Silver Prices Fall To $4.38 An Ounce

Silver prices continued an unex plained tumble Wednesday, losing another 14 cents to close at $4.38 an ounce on the New York Comex market.

Silver had been pushing the $4.70 mark earlier this week. Metals analysts had predicted lower prices in the short term, but had figured silver to settle at about $4.60.

Ron Nicklas of Penaluna & Co. in Spokane said no one single act seems to be pushing the market down. Technical factors and light trading on the silver market tend to bring the price down, but demand for silver worldwide continues to outstrip supply.

Local mining stocks continued to be hurt by depressed metals prices.

Hecla Mining Co. closed down 25 cents at $9.13; Pegasus Gold closed down 25 cents at $10.38; Coeur d’Alene Mines Corp. closed down 13 cents at $15; and Asarco Inc. closed down 63 cents at $26.63.