CHART: Gold price bulls kept faith as hedge funds wavered

Silver has been called the most volatile of metals. But volatility produces opportunity, according to Chris Thompson, a top-ranked StarMine analyst with Haywood Securities.

"As equities fall, as the Greeks take money out of the banks and the banking sector collapses, I suppose you'd have to be wary of further price falls just to cover for losses in other markets."

For thousands of years, silver has been used at the table, on the battlefield and even in healthcare. Today, the uses of silver for its healing and preventative properties are growing and analysts wonder what this renewed demand for the graphite metal will mean for the silver market.

Canadian Silver Bear Resources (TSX:SBR) posted Wednesday an operational update and announced its financial results for the first quarter of 2012.

Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAA.T) first-quarter profit fell 46% as the costs of acquiring a Mexican gold and silver operation covered a revenue increase.

Over the past decade, mining investment in Latin America has more than doubled, even after experiencing a sharp drop in 2009. According to a report by the Metals Economic Group, Latin America is now the primary destination for mining exploration investment in the world, with 25% of total investment going to Chile, Peru, Brazil, Colombia, Mexico and Argentina.

Brazil's Eike Fuhrken Batista is the world of mining's richest man and he's been on a roll this year – until Tuesday when $1,023,200,000 disappeared from his personal fortune.

First Majestic Silver Corp shed most on the day and industry bellwethers Silver Wheaton and Pan American Silver both hit 52-week lows.

Mexico, the world’s largest silver producer, is expected to become the next source of “mega” gold projects as experts predict its bullion production will increase considerably in the next five years.