• Gold: 1,294.97 0.01%
  • Silver: 19.61 0%
  • Euro: 1.38 -0.06%
  • USDX: 79.847 -0.02%
  • Oil: 104.55 0.58%

April 17: Gold and Silver Fall Almost 2% on the Week

1 day 11 hours ago

Gold fell to $1296.56 in Asia before it rebounded to $1304.09 in London, but it then fell to a new session low of $1293.29 in New York and ended with a loss of 0.63%. Silver slipped to $19.51 before it bounced back to $19.724 and then also fell back off, but it ended with a loss of just 0.2%.

Silver Market Morning

The New York gold price closed at $1,339.20 down $11.10 on Friday in New York. Asia saw it slip ahead of London’s opening to $1,332. The gold price was Fixed in London at $1,334.25 down $14.00. In the euro, it Fixed at €961.552 down €9.67 as the dollar stood at $1.3876 slightly stronger. Ahead of the opening in New York gold stood at $1,339.00 and in the euro at €965.11.

March 7: Gold and Silver End Mixed on the Week

Gold edged down to $1346.45 in Asia before it rebounded to $1352.69 at about 8:20AM EST and then dropped back to as low as $1329.28 after this morning’s jobs report was released, but it then rallied back higher in the last four and a half hours of trade and ended with a loss of just 0.82%. Silver slumped to as low $20.769 before it also rallied back higher, but is still ended with a loss of 2.7%.

Gold challenges $1350

From last Friday’s close at $1322, gold opened strongly on Monday trading, as high as $1355 before losing two thirds of the rise on Tuesday. On Thursday afternoon (GMT) gold rallied back to challenge the $1350 level. This morning (Friday) it is in the balance as to whether or not gold will need more consolidation before moving on towards $1400, with everyone watching out for US employment numbers.

Silver Market Morning

The New York gold price closed at $1,350.30 up$12.90 on Thursday in New York. Asia held it at that level ahead of London’s opening. The gold price was Fixed in London at $1,348.25 up $14.75. In the euro, it Fixed at €971.222 down €0.717, barely changed again, as the dollar stood at $1.3887 over 1% weaker. Ahead of the opening in New York gold stood at $1,348.40 and in the euro at €970.91.

March 6: Gold and Silver Gain About 1%

Gold dropped $6.04 to $1331.36 in Asia, but it then rose to as high as $1353.07 in New York and ended with a gain of 0.96%. Silver surged to as high as $21.628 and ended with a gain of 1.42%.

Operation Ukraine Whitewash

Well, it appears that "Operation Ukraine Whitewash" has been a modest success; in that despite the crisis clearly escalating, global financial markets are all higher. Gold, too, is higher, but just by 1.5% since the weekend; which all things considered, is pretty good given that prices are typically ATTACKED when PM-bullish news like this emerges.

March 5: Gold and Silver End Mixed

Gold fell $2.36 to $1332.74 in late Asian trade before it rallied back to $1341.79 by early afternoon in New York, but it then fell back off into the close and ended with a gain of just 0.17%. Silver climbed to $21.314 in London, but it then fell back off in late trade and ended with a loss of 0.09%.

Silver Market Morning

The New York gold price closed at $1,335.10 down $16.30 on Tuesday in New York. Asia held it at that level ahead of London’s opening. The gold price was Fixed in London at $1,333.50 down $6.00. In the euro, it Fixed at €971.939 down €1.96, barely changed, as the dollar stood at $1.3720, slightly stronger. Ahead of the opening in New York gold stood at $1,333.75 and in the euro at €972.22.

March 4: Gold and Silver Fall About 1%

Gold fell almost $20 to $1331.79 at about 8AM EST before it bounced back higher in New York, but it still ended with a loss of 1.21%. Silver slipped to as low as $21.045 and ended with a loss of 1.12%.

Silver Market Morning

The New York gold price closed at $1,351.40 up $26.80 on Monday in New York. Then, the Ukraine story was seen in context and gold retreated from the Ukrainian premium to $1,337 ahead of the opening in London. The gold price was Fixed in London at $1,339.5 down $4.75. In the euro, it Fixed at €973.899 down €1.68, barely changed, as the dollar stood at $1.3754, slightly stronger. Ahead of the opening in New York gold stood at $1,337.00 and in the euro at €971.34.

March 3: Gold and Silver Gain About 2% and 1%

Gold climbed $30.15 to as high as $1354.75 by late morning in New York before it fell back off a bit in afternoon trade, but it still ended with a gain of 2.02%. Silver surged to as high as $21.696 and ended with a gain of 1.23%.

Silver Will Be The King Precious Metal Performer

While gold is the king monetary metal, silver will turn out to be the king precious metal performer. Currently, gold is stealing the show as the East (China) continues to consume more than total world gold production.

Catalyzing the inevitable global financial collapse

It could have been ANYTHING that commenced the inevitable global financial collapse - and end of the near-dead fiat currency regime; but as of now, Ukraine looks to be the odd-on favorite for catalyzing such. "Economic fires" are now burning everywhere - from Turkey, to Thailand, Argentina, and Venezuela. However, none of the near-term catastrophic potential of a war in a region as politically sensitive in the Far East as Jerusalem in the Middle East.

Silver Market Morning

The New York gold price closed at $1,324.60 down nearly $6 on Friday in New York. Then, the Ukraine story turned global and gold jumped to $1.347.20 in Asia. London held it there ahead of the Fix. The gold price was Fixed in London at $1,344.25, up $16.50. In the euro, it Fixed higher at €975.579 up €13.929, while the dollar stood at $1.3779. Ahead of the opening in New York gold stood at $1,344.35 and in the euro at €975.90. Please note it has not moved in the euro since Thursday last!

February 28: Gold and Silver End Mixed on the Week

Gold dropped $4.68 to $1325.82 in Asia before it rebounded to $1332.92 in London and then fell to as low as $1320.02 in New York, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.44%. Silver slipped to $21.145 in Asia before it rebounded to $21.408 and then also fell back off, but it ended with a loss of just 0.52%.

Market Report: Profit taking after eight consecutive weeks of rising prices

The rise in the gold price ran into profit-taking on Wednesday. Having risen $160 to $1345 some short-term profit taking is only to be expected, and silver followed suit.

Silver Market Morning

The New York gold price closed at $1,330.50 down $0.50 on Thursday in New York. Asia took it slightly lower to $1,327 and London held it there ahead of the Fix. London Fixed gold at $1,327.75 down $3.20. In the euro, it Fixed lower at €961.650 down €13.15, while the dollar stood at $1.3807 down over 1%. Ahead of the opening in New York gold stood at $1,330.75 and in the euro at €964.07.

February 27: Gold and Silver End Slightly Higher

Gold dropped $5.05 to $1323.95 in late Asian trade before it rebounded to $1335.36 at about 10:30AM EST and then drifted back to $1326.99 in the next four hours of trade, but it then rallied back higher in late trade and ended with a gain of 0.11%. Silver slipped to $21.002 in Asia before it bounced back to $21.485 in London and then chopped back lower in New York, but it still ended with a gain of 0.19%.

Silver Analog

This week two investment firms came out expressing their disbelief that silver has any more upside, so investors may start getting nervous and begin asking the same question. Back on Feb 11, 2014 I wrote an article titled “Coffee to Outperform Precious Metals” and within the article I stated that Coffee looked to reach $1.75 per pound – today it reached $1.78. I had recommended buying the Coffee ETF – JO @ 23.28 and selling it at 32.99 for a 47% profit in 21 days. What I did not mention in that article was the interesting similarities between the charts of Coffee and Silver.

Silver Market Morning

The New York gold price closed at $1,329.00 down $11.60 on Wednesday in New York. Asia took it slightly lower to $1,325 but London started to lift it back up ahead of the Fix. London Fixed gold at $1,331 down $9.00. In the euro, it Fixed slightly lower at €974.806 down €0.50, while the dollar stood at $1.3654, 0.8 of a cent stronger. Ahead of the opening in New York gold stood at $1,332.85 and in the euro at €976.13.

February 26: Gold and Silver Fall About 1% and 3%

Gold fell $17.79 to $1322.81 at about 11AM EST before it bounced back higher midday, but it still ended with a loss of 0.87%. Silver slipped to as low as $21.102 and ended with a loss of 2.83%.

Eric Sprott: We’re Looking For Ways To Survive "[The] Counterfeiting Of Money”

During a time of rebounding precious metals and mining equity prices, Eric Sprott, Chief Executive Officer and Senior Portfolio Manager of Sprott Asset Management, was kind enough to share a few comments. According to Eric, we’ve reached an inflection point in the precious metals, where he believes a prudent speculator may find great opportunity. Here are his full interview comments with Sprott Global Resource Investment Ltd.’s Tekoa Da Silva.

No surprise

Well, it should be no surprise in the least that after maniacally capping gold and silver at their new "lines in the sand" at $1,330/oz and $22/oz, respectively, for the past week, they went into hyperdrive this morning - just a day after the strong March COMEX options closes, and three days before their respective "first notice days." Given exploding physical demand, including just 648,000 ounces of registered gold inventory, of which close to 500,000 are already spoken for, did anyone expect the Cartel to act any different than always?

Silver Market Morning

The New York gold price closed at $1,340.60 up $2.80 on Tuesday in New York. Asia held there as did London. London Fixed it at $1,340.00 up $7.25 cents. In the euro, it Fixed higher at €975.326 up nearly €6.00, while the dollar stood at $1.3739 barely changed. Ahead of the opening in New York gold stood at $1,339.55 and in the euro at €975.00.

February 25: Gold and Silver End Mixed

Gold fell $6.38 to $1331.42 at about 5:45AM EST before it climbed to as high as $1343.58 by late morning in New York, but it then drifted back lower in the last half hour of trade and ended with a gain of just 0.21%. Silver slipped to $21.679 before it rallied back to $22.007, but it then fell back off in late trade and ended with a loss of 0.68%.

First Majestic Elects Not to Exercise Right to Match Coeur's Offer for Orko

First Majestic Silver Corp. (FR.TO)(AG)(FMV.F) ("First Majestic" or the "Company") announces that it has today notified the Board of Directors of Orko Silver Corp. that it is not matching the offer made by Coeur d''Alene Mines Corporation ("Coeur") and will not be increasing the consideration under First Majestic''s offer to acquire all of the issued and outstanding Orko shares.

COMEX Silver Inventory Update: +396,820.320 ounces

COMEX Silver Inventory Update: +396,820.320 ounces

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%.

March 5: Gold and Silver End Slightly Higher

Gold climbed up to $1586.04 at about 8:30AM EST before it fell back to $1571.75 over the next five hours, but it then bounced back higher in afternoon trade and ended with a gain of 0.08%. Silver surged to as high as $29.065 before it fell back to $28.513, but it still ended with a gain of 0.42%.

March 6: Gold and Silver Rise, Miners Jump Higher

Gold dropped to $1567.40 at about 9:45AM EST before it rebounded to $1584.58 in the next hour of trade and then fell back to about unchanged by early afternoon in New York, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.53%. Silver slipped to $28.54 before it jumped up to $29.067 and then also fell back off, but it still ended with a gain of 1.33%.

COMEX Silver Inventory Update: -702,570.770 ounces

COMEX Silver Inventory Update: -702,570.770 ounces

COMEX Silver Inventory Update: -353,754.450 ounces

COMEX Silver Inventory Update: -353,754.450 ounces

Endeavour Silver Reports Record Earnings, Cash Flow and Revenue in 2012, Conference Call at 10 am PDT (1 pm EDT) on March 13, 2013

Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announced today record earnings, cash flow and revenue for the year ended December 31, 2012, thanks to the Company''s eighth consecutive year of growing silver and gold production. Endeavour owns and operates three underground silver-gold mines in Mexico: the Guanacevi mine in Durango state, and the Bolanitos and El Cubo mines in Guanajuato state.

COMEX Silver Inventory Update: -162,359.980 ounces

COMEX Silver Inventory Update: -162,359.980 ounces

March 12: Gold and Silver Gain Almost 1%

Gold held near unchanged in Asia, but it then jumped higher at about 7AM EST and ended near its late morning New York high of $1598.21 with a gain of 0.77%. Silver surged to as high as $29.35 and ended with a gain of 0.59%.

Industrial Uses Forecast to Boost Demand for Silver

Industrial demand for silver has increased substantially over the past two decades and is expected to soar to a new record level in the coming year. Speaking last week at the annual Prospectors & Developers Association of Canada convention in Toronto, Michael DiRienzo, Executive Director of the Silver Institute, said that demand for silver is broadening in many directions. Industry’s widening use of the precious metal is expected to average more than 483 million ounces (Moz.) from 2012 to 2014, a level 53 percent greater than the average annual industrial fabrication demand of 313.4 Moz from 1992-2001.

iShares Silver Trust Subtracts 150.30 Tonnes

iShares Silver Trust Subtracts 150.30 Tonnes

Fortuna reports record net income, operating cash flow, and sales for 2012

VANCOUVER , March 20, 2013 /CNW/ - Fortuna Silver Mines Inc. (FSM) (FVI.TO) (FVI.TO) (F4S.F) today announces 2012 revenue of $161 million and net income of $31.5 million for the year. For the fourth quarter revenue totaled $37.9 million with net income of $8.5 million . Record silver and gold production for the year increased to a record 3,987,757 ounces and 20,699 ounces, respectively, at a consolidated cash cost per ounce, net of by-product credits, of $5.96.

March 21: Gold and Silver Gain Roughly 1%

Gold climbed to as high as $1616.42 at about 10AM EST before it chopped back lower at times, but it still ended with a gain of 0.54%. Silver surged to as high as $29.312 and ended with a gain of 1.29%.

Silver Wheaton reports record 2012 results

"2012 was another exceptional year for Silver Wheaton, anchored by a fourth quarter that saw record production, sales, revenue, net income, and cash flow for the company," said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. "With the addition of production from Hudbay's 777 mine midway through the year, plus growing production from Peñasquito, San Dimas and Zinkgruvan, 2012 production exceeded our forecast by over one and a half million ounces." "This translated into sales of over 27 million ounces, with the fourth quarter coming in at over nine million ounces, and full year cash flows of over $719 million. Given our dividend policy of paying out 20% of the trailing quarter's cash flow, Silver Wheaton's strong production growth profile directly translates into higher dividends, with $0.35 per common share paid during 2012, almost double what was paid in 2011, and our strong fourth quarter resulted in our first dividend in 2013 being $0.14 per share." "With the recently announced acquisition of gold streams from Vale S.A.'s Salobo and Sudbury mines, we are confident that 2013 and beyond will bring further growth and many new records to Silver Wheaton. While our organic growth profile now forecasts roughly an 80% increase of silver equivalent production over the next five years, we firmly believe there are yet more accretive opportunities for us to further add to our world-class portfolio of precious metals streams."

SilverCrest Files La Joya Technical Report Updated Resources & Positive Preliminary Metallurgy

SilverCrest Files La Joya Technical Report Updated Resources & Positive Preliminary Metallurgy; Potential For High Grade Cu-Ag-Au Concentrate With Over 30% Copper

Notice: All US and Canadian markets will be closed on Friday

Please note: All US and Canadian markets will be closed on Friday. This will result in large spreads between the silver bid and ask prices.

COT Report - March 29, 2013

...

April 1: Gold Edges Up While Silver Slips

Gold chopped around in a tight range of $1595.00 to $1600.90 in lackluster post-holiday trade and ended with a gain of 0.06%. Silver slipped to as low as $27.87 and ended with a loss of 1.44%.

Prophecy Platinum: enormous upside potential with low risk at the Yukon’s emerging Wellgreen PGM Ni-Cu district, and beyond

Prophecy Platinum (NKL: TSX-V, PNIKF: OTCQX) is a Canadian-based PGM-Ni-Cu company that is focused on developing their district-scale Wellgreen project in the Yukon and fully permitted Shakespeare mine in Ontario. The company is well positioned with respect to fundamental supply and demand changes in the PGM market, and recently appointed managers are helping their team expedite growth.

COMEX Silver Inventory Update: -81,395.465 ounces

COMEX Silver Inventory Update: -81,395.465 ounces

Endeavour Silver Reports Record Production in First Quarter, 2013; Produces 1,489,746 oz Silver (Up 39%) and 15,032 oz Gold (Up 138%)

Endeavour Silver Corp. (EDR.TO)(EXK)(EJD.F) announced today that the Company set new records for silver and gold production in the First Quarter, 2013 from the Company's three operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Bolanitos and El Cubo Mines in Guanajuato State.

SilverCrest Continues to Expand Santa Elena Deposit More High Grade Intercepts; 21.6m @ 1.46 gpt Au and 169.1 gpt Ag

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. Since mid 2012, 132 drill holes have been completed to further expand underground resources and reserves. This drill program continues to be extremely successful with the most recent holes identifying additional bonanza grades (as defined below) and providing further intercepts in the El Cholugo Zone. To date, resources at Santa Elena have been delineated along a strike length of over 1,200 metres and to a depth of 600 metres. The results of all holes included in this news release will be part of the ongoing resource expansion and reclassification to be included in the Pre-Feasibility Study for the Santa Elena Expansion Project which is nearing completion.

COMEX Silver Inventory Update: -978,339.568 ounces

COMEX Silver Inventory Update: -978,339.568 ounces

COMEX Silver Inventory Update: +1,434,531.165 ounces

COMEX Silver Inventory Update: +1,434,531.165 ounces

Silver rallies, but set for hefty drop on quarter

Silver futures led the rally among major metals Friday, but it was still poised for a loss of around 16% for the quarter.

Silver Market Update

Much of what is written for the Gold Market update applies equally to silver, so it will not be repeated here. There are, however, some important differences that we will focus on here, which suggest that silver now has really big upside potential from this point, despite its comparatively anemic reaction on Friday to the news out of Europe, compared to other commodities.

Capped at Round Numbers

Gold prices are AGAIN being capped at a round number, this time $1,590/oz despite a veritable cornucopia of gold bullish news, from steadily beating Middle East “war drums,” to FIVE separate pieces of weak U.S. economic data, to the implosion of the MOST IMPORTANT STOCK IN THE MARKET – “Margin Stanley” – following abysmal earnings that included the disclosure that it still needs to post $3 billion for collateral related to the recent Moody’s downgrade. Silver, too, is being heavily capped, at the same KEY ROUND NUMBER of $27.50/oz that has served as the Cartel’s line in the sand for roughly three weeks.

iShares Silver Trust: 9,742.43 tonnes

iShares Silver Trust: 9,742.43 tonnes

Silver Market Update

Some weeks ago in a Silver Market update we had noted that a large potential Head-and-Shoulders top area was completing in silver, but we got "...

First Majestic Completes Acquisition of Silvermex Resources

First Majestic Silver Corp. ("First Majestic") (FR.TO)(AG)(FMV.F) and Silvermex Resources Inc. ("Silvermex") (SLX.TO)(OTC.BB:GGCRF)(GSBN.F) are pleased to announce the completion of the plan of arrangement (the "Arrangement") previously announced in the joint news release of First Majestic and Silvermex dated April 3, 2012.

Real Money

The global economic meltdown continues, with the “President’s Working Group on Financial Markets” doing their best to support the “DOW JONES PROPAGANDA AVERAGE” while other (unnamed) forces attempt to cap the “barometers of bad tidings” – gold and silver.

Silver Market Morning

Gold closed in New York at $1,581.00 $4 higher, yesterday. London’s morning Fix today was set at $1,583.00 up $3 on yesterday and in the euro at €1,291.296, while the euro stood at €1: $1.2259 down nearly 20 cents on the dollar. Ahead of New York’s opening gold stood at $1,581.75 in the middle and in the euro at €1,293.28.

Better Places to Keep Your Money than the Bank

My local bank in Colorado is literally offering to pay me no interest --just an offensive 0.05% annually, before taxes. The interest rate triples to 0.15% when the balance exceeds $50,000. Absolutely no incentive when one considers the risks the bank imposes on your capital, retaining only pennies on the dollar of your money, then leveraging your capital -- fractional banking. How can I be interested in a 0% savings rate deposited at a relatively risky institution while supporting the fractional banking system?

COMEX Silver Inventory Update: -287,542.774 ounces

COMEX Silver Inventory Update: -287,542.774 ounces

First Majestic Reports Second Quarter Financial Results

FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed interim consolidated financial results for the Company for the second quarter ending June 30, 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 or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

COMEX Silver Inventory Update: +566,677.050 ounces

COMEX Silver Inventory Update: +566,677.050 ounces

The Arbitrageur: The Decline and Fall of Silver Backwardation

On Friday, I published an article...

Comex silver stocks hit highest in at least 28 mths

Silver stockpiles in Comex-monitored warehouses a re at their highest level since at least December 2009, s howing near-term supply of the metal...

Bull Hammer in Silver

There was some major downside price rejection yesterday in Silver which can be seen clearly in the bull "Hammer" daily candlestick pattern. This should make the bears think twice about their prospects. There is potential here for a near term change in trend, but it is important to remember Japanese Candlestick patterns are useless without confirmation.

iShares Silver Trust: +30.18 tonnes

iShares Silver Trust: +30.18 tonnes

Helicopter Ben Speaks

Another typical day in the land of “free markets.” Under an endless crush of “horrible headlines,” stocks are simply not allowed to decline. Of course, when Helicopter Ben speaks before Congress – as he did today in his bi-annual “Humphrey Hawkins” economic testimony – gold is viciously attacked, as if Bennie has EVER hinted of incremental monetary policy on Capital Hill. Just yesterday, gold was a (capped) safe haven, but all of a sudden, it’s not.

CFTC’s Chilton Sees Silver Probe Concluding This Year

A four-year probe of potential price manipulation in the silver market may be completed as early as September, according to Bart Chilton, a member of the U.S. Commodity Futures Trading Commission.

iShares Silver Trust: 9,639.42 tonnes

iShares Silver Trust: 9,639.42 tonnes

July 27: Gold and Silver Gain About 2% on the Week

Gold climbed almost 1% to $1629.31 at around 8:20AM EST before it drifted back lower at times in New York, but it then bounced back higher in late trade and ended with a gain of 0.48%. Silver surged to as high as $27.839 before it also fell back off at times, but it still ended with a gain of 0.98%.

COMEX Silver Inventory Update: -621,019.100 ounces

COMEX Silver Inventory Update: -621,019.100 ounces

August 1: Gold and Silver Fall With Stocks

Gold edged up to $1618.45 in Asia before it dropped down to $1592.17 after the FOMC announcement, but it then bounced back higher in late trade and ended with a loss of just 0.87%. Silver slumped to as low as $27.157 before it also rebounded, but it still ended with a loss of 2.04%.

iShares Silver Trust: 9,742.43 tonnes

iShares Silver Trust: 9,742.43 tonnes