pan American Silver Corp., which climbed 36 cents to $32.49 in regular trading, was up another 24 cents to $32.73. Silver Standard Resources Inc., which closed at $26.08 in regular trading, added 15 cents to the 30 cents it gained earlier in the day. First Majestic Silver Corp., which ended regular trading at $20.69, rose 9 cents.
Among silver exchange-traded funds, many of which had net inflows in the seven days ending Sept. 16, Global X Silver Miner and Market Vectors ETF Trust continued rising, albeit modestly, in aftermarket trading.
Philip Newman, a research director at metals consultancy GFMS, a unit of Thomson Reuters Corp., told the Wall Street Journal that investment demand for silver was starting to pick up as investors grow more comfortable with the market after big declines in May. Investment demand for silver could top $10 billion this year, he said.