NEW YORK (Reuters) - The head of Coeur d'Alene Mines Corp. (CDE.N: Quote, Profile, Research, Stock Buzz), the world's No. 1 primary silver producer, said on Wednesday he felt "quite good" with the metal's price trading near $12 an ounce -- almost double its year-ago level.
Speaking at the Reuters Global Mining and Steel Summit in New York, Coeur Chairman, President and Chief Executive Dennis Wheeler said the price strength largely had been fueled by an estimated 200 million ounce shortfall between silver mine supply and total demand in the market.
"I feel quite good with silver prices in the $12 range ... although you are going to see these short-term fluctuations and volatility."
Spot silver <XAG=> was trading at $11.77 at mid-day Wednesday, off from last month's 25-year high closer to $15.
Wheeler added that Coeur was likely to raise its assumed price for internal planning to $8 an ounce for next year, from $6.50 currently.
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