• Gold: 1,359.30 0.26%
  • Silver: 22.15 -0.1%
  • Euro: 1.28 0.08%
  • USDX: 84.207 0.55%
  • Oil: 96.00 0.83%

COT Silver Report - May 17, 2013

21 hours 26 min ago

COT Silver Report - May 17, 2013

Silver Market Morning

The gold price jumped in New York, yesterday to close at $1,613.90 up nearly $20. In Asia and ahead of London’s opening it slipped slightly to $1,607. In London it was Fixed at $1,608.50 up $10 and in the euro at €1,228.801 up nearly €11, while the euro was $1.3090. Ahead of New York’s opening, gold was $1,607.65 and in the euro at €1,228.25.

February 26: Gold and Silver Gain Over 1% More

Gold bumped up to $1601.89 in Asia before it fell to see a $10.26 loss at $1584.34 at about 10:15AM EST, but it then shot to as high as $1619.40 in the next hour of trade and ended with a gain of 1.21%. Silver surged to as high as $29.456 and ended with a gain of 1.19%.

COMEX Silver Inventory Update: +554,352.605 ounces

COMEX Silver Inventory Update: +554,352.605 ounces

Back Into CHAOS

Now that Italy has sent Europe back into CHAOS; with the U.S. “fiscal cliff” sequester just three days away, and the “debt ceiling delay” just three months away; it’s very likely REALITY will return to the PM markets.

SilverCrest Continues to Expand Santa Elena Deposit; Another New Discovery and More High Grade Intercepts, 25.8m @ 1.24 gpt Au and 187.6 gpt Ag Including 1.9m @ 2.34 gpt Au and 1,281.9 gpt

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) (the "Company") is pleased to announce results of further delineation drilling at the Santa Elena Mine in Sonora, Mexico. One hundred and eleven holes of a revised planned 114 holes have been completed to re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground Resources.

First Majestic Announces Financial Results for Q4 and Year End 2012

FIRST MAJESTIC SILVER CORP. (FR.TO)(AG)(FMV.F) (the "Company" or "First Majestic") is pleased to announce the audited consolidated financial results for the Company''s fourth quarter and year ending December 31, 2012. The full version of the financial statements and the management discussion and analysis can be viewed on the Company''s web site at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

iShares Silver Trust Remains at 10,602.76 Tonnes

iShares Silver Trust Remains at 10,602.76 Tonnes

Silver Market Morning

The gold price rose in New York, yesterday to close at $1,594.60. In Asia and ahead of London’s opening it slipped slightly to $1,591 as the euro dropped 2 ½ cents after the worry over the Italian elections. In London it was Fixed at $1,597.25 up $5 and in the euro at €1,219.65 up nearly €19, while the euro was $1.33096. Ahead of New York’s opening, gold was $1,592.00 and in the euro at €1,216.99.

Endeavour Silver Reports Strong Reserve and Resource Growth in 2012

Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announces that for the ninth consecutive year, the Company has delivered substantial growth of its consolidated silver and gold reserves and resources.

February 25: Gold and Silver Gain Almost 1%

Gold climbed $13.90 to $1594.40 at about 7:20AM EST before it fell back to $1584.10 by late morning in New York, but then rose to a new session high of $1597.00 in afternoon trade and ended with a gain of 0.89%. Silver rose to $29.243 in London before it fell back to $28.90, but it still ended with a gain of 0.94%.

COMEX Silver Inventory Update: +596,706.300 ounces

COMEX Silver Inventory Update: +596,706.300 ounces

iShares Silver Trust Remains at 10,602.76 Tonnes

iShares Silver Trust Remains at 10,602.76 Tonnes

Silver Market Morning

The gold price continued to recover and opened in Asia above $1,590 with a steady euro. In London it was Fixed at $1,592.50 and in the euro at €1,201.89, while the euro was $1.3250. Ahead of New York’s opening, gold was $1,591.00 and in the euro at €1,195.96.

Silver Market Update

Even though the technical indications for silver are not as strongly bullish as those for gold, they are now sufficiently positive that silver is likely to take off higher before much longer, encouraged by the strength that we should soon see reappear in gold. Of course, it will probably take some weeks for sentiment to recover sufficiently to drive a significant rally after the latest sharp drop, so we may see some backing and filling before a sustainable uptrend can get going, but that is normal.

February 22: Gold and Silver Fall Almost 2% and 4% on the Week

Gold saw a $10.31 gain at $1587.21 in Asia before it fell back to $1569.88 at about 9:30AM EST, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.23%. Silver slipped to as low as $28.345 before it also rallied back higher and ended with a gain of 0.28%.

COMEX Silver Inventory Update: +396,820.320 ounces

COMEX Silver Inventory Update: +396,820.320 ounces

iShares Silver Trust Adds 63.15 Tonnes

iShares Silver Trust Adds 63.15 Tonnes

For silver, being cheap is a good thing

After a nearly 9% dive in silver prices this month, investors should be able to breathe a sigh of relief as growth in industrial and investment demand gains pace, and calls of “oversold” conditions and “bargain” prices for the precious metal intensify.

February 21: Gold and Silver Gain With Dollar While Stocks and Oil Fall

Gold climbed up to $1584.70 by about 11AM EST before it fell back off in the last five hours of trade, but it still ended with a gain of 0.79%. Silver surged to as high as $28.88 and ended with a gain of 0.53%.

COMEX Silver Inventory Update: -606,002.534 ounces

COMEX Silver Inventory Update: -606,002.534 ounces

iShares Silver Trust Subtracts 18.04 Tonnes

iShares Silver Trust Subtracts 18.04 Tonnes

MISERABLE Economic News

More MISERABLE U.S. economic news – across the board – and European stocks plummeting due to political and economic issues everywhere. Ominously, the PIIGS are leading the declines; and given their plunging economies, don’t be surprised if they’re back in the news; and right soon.

Silver Market Morning

After the bloodbath in New York yesterday gold closed at $1,564.50 down $40 as the search for a floor went down to a new recent low assisted by a two cents weaker euro. In Asia overnight the gold price did not really bounce but rose from close to $1,560 to $1,568 ahead of London’s opening. In London it was Fixed at $1,568.50 and in the euro at €1,189.339, while the euro was $1.3188. Ahead of New York’s opening, gold was $1,573.65 and in the euro at €1,193.52.

February 20: Gold and Silver Fall Almost 3%

Gold saw a $4.10 gain at $1609 in Asia, but it then fell throughout most of the rest of trade and ended near its late session low of $1558.64 with a loss of 2.51%. Silver slipped to as low as $28.283 and ended with a loss of 2.99%.

COMEX Silver Inventory Update: -195,490.720 ounces

COMEX Silver Inventory Update: -195,490.720 ounces

Silver Investors Should Key Off the Gold Chart

Investors should key off the gold chart for buy & sell signals, but there is no question that the 14,7,7 Stochastics oscillator suggests silver is poised to begin a nice move higher.

February 21: Gold and Silver Gain With Dollar While Stocks and Oil Fall

Gold climbed up to $1584.70 by about 11AM EST before it fell back off in the last five hours of trade, but it still ended with a gain of 0.79%. Silver surged to as high as $28.88 and ended with a gain of 0.53%.

For silver, being cheap is a good thing

After a nearly 9% dive in silver prices this month, investors should be able to breathe a sigh of relief as growth in industrial and investment demand gains pace, and calls of “oversold” conditions and “bargain” prices for the precious metal intensify.

Silver Market Morning

The gold closed in New York on Friday at $1,612.60 the same as yesterday. In Asia and London it slipped $5 until it Fixed at $1,608.75 and in the euro at €1,246.417, while the euro was $1.2907. Ahead of New York’s opening, gold was $1,608.85 and in the euro at €1,245.81.

Silver Premiums, Demand & Shortages

Back in 2008, silver fell from over $20 per ounce down to below $10. This was a stomach-turning experience for those who had begun investing heavily in the metal. I heard reports of bullion dealers in the US who simply were not selling Monster Boxes of Silver Eagles. Physical metal was hard to find in spite of the price collapse.

April 19: Gold and Silver Fall About 6% and 11% on the Week

Gold jumped $36.80 to $1424.80 in Asia before it fell all of the way back to $1391.70 in early afternoon New York trade, but it then bounced back higher in the last few hours of trade and ended with a gain of 0.93%. Silver surged to as high as $23.833 before it fell back to $22.99 and then also bounced back higher, but it ended with a gain of just 0.04%.

April 23: Gold and Silver Fall Almost 1% and 2%

Gold edged up to $1428.79 in Asia before it fell back to as low as $1404.92 at about 10AM EST, but it then bounced back higher in the last 6 hours of trade and ended with a loss of just 0.74%. Silver slipped to as low as $22.606 in Asia before it also rallied back higher, but it still ended with a loss of 1.8%.

April 24: Gold and Silver Gain Over 1%

Gold rose $15.30 to $1430.20 in Asia and dropped to $1419.30 in London before it shot up to $1432.96 in early New York trade and then fell back to $1421.43 at about 1PM EST, but it then rallied back higher in the last few hours of trade and ended with a gain of 1.095%. Silver climbed to $23.358 in Asia before it fell back to as low as $22.855 in early afternoon New York trade, but it then then rallied back higher in the last few hours of trade and ended with a gain of 1.002%.

Let’s "finish" strong today! Five suggestions that might help with ‘the process”

Coach Nick Saban - the state of Alabama’s greatest citizen and college football’s top coach - has two mantras our state’s residents have come to know. They are “finish” and “process.”

COMEX Silver Inventory Update: +112,361.724 ounces

COMEX Silver Inventory Update: +112,361.724 ounces

CPM Group Releases 2012 Silver Yearbook

Investment demand for silver rose to 122.5 million ounces in 2012, up 32.1% from the previous year. This was the sixth highest annual volume of demand from investors on record. Investors remained interested in silver, amid concerns about U.S. fiscal issues, European sovereign debt concerns, and a slowdown in Chinese economic growth. The strong increase in annual investment demand mostly was driven by three major price declines throughout the year, which triggered strong bargain buying activity in the market.

2013′s Silver lining

The knock down the silver price experienced towards the end of last year may have spooked many considering silver investment, however market analysts and the fundamentals are all pointing to big gains in the next year suggesting now might be the opportune time to buy silver bullion.

Silver Lows: A Discernible Pattern

Unfortunately, there is not, that I can see, a simple pattern that predicts the next high or low in the price of silver. Markets seldom make it that easy. However, there are patterns that provide valuable information to help illuminate the “big picture” perspective of where the current price of silver lies in the up-down-up-down cycle of prices.

Silver Bull Market Is Following The Structure Of The 70s Bull Market

The 70s silver bull took place during a period from a major peak in the Dow/Gold ratio (1966) to a major bottom in Dow/Gold ratio (1980). The silver bull market started in 1971 and ended at the beginning of 1980.

Silver, Gold and The Coming Deflation

Historically gold has made its significant gains, relative to other assets (as well as nominally), not during inflation, but during deflation (Note: I am using the terms inflation and deflation very loosely in this case). These significant gold rallies historically occur when value flees instruments such as stocks and certain commodities.

A $50 Bill

It’s funny more precious metals observers, investors, and even the ‘bugs’ don’t talk about it more. Silver suppression commentators have talked about the various factors and machinations that keep silver ridiculously cheap, but there hasn’t been enough discussion about the importance of the $50 mark for silver. If you don’t know, it’s not just that it’s double top resistance from a technical perspective.

Ranting Andy on Silver

June 1, 2012 will be remembered as a watershed day. “Cartel Rule #1” was already broken on Wednesday – i.e., “thou shalt not let PMs rise when the Dow plunges,” and nearly was yesterday as well, until they viciously ATTACKED PMs and GOOSED the “Dow Jones Propaganda Average” at midday. But today – with European markets already in freefall, the BLS published its third straight catastrophic NFP employment report.

Silver Market Update

A bloodbath is believed to be imminent in the silver market, now that its cheerleaders have herded their flocks into the corral, ready to be fleeced again. In the last update posted early last week, we expressed the view that an intermediate top was forming in gold and silver, a view that is reinforced further by the inability of both metals to break higher later in the week, and the now towering Commercial short position in silver as revealed by the latest COTs.

Silver surplus – what silver surplus?

One of the biggest difficulties facing serious silver analysts, rather than those who just interpret data without looking at, or understanding, its true background is that many of those conducting 'independent' (i.e. those who are not themselves 'silver bugs') analyses mostly predict a weak silver price ahead because of what they see as a large silver production surplus. Gold analysts, on the other hand, have come to accept that any surplus in gold production over normal jewellery and industrial demand is largely accounted for by investment demand.

END GAME Commenced

I have long discussed how the Fed’s only remaining “tools” are MONEY PRINTING, MARKET MANIPULATION, and PROPAGANDA. However, they are no longer working; as even with the Dow at five-year highs (care of the aforementioned “tools”), the gap between “Main Street” and “Wall Street” is exploding off the charts.

Halted and Backordered

The U.S. Mint just halted production of fractional gold coins; just as April 2013 just passed January 2013 for its largest ever month of gold sales. Meanwhile, most one ounce silver rounds are backordered six weeks, and premiums on silver Eagles are $6-$8 above spot.

TPTB's Latest "Ploy"

TPTB's latest "ploy" is spreading PROPAGANDA of the potential "tapering" of QE in the coming months. Not the old "end of QE" BS we have heard for more than three years; as such a suicidal act would be IMPOSSIBLE given that each 1% increase in Treasury yields raises national debt service costs by $170 billion (and rising) annually.

Spot Silver Price Breaks Past $30 an ounce

In early Asian trading, the spot silver price broke past $30 an ounce, the first time above this level since early May.

U.S. Mint Silver-Coin Sales Surge After Temporary Suspension

The U.S. Mint resumed sales of American Eagle silver coins after being suspended for more than a week because of a lack of inventory. The Mint sold 1.123 million ounces of the coins yesterday, Michael White, a spokesman in Washington, said in a voice mail left late yesterday in response to questions from Bloomberg News. Before the suspension, sales this month totaled 6.01 million ounces, according to data on the Mint’s website. That compares with 6.107 million ounces in January 2012. White did not respond to e-mails or a voice mail left today.

Gold's Little Brother Is Talking

Silver seems set to perform well against the dollar, but it also appears to be ready to make gold look like a bit of a slug.Unlike most silver investors, I have no interest in selling silver for “dollars of profit”. I view silver primarily as a currency.Gold is the ultimate currency, and I think silver is best viewed as “gold’s little brother”.I sold silver for gold in the first quarter of 2011, and now it’s time for me to buy silver with gold.

COMEX Silver Inventory Update: -1,063,729.540 ounces

COMEX Silver Inventory Update: -1,063,729.540 ounces

COMEX Silver Inventory Update: -948,613.090 ounces

COMEX Silver Inventory Update: -948,613.090 ounces

Silver Price Projection – for 2013

An objective and reasonable estimate for the price of silver at the next intermediate peak (estimating 2013 – Quarter 2) is $50 to $60 per ounce (current price is about $28). This is not a prediction based on wishful thinking and hope, but a best estimate based on rational analysis of data stretching back to 1975.

COMEX Silver Inventory Update: +1,534,729.460 ounces

COMEX Silver Inventory Update: +1,534,729.460 ounces