• Gold: 1,214.00 -0.60
  • Silver: 17.13 -0.06
  • Euro: 1.262 0.001
  • USDX: 85.776 -0.093
  • Oil: 89.73 -1.03

Q2 2014 Primary Silver Miner Update: Increased Production… Falling Profits

5 hours 33 min ago

The Primary Silver Mining Industry continues to suffer from manipulated low metal prices. Although, the prices of the precious metals finally turned around and are trading higher today as the broader markets get hammered — a welcome change.

September 8: Gold and Silver Fall About 1%

Gold dropped down to $1251.56 at about 1PM EST before it bounced back higher at times, but it still ended with a loss of 1.04%. Silver slipped to as low as $18.916 and ended with a loss of 0.89%.

Silver Market Morning: Sept-8-2014

The brutal fall of the euro was halted and the week sees it holding the lower levels and trying to recover. But the path continues downward towards $1.20 to the U.S. dollar. The E.C.B. hopes that that will improve global competitiveness and boost growth too, while making gold attractive in the E.U.

For September/October We Suggest Watching Traders the CFTC Classes as Other Reportables in Silver Futures

First, as silver prices edged $0.20 or 1.2% lower (actually less of a move than might have been expected given huge U.S. dollar relative strength), from $19.35 to $19.15 (as of Tuesday, September 2), trend following Managed Money traders (large hedge funds, commodity pool operators, commodity trading advisors, etc., aka “The Funds”) piled on a whopping 7,396 short contracts in COMEX silver futures, from 28,228 to 35,624 gross shorts.

September 5: Gold and Silver Fall 1.44% on the Week

Gold jumped up to $1270.35 after the release of this morning’s jobs report before it drifted back lower in late morning trade, but it still ended with a gain of 0.47%. Silver spiked up to $19.163 before it dropped back to $19.04, but it then bounced back higher in afternoon trade and ended with a gain of 0.63%.

Market Report: Short-sellers driving prices

Gold and silver had a bad week, with gold falling $25 to a low of $1262 by the Comex close yesterday, and silver by $0.50. This morning UK-time prices opened a little better on overnight physical demand, no doubt stimulated by those lower prices. The background to this poor performance was dollar strength relative to weak currencies, with the yen, euro and pound all declining sharply.

Silver Market Morning

The gold price closed at $1,262.90 down $7.10 on Thursday in New York. In Asia and London, gold prices were slightly higher at $1,264. The gold price was Fixed at $1,264.00 down $7.00 and in the euro at €975.685 up €8.998 while the euro was very weak [2 cents] at $1.2955. Ahead of New York’s opening, gold was trading at $1,264.90 and in the euro at €976.26.

September 4: Gold and Silver End Slightly Lower

Gold jumped up to $1276.70 at about 9:20AM EST, but it then fell back off for most of the rest of trade and ended with a loss of 0.56%. Silver slipped to as low as $19.03 and ended with a loss of 0.73%.

How can miners ‘fight back?’ Here’s my list...

My previous column asked the question, “Why don’t the miners fight back” against price suppression of precious metals? Today, I list several actions mining executives, acting together as a unified group, could undertake to expose and hopefully end the non-”free market” tactics that are keeping gold and silver prices suppressed.

SilverCrest Confirms Underground High Grades at Santa Elena; 13m @ 2.54 gpt Au and 307.0 gpt Ag; Including 0.7m @ 18.25 gpt Au and 2,900 gpt Ag

SilverCrest Mines Inc. (SVL.TO)(NYSE MKT:SVLC) (the "Company") is pleased to announce results of underground infill drilling completed in July, 2014 at its 100% owned Santa Elena Mine in Sonora, Mexico. Twenty five closely-spaced underground drill holes, totaling 2,856 metres were completed to better define reserves and verify widths and grades for planned production stopes (see table below and attached figure: http://media3.marketwire.com/docs/966248.pdf). The results of all holes included in this news release will be part of the resource update scheduled to be completed by early 2015.

Santacruz Silver Amends San Felipe Agreement

Santacruz Silver Mining Ltd. ("Santacruz" or the "Company") (SCZ.V) is pleased to announce that its subsidiary, Impulsora Minera Santacruz S.A. de C.V. ("Impulsora"), has successfully renegotiated terms of its agreement to acquire a 100% interest in the San Felipe project and adjacent El Gachi property located near Hermosillo, Sonora, Mexico with Minera Hochschild Mexico S.A. de C.V. ("MHM" or "Hochschild").

Silver Market Morning

The gold price closed at $1,270.00 up $4.80 on Wednesday in New York. In Asia and London, gold prices were slightly higher at $1,272.40. The gold price was Fixed at $1,271 up $2.50 and in the euro at €966.687 up €1.02, while the euro was slightly stronger at $1.3148. Ahead of New York’s opening, gold was trading at $1,272.50 and in the euro at €968.49.

September 3: Gold and Silver End Slightly Higher

Gold fell $3.60 to $1261.60 in late Asian trade before it bounced back to $1271.25 in London and then drifted back to roughly unchanged at about 10AM EST, but it then edged back higher into the close and ended with a gain of 0.38%. Silver climbed to $19.252 before it fell back to $19.119, but it still ended with a gain of 0.31%.

Gold & Silver Trading Alert: Gold’s Plunge, Dollar, and CCI

The precious metals sector moved sharply lower yesterday – in tune with its medium-term trend. The decline was to a large extent connected with the breakout in the USD Index. It seems that it is the U.S. dollar that will determine the short-term moves in PMs and miners in the coming days and in today’s alert we focus on this relationship. The CCI Index seems to be in a particularly interesting position as well and this is something that gold & silver traders should be aware of.

Silver Market Morning

The gold price closed at $1,265.20 down$22.10 on Tuesday in New York. In Asia and London, gold prices were slightly higher at $1,268.40. The gold price was Fixed at $1,268.5 down $9.25 and in the euro at €965.667 down €13.727, while the euro was weaker at $1.3136. Ahead of New York’s opening, gold was trading at $1,268.20 and in the euro at €964.04.

September 2: Gold and Silver Fall Nearly 2%

Gold dropped $24.54 to as low as $1262.76 by midmorning in New York before it bounced back higher at times, but it still ended with a loss of 1.72%. Silver slipped to as low as $19.093 and ended with a loss of 1.64%.

Silver Market Morning

The gold price closed at $1,287.30 down $2.00 on Friday in New York. In Asia and London, gold prices were lower in both the dollar and the euro at $1,275. The gold price was Fixed at $1,277.75 down $9.50 and in the euro at €974.42 down €4.924, while the euro was weaker at $1.3113. Ahead of New York’s opening, gold was trading at $1,270.60 and in the euro at €968.85.

Silver Market Update

Bearing in mind what is written in the introductory paragraphs of the Gold Market update, which is equally applicable to silver, we will start by observing that silver appears to be on the point of turning up.

Silver Market Morning

The gold price closed at $1,287.30 down $2.00 on Friday in New York. In Asia and London, gold prices were slightly higher in both the dollar and the euro at $1,288. The gold price was Fixed at $1,287.25 down $4.75 and in the euro at €979.344 down €1.599, while the euro was weaker at $1.3144. Ahead of New York’s opening, gold was trading at $1,287.60 and in the euro at €980.17.

August 29: Gold Ends Slightly Higher on the Week

Gold waffled near unchanged for most of trade in Asia before it spiked down to $1283.65 at about 4:45AM EST and then jumped back to $1291.34 by midmorning in New York, but it then drifted back lower into the close and ended with a loss of 0.16%. Silver slipped to as low as $19.452 and ended with a loss of 0.26%.

Market Report: Summer doldrums coming to an end

The pattern of trading in precious metals changed for the better this week. After London's bank holiday on Monday, for the first time in a long time the market opened in London's pre-market with higher prices. This indicated Asian or Middle-Eastern physical demand was returning to the market. Predictably, prices drifted lower during London hours as paper trading took over, and all the gains were more or less lost by close of play on Comex in New York.

Silver Market Morning

The gold price closed at $1,289.30 up $7.30 on Thursday’s level in New York. In Asia and London, gold prices were slightly higher in both the dollar and the euro. The gold price was Fixed at $1,292.00 up $4.00 and in the euro at €980.943 up €5.407, while the euro was weaker at $1.3171. Ahead of New York’s opening, gold was trading at $1,285.60 and in the euro at €974.79.

Santacruz Silver Reports Second Quarter 2014 Financial Results

"During the second quarter we have been successful in reducing our operating costs significantly while keeping on-track with our 2014 mine plan, in particular we have reduced our all-in sustaining cost per silver equivalent ounce sold by more than 28% from the first quarter of 2014,"

August 28: Gold and Silver Gain While Stocks Fall

Gold rose $14.33 to $1296.33 at about 8:30AM EST before it pared back to $1287.37 in the next couple of hours of trade, but it then bounced back higher in afternoon trade and ended with a gain of 0.57%. Silver surged to as high as $19.851 and ended with a gain of 0.46%.

Silver Market Morning

The gold price closed at $1,282.00 down $0.40 on Wednesday’s level in New York. In Asia and London, gold prices were slightly higher in both the dollar and the euro. The gold price was Fixed at $1,288.00 up $3.00 and in the euro at €975.536 up €0.574, while the euro was stronger at $1.3202. Ahead of New York’s opening, gold was trading at $1,290.90 and in the euro at €978.99.

August 27: Gold and Silver End Mixed

Gold edged up to $1287.27 at about 6:20AM EST before it fell back to $1281.30 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a loss of just 0.03%. Silver rose to as high as $19.505 and ended with a gain of 0.21%.

Fortuna reports record production of 1,027,741 ounces of silver and 5,348 ounces of gold for the third quarter 2012

Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) announces production figures for the third quarter of 2012 from its two 100% owned operating underground mines in Latin America, the San Jose mine in Mexico and the Caylloma mine in Peru.

COMEX Silver Inventory Update: +561,944.440 ounces

COMEX Silver Inventory Update: +561,944.440 ounces

October 17: Gold and Silver Gain While Dollar Drops

Gold climbed up to $1753.30 in Asia before it fell back to $1742.79 by a little before 10AM EST, but it then rallied back higher in the next couple of hours of trade and ended with a gain of 0.6%. Silver rose to $33.14 before it fell back to $32.847, but it then rose to a new session high of $33.255 and ended with a gain of 0.61%.

Silver Summit 10th Anniversary Gala Just Days Away

The resource investment conference, routinely described by CEOs and attendees alike as “the best silver conference in the world” will feature over 70 silver exploration, development and production companies. Panelists will address investment opportunities, and the ever-expanding uses of silver in modern society as well as its historic role as money and a store of value.

COMEX Silver Inventory Update: -547,959.940 ounces

COMEX Silver Inventory Update: -547,959.940 ounces

The History of Silver (Part 1)

Today, silver has thousands of modern industrial uses and is considered a store of wealth. However, the story of this legendary precious metal begins with its use by ancient civilizations. Silver has many attributes that made it so valuable to early peoples. It is malleable, ductile, lustrous, resilient, antibacterial, and rare. It was used to purify water and for ornate artwork – but more importantly it was perfectly suited to be a currency.

COMEX Silver Inventory Update: +482,995.220 ounces

COMEX Silver Inventory Update: +482,995.220 ounces

GoldCore Comments on Silver

Gold inched down near $1,700/oz on Friday after a drop through its support level at $1,710-$1,712 initiated stop loss selling. The Nonfarm Payroll number for October is released at 1230 GMT. 125,000 are expected for Nonfarm Payrolls, while the Unemployment Rate number is expected at 7.9%. Better than expected employment data could be negative for gold as it may rescind additional QE from the US Fed.

Fortuna Reports Cash Flow of US$19.95 Million and Net Income of US$8.03 Million in the Third Quarter of 2012

Fortuna Silver Mines, Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) is pleased to announce that it has filed its financial statements and MD&A for the three and nine months ended September 30, 2012.

COMEX Silver Inventory Update: -309,750.300 ounces

COMEX Silver Inventory Update: -309,750.300 ounces

Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units In An Aggregate Amount of US$269,575,000

Sprott Physical Silver Trust (the "Trust") (NYSE: PSLV / TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 20,500,000 transferable, redeemable units of the Trust ("Units") at a price of US$13.15 per Unit (the "Offering"). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 3,075,000 additional Units. The gross proceeds from the Offering will be US$269,575,000 (US$310,011,250 if the underwriters exercise in full the over-allotment option).

COMEX Silver Inventory Update: -2,379,195.424 ounces

COMEX Silver Inventory Update: -2,379,195.424 ounces

Silver Market Morning

New York closed at $1,711.9 down just over $2.00 on Friday. This morning, Asia and London dealers took higher to trade at $1,723.45 ahead of London’s opening. It was Fixed at $1,723.25 up $13.25 and in the euro at €1,349.663 up €7 from yesterday while the euro was at €1: $1.2768. Ahead of New York’s opening, gold was slightly stronger at $1,724.45 and in the euro at €1,350.49.

COMEX Silver Inventory Update: -927,344.387 ounces

COMEX Silver Inventory Update: -927,344.387 ounces

Silver Market Morning

New York closed at $1,729.20 up $1.50 on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,729.70 ahead of London’s opening. It was Fixed at $1,729.75 up $3.00 on yesterday morning’s Fix. In the euro it was Fixed at €1,344.226 down €6.5 from yesterday while the euro was stronger at €1: $1.2868. Ahead of New York’s opening, gold was almost the same at $1,730.25 and in the euro at €1,343.73.

Silver Market Morning

New York closed at $1,729.20 barely changed on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,734 ahead of London’s opening. It was Fixed at $1,734.75 up $5.00 on yesterday morning’s Fix. In the euro it was Fixed at €1,345.393 up €1 from yesterday while the euro was slightly stronger at €1: $1.2894. Ahead of New York’s opening, gold was almost the same at $1,733.79 and in the euro at €1,343.73.

COMEX Silver Inventory Update: -2,066,683.435 ounces

COMEX Silver Inventory Update: -2,066,683.435 ounces

COMEX Silver Inventory Update: +1,241,527.270 ounces

COMEX Silver Inventory Update: +1,241,527.270 ounces

Silver Market Morning

New York closed at $1,715.20 yesterday. This morning, Asian dealers pushed prices down, unusually, to $1,705 before London opened. It was Fixed at $1,703.00 down $3.75 on yesterday’s Fix. In the euro it was Fixed at €1,300.794 down €5.354 while the euro was stronger at €1: $1.3092 and stabilizing. Ahead of New York’s opening, gold was $1,702.5 and in the euro at €1,301.01.

Decemeber 12: Gold and Silver Close With Gains

Gold gained $8.94 to $1718.94 at about 9:45AM EST before it fell back to $1707.55 in the next hour of trade, but it then rose to a new session high of $1723.20 following today’s fed announcement and ended with a gain of 0.08%. Silver climbed $0.43 to $33.38 before it fell back near unchanged in late morning trade, but it then surged to as high $33.78 in afternoon trade and ended with a gain of 1.43%.

iShares Silver Trust: 9,829.15 tonnes

iShares Silver Trust: 9,829.15 tonnes

December 18: Gold and Silver Fall Almost 2%

Gold fell $36.70 to $1661.30 by early afternoon in New York before it rallied back higher in the last couple of hours of trade, but it still ended with a loss of 1.48%. Silver slumped to as low as $31.35 and ended with a loss of 1.77%.

Fortuna Silver Mines CEO: "We're Looking For Deals At $80-$200+ Million, We Have The Cash & The Paper To Do It"

I had the opportunity to connect with the CEO of a fast growing Latin American silver producer yesterday, Jorge A. Ganoza, President, CEO, Director and co-founder of Fortuna Silver Mines Inc. Jorge has taken the company from a $30 million market cap, to over $500 million where it stands today.

December 27: Gold and Silver End Slightly Higher

Gold fell $8.09 to $1652.01 at about 9:45AM EST, but it then jumped to as high as $1665.39 in the last minutes of trade and ended with a gain of 0.25%. Silver slipped to $29.685 in London, but it then rose to as high as $30.466 in New York and ended with a gain of 0.8%.

COMEX Silver Inventory Update: -1,014,145.240 ounces

COMEX Silver Inventory Update: -1,014,145.240 ounces

The Silver Institute

Silver is indispensable. From industrial use to decoration, technology, photography and medicine, its unique properties of strength, malleability...

Pure Bull

PM prices hit yesterday on “supposed” fears that the clueless Fed didn’t announce enough MONEY PRINTING – though they did EXACTLY what was expected – and “deflation fears” when the Dow tanked mid-Afternoon in response to rumors of the long-awaited Moody’s downgrades, announced after the market close. Like the Fed announcement, no one can claim anything was “unexpected” about these downgrades – and, more importantly, such downgrades (in freely traded markets) are PM BULLISH.

Silver Market Morning

Gold closed in New York at $1,573 again. London moved down only slightly to $1,569, while the euro weakened slightly to €1: $1.2450, 50 cents lower. The gold Fix was set at $1,567.75 the same as yesterday and in the euro €1,261.466, €6 higher. Ahead of New York’s opening, gold stood at $1,571.30 and in the euro, €1,260.97 while the euro was at €1: $1.2461.

Silver’s split personality feeds steep price drop

Silver’s split personality as an industrial and precious metal contributed to a steep drop for the second quarter, as the metal’s economic demand prospects and safe-haven appeal duel for investors’ attention.

Silver Market Morning

Gold closed in New York at $1,576.60 up $8. Asia and London took it down $10 to $1,566 as the euro continued to fall and ahead of London’s morning Fix today was set at $1,565.50 down $11 and in the euro at €1,281.097 down €3, while the euro stood at €1: $1.2220 down another 50 cents. Ahead of New York’s opening gold stood at $1,564.10 in the middle and in the euro at €1,284.84 almost unchanged on yesterday.

COMEX Silver Inventory Update: -378,196.144 ounces

COMEX Silver Inventory Update: -378,196.144 ounces

Gold & Silver Fear Indexes

A discussion with James Turk this week renewed my interest in his Fear Index. So I decided to calculate the current figure. Given the 2.8% GFI figure listed in the equation below, clearly the gold market mania phase is only beginning, when compared to the 1980's peak.

Pan American Silver Comments on Changes to Mining Legislation in Rio Negro, Argentina

"Pan American Silver Corp. (TSX: PAA.TO)(NASDAQ: PAAS) ("Pan American" or the "Company") owns 100% of the Calcatreu gold development project ("...

Silver Market Morning

After a weekend of critical European elections the gold price started the week in Asia lower at $1,638 lower in the dollar [-$3] but higher in the euro at just below €1: $1.30 then recovered. In the euro the gold price stood at €1,260 up €20 just ahead of London’s opening. There is no Fixing in London today as it is a public holiday. Ahead of New York’s opening it stood at $1,641.25 and in the euro €1,258.53 while the euro was at €1: $1.3041.

Whatever It Takes

The world’s markets are alight with excitement regarding the brain-dead repetition of ECB head Mario Draghi stating he’ll do “whatever it takes” to save the Euro. In other words, what he’s said – and DONE – all along, PRINT MONEY, MANIPULATE MARKETS, and disseminate PROPAGANDA.

July 30: Gold and Silver End Mixed

Gold fell $9.32 to $1614.08 by about 8:30AM EST, but it then climbed to as high as $1624.86 in afternoon New York trade and ended with a loss of 0.08%. Silver slipped to $27.53 in Asia, but it then rose to as high as $28.23 in New York and ended with a gain of 1.55%.

Extorre Comments on YPF Developments in Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2012) - Extorre Gold Mines Limited (TSX:XG.TO) (NYSE...

GATA's Chris Powell on the Silver Manipulation Probe & the Fed Gold Audit!

Welcome to Capital Account. JP Morgan said in a court filing that PFG's subpoena of the bank may be overly burdensome. Will JP Morgan find a way to get out of it? It looks like they could be off the hook for accusations of silver manipulation. The Financial Times reported US regulators are increasingly likely to drop the four year investigation of silver manipulation, failing to find enough evidence. Bart Chilton, CFTC Commissioner, told a Motley Fool reporter that this FT report is premature and inaccurate. We find out what Chris Powell, co-founder and treasurer of the Gold Anti- Trust Action Committee, thinks.

Target 1 reached on silver (update on gold)

The initial profit taking target of the "Descending Triangle" pattern of the daily chart (right hand side below) on silver has been reached. The "Head and Shoulders" pattern on the daily chart is still in play.

Fighting Headwinds

This morning, PMs have been fighting the (coerced) headwinds created by the “debate” of whether an official, overt “QE3” program will be launched by the Fed, and WHEN. Why anyone would believe Bernanke would introduce – or even hint at – such a plan at Congressional hearings is beyond me, as such an occurrence has NEVER occurred in U.S. history.

Bolivia says may compensate South American Silver

The Bolivian government is willing to compensate South American Silver Corp for revoking its concession on the Malku Khota project, but it will be far less than the $16 million the company says it has invested, the country's vice president said on Thursday.

Euro shorts smell blood

Within the eurozone there are great stresses. At one extreme there are punitive costs of borrowing for Greece, Cyprus, Portugal, Ireland, Spain and Italy; at the other there is zero or negative interest rates for Germany, the Netherlands and Finland. Doubtless the first group begets the second, as captive investors in euros have to buy government bonds, and this requirement is being funnelled away from risk into safety.

Weekend Update - Silver

In Silver the volume has barely been 40,000 contracts lately on the daily chart, and "Open Interest" is around 120,000 contracts. Those traders who currently have a big position in Silver have a "ruling" hand right now. Should large orders "at the market" come in to cover shorts, or liquidate long positions it is likely to cause violent price action out of nowhere.

The Silver Rush at MF Global

Investors are furious that they can't get back the gold and silver they stashed with the failed brokerage. It's one thing for $1.2...

Silvercorp Reports 4.34 Metre Interception (True Width) of 642 Gram Per Tonne of Silver and 1.0 Gram Per Tonne Gold for Vein LM5W at the LM Mine, Ying Mining District, Henan Province, China

Silvercorp Metals Inc. (TSX: SVM.TO)(NYSE: SVM) ("Silvercorp") is pleased to report the results of its successful 2011 underground diamond...

NYMEX Daily Reports

The CME Group Daily Bulletin now contains information formerly found in the NYMEX, COMEX and DME fact sheets and open interest reports. However, only those products that have volume and open interest are displayed. Please review the Daily Bulletin Sample and Description to familiarize yourself with the new format.

Silver Futures

Daily Settlements for Silver Futures (PRELIMINARY)

June 12: Gold and Silver Gain About 1%

Gold fell $13.81 to $1586.39 by a little before 6AM EST, but it then shot back higher in morning New York trade and ended near its midday high of $1617.38 with a gain of 0.71%. Silver surged to as high as $29.042 and ended with a gain of 1.29%.

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