• Gold: 1,285.68 -0.7%
  • Silver: 19.31 -1.49%
  • Euro: 1.38 -0.01%
  • USDX: 79.893 0.08%
  • Oil: 103.17 -1.32%

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

3 days 6 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 Prices Rise Dramatically At The End – Are We Close To The End?

Silver or the silver price is generally much more difficult to analyze than gold. Part of the reason is that so much less is known about the specifics of the silver market. Silver analysis is often done “through” the analysis of gold. This is not completely wrong, since silver and gold mostly moves in a similar manner – they have the same monetary properties after all.

Silver Market Morning

The New York gold price surged once more to $1,318.60 up nearly $17 at the close on Friday in New York. Asia took it higher to $1,325 ahead of London’s opening on Monday. London held it there before Fixing the gold price at $1,326.00 up $17.50. In the euro, it Fixed at €967.601 up €12.003, while the dollar stood at $1.3704, weaker again. Ahead of the opening in New York gold stood at $1,327.40 and in the euro at €965.45.

Silver’s Uprising

At the end of December the price of gold bottomed and has moved up smartly while leaving silver behind, to wallow in a sideways pattern before making it’s low at the end of January. This odd behavior caused many investment writers to hedge their recommendations while waiting for a confirmatory breakout, while InvestorKey had been invested in the precious metals since the earlier part of January and now have profits of 20+% waiting to be booked. This common idea of waiting for confirmation by breakout is something that has always bothered me over my 33 years of trading, when reading other analysts recommendations

Silver…The St. Valentine’s Day Breakout

In this Weekend Report I would like to show you the Chatology of silver that you won’t see anywhere else on the planet. Some of these charts might not conform to the classic textbook scenarios most chartists believe are the only correct ways to construct a chart pattern. I have learned through many years of charting the markets that there are areas in this field that can be opened up for further interpretation and still fall within the loose confines of what is considered a chart pattern. Keeping an open mind in any of the trading disciplines of the markets from Elliot Wave, to cycles or charting can give one more insight and clarity than any one book can give you. Real time analysis and interpretation is the only way to really get to know your chosen field for investing in the markets.

Silver Market Update

Silver has confirmed gold’s breakout of several days ago by following suit and breaking out above important resistance on Friday on the strongest volume for almost 6 months. This means that we are now in a full on Precious Metals sector uptrend, which is still in its earliest stages.

February 14: Gold and Silver Gain About 4% and 7% on the Week

Gold climbed to as high as $1320.35 at about 10AM EST before it chopped back lower at times, but it still ended with a gain of 1.3%. Silver surged to as high as $21.454 and ended with a gain of 4.58%.

James Turk: Erosion of Trust Will Drive Gold Higher

James Turk, founder of precious metals accumulation pioneer GoldMoney, has over 40 years' experience in international banking, finance, and investments. He began his career at the Chase Manhattan Bank and in 1983 was appointed manager of the commodity department of the Abu Dhabi Investment Authority.

Line in the sand broken

It looks like the Cartel's eight-month "line in the sand" at $20/oz silver has finally been broken; as has their three-month "line in the sand" at $1,250 gold. Gold forward rates have again gone decidedly negative, ETF purchases have surged amidst record Chinese demand, and this week's news of massive gold mining writeoffs highlights just how tight the physical market is, and will be.

Silver Market Morning

The New York gold price broke through the big figure to $1,301.70, up $11.20, at the close on Thursday in New York. Asia took it higher to $1,310 ahead of London’s opening. London held it there before Fixing the gold price at $1,308.50 up $18.25. In the euro, it Fixed at €955.598 up €11.94, while the dollar stood at $1.3693, weaker again. Ahead of the opening in New York gold stood at $1,314.00 and in the euro at €959.61.

February 13: Gold and Silver Gain About 1%

Gold edged down to $1286.47 in late Asian trade, but it then climbed to a high as $1302.58 in New York and ended with a gain of 0.84%. Silver rose to as high as $20.528 and ended with a gain of 1.53%.

Silver Market Morning

The New York gold price rose slightly to $1,290.90 up $1.00 at the close on Wednesday. Asia held it there ahead of London’s opening. London held it there before Fixing the gold price at $1,290.25 up $3.75. In the euro, it Fixed at €943.648 up €0.812, while the dollar stood at $1.3673, almost unchanged. Ahead of the opening in New York gold stood at $1,292.50 and in the euro at €945.88.

February 12: Gold and Silver Close Near Unchanged in Mixed Trade

Gold saw slight losses in Asia before it rallied up to $1296.01 by early afternoon in New York, but it then drifted back lower into the close and ended with a gain of just 0.08%. Silver rose to as high as $20.39 before it also fell back off and ended unchanged on the day.

U.S. Mint Nearly Sells Out Of Its Weekly Silver Eagle Allocation In 2 Days

After a slower than average sales month in January, Silver Eagle sales picked up significantly in February. In the first eleven days of the month, the U.S. Mint sold nearly 1.7 million Silver Eagles.

Fortuna Silver Mines (TSX: FVI/NYSE: FSM): Follow Up #1

Fortuna Silver Mines is engaged in silver mining and related activities, in Latin America, including exploration, extraction, and processing. Fortuna is one of the fastest growing silver producers in Latin America, with two 100 percent owned underground mines in Peru and Mexico.

Silver Market Morning

The New York gold price rose strongly to $1,289.9 up $15.30 at the close on Tuesday. Asia saw it slip slightly to $1,285 ahead of London’s opening on Wednesday. London held it there before Fixing the gold price at $1,286.50 up $3.75. In the euro, it Fixed at €942.836 up €4.742, while the dollar stood at $1.3645, slightly stronger. Ahead of the opening in New York gold stood at $1,287.00 and in the euro at €943.76.

February 11: Gold and Silver Gain About 1%

Gold climbed $12.78 to $1287.38 at about 8AM EST before it fell back to $1276.23 in the next 45 minutes of trade, but it then rose to a new session high of $1292.22 by late morning in New York and ended with a gain of 1.2%. Silver slipped back to $19.939 before it rebounded to $20.27 and then fell back off in early afternoon trade, but it still ended with a gain of 0.75%.

Silver Market Morning

The New York gold price was almost unchanged at $1,274.60 up $7.50 at the close on Monday. Asia took it up to $1,285 ahead of London’s opening on Tuesday. London pulled it back $2 initially before London set the gold price at $1,282.75 up $9.25 up on Monday. In the euro, it Fixed at €938.094 up €4.238, while the dollar stood at $1.3674, again, weaker. Ahead of the opening in New York gold stood at $1,284.30 and in the euro at €939.78.

February 10: Gold and Silver Gain While Miners Surge

Gold climbed $10.78 to $1277.88 at about 8:20AM EST before it chopped back lower at times, but it still ended with a gain of 0.59%. Silver rose to as high as $20.287 and ended with a gain of 0.1%.

"Yellenomics" will be unleashed

In the aftermath of Friday's horrific NFP report, "Yellenomics" will be unleashed to Capital Hill tomorrow morning. The "pressure to print" will continue mounting on "Whirlybird Janet" until she finally gives in; likely, coincident with the ECB announcing its own, overt QE whilst Shinzo Abe prepares to increase the scope of Abenomics, given the likely catastrophic economic impact of the massive sales tax commencing in Japan in April. And don't forget the U.S. "debt ceiling" debate, which MUST be resolved by month's end lest another "governemnt shutdown" is catalyzed.

Silver Market Morning

The New York gold price was almost unchanged at $1,267.10 up nearly $10 at the close on Friday. Asia took it up to $1,272.50 ahead of London’s opening on Monday. London set the gold price at $1,273.50 up $13.50 up on Friday. In the euro, it Fixed at €933.856 up €5.132, while the dollar stood at $1.3637, again, weaker. Ahead of the opening in New York gold stood at $1,273.18 and in the euro at €933.72.

February 7: Gold and Silver Gain Almost 2% and 5% on the Week

Gold spiked up to $1268.62 after this morning’s jobs report before it fell back to $1257.82 in the next hour of trade, but it then rallied back higher into the close and ended near its earlier high with a gain of 0.77%. Silver surged to as high as $20.037 and ended with a gain of 0.45%.

A tall order on her hands

Well, as it turns out, what we wrote earlier this week about the weather having zero impact on the jobs report was true - as opposed to Goldman Sachs and the Wall Street propaganda crew, which opined otherwise. Per today's article, the January NFP report simply points out just how miserable the U.S. economy is; not to mention, why Janet Yellen has a tall order on her hands next Tuesday when she makes gives her initial economic testimony to Congress.

Market Report: Silver outperforming

Since Monday financial markets have consolidated following the emerging market currency shocks of the previous week. Safe-haven bonds were strong initially, before tailing off yesterday. Equities started the week badly but steadied yesterday, and gold spiked at $1274 on Wednesday before being knocked back $20 subsequently. The result is gold was more or less unchanged on the week by last night, though early indications London time are for better prices today.

Silver Market Morning

The New York gold price was almost unchanged at $1,257.40 down 50 cents at the close on Thursday. Asia took it up to $1,261.35 ahead of London’s opening. London set the gold price at $1,260.00 up $1.50 up on Thursday. In the euro, it Fixed at €928.724 down nearly €2, while the dollar stood at $1.3567 slightly weaker. Ahead of the opening in New York gold stood at $1,260.15 and in the euro at €928.87.

February 6: Gold and Silver End Near Unchanged

Gold climbed to $1266.78 by a little before 9AM EST before it fell back to $1253.03 in the next couple of hours of trade, but it then edged back higher into the close and ended with a loss of just 0.04%. Silver popped up to $20.182 before it dropped back to $19.853, but it still ended with a gain of 0.45%.

Silver 'boost to antibiotic success'

Adding silver to antibiotics makes them 10 to 1,000 times more effective at fighting infections, research suggests.

Huldra Silver Provides an Update on Mill Efficiencies and Surface Exploration Plans

As part of an effort to reduce costs and increase efficiency, Huldra has temporarily suspended milling operations in Merritt, BC a few days prior to a planned maintenance procedure in order to install previously purchased rubber ball mill liners that will significantly increase the throughput capacity of the mill to approximately 300 tonnes per day from the current maximum of 250 tonnes per day, depending on the work index of the mill feed. The delivery of the liners is expected later this week and should take approximately one day to install. The ball mill is currently being prepared for the new liners. A number of other maintenance items will be completed during this time to increase the efficiency of the operation of the mill. Once complete, the mill will be run at maximum capacity with reduced cost. Only essential personnel will be on site during the maintenance procedure.

Silver Market Morning

New York closed on Tuesday at $1,285.40 up $34.30. This morning in Asia pulled back to $1,280 then as London started it slipped back to $1,275 and was Fixed at $1,275.00 down $5.75 on yesterday’s Fix and in the euro at €976.787, down €5.0 showing gold yesterday moved down in both currencies as the dollar recovered. Ahead of New York’s opening gold was trading at $1,276.95 and in the euro at €978.81.

July 12: Gold and Silver Gain About 5% and 6% on the Week

Gold fell $17.40 to $1268.00 at about 7AM EST, but it then rallied back higher throughout most of the rest of trade and ended with a loss of just 0.07%. Silver slipped to as low as $19.64 before it also rallied back higher, but it still ended with a loss of 1.44%.

SilverCrest Announces Q2 Record Silver Production 194,022 Ounces Silver & 7,463 Ounces Gold

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) (the "Company") is pleased to announce production numbers for the second quarter of 2013 from its 100% owned Santa Elena Mine located in Sonora, Mexico.

Silver Market Morning

Asia again lifted the market up to $1,336 after New York closed at $1,333.70 up another $16 on London. London pulled it lower ahead of the Fix where it was set at $1,326.75 up $13 from yesterday but down $10 on the start of the day and was Fixed in the euro at €1,007.10 up nearly €9.00. Ahead of New York’s opening gold was going firmer at $1,329.55 and in the euro at €1,008.84.

Silver Market Morning

New York closed at $1,342.4 up $8.70. London lifted it ever so slightly to $1,343.30 ahead of the Fix where it was set at $1,340.00 up $13.25 from yesterday and was Fixed in the euro at €1,012.31 up €5.20. Ahead of New York’s opening gold was holding that level and in the euro at €1,012.96.

SilverCrest Announces Santa Elena Expansion Pre-Feasibility Study; Base Case NPV @ $243.7 Million and 88% IRR 8 Years of Mine Life Added

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) ("SilverCrest" or the "Company") is pleased to announce that it has filed its NI 43-101 Technical Report entitled "Santa Elena Expansion Pre-Feasibility Study and Open Pit Reserve Update" for its operating mine located in Sonora, Mexico. Summaries of the revised Life of Mine Plan (LOMP), operating costs, capital costs and Expansion project economics are presented in tables below. All dollar amounts are expressed in U.S. dollars unless otherwise specified. The effective date of this Technical Report is April 30, 2013.

Silver Market Morning

New York closed at $1,285.10 up $1.50 but down $18.80 on the day before. Asia saw the gold price lifted to $1,290. It then Fixed in London at $1,287.75 down $4.25 and in the euro at €964.246 down nearly €8.80. Ahead of New York’s opening gold was at $1,288.65 and in the euro at €965.03.

The Silver Miners are Ripe for Breakout

The Silver Miners Exchange Traded Fund symbol SIL looks ripe for a breakout from a Bullish reversal pattern on the Daily chart. This pattern is what I call an "Inverted Head and Double Shoulders pattern" which is highlighted by the blue text notes on the chart below. The neckline is a trendline drawn off the peaks in this pattern and the breakout point signals the potential change in trend.

Silver: The GSR Bottom Finder

Six of eight significant silver market lows in the past 23 years occurred when the GSR (gold to silver ratio) was > 64 and the RSI (Relative Strength Index (link) of the GSR was < 35. Silver, in late June and early July 2013, met the above criteria, along with a near record low RSI of the GSR, and a record low in the TDI Trade Signal Line.These are strongly bullish conditions.

August 14: Gold and Silver Gain About 1% and 2%

Gold fell to $1315.70 in Asia before it rebounded to $1327.00 at about 5AM EST and then dropped back to $1319.00 in the next four and half hours of trade, but it then jumped to as high as $1335.86 in New York and ended with a gain of 1.01%. Silver surged to as high as $21.851 and ended with a gain of 1.82%.

August 15: Gold and Silver Gain About 2% and 5%

Gold rose $11.04 to $1346.04 in Asia before it fell to see a $16.01 loss at $1318.99 after this morning jobs data was released, but it then rallied back higher throughout most of the rest of trade and ended near its midafternoon high of $1369.59 with a gain of 2.09%. Silver climbed to $22.171 in Asia before it fell to as low as $21.71 at about 9AM EST, but it then rose to as high as $23.171 and ended with a gain of 4.99%.

August 16: Gold and Silver Gain Over 4% and 13% on the Week

Gold climbed almost $10 to $1372.57 in Asia before it fell to see a $5.20 loss at $1357.70 in London, but it then rose to as high as $1379.35 in New York and ended with a gain of 0.74%. Silver surged to as high as $23.408 and ended with a gain of 1.09%.

Losing Control

The Fed is on the verge of completely losing control of its Treasury bond "QE" Ponzi Scheme; as in reality, the 32-year Treasury Bond market is decidedly OVER. China and Japan are selling, the rest of the world is selling, and thus, the Fed will likely be forced to announce "QE5" around the same time they were initially expected to start "tapering."

Discover Your Next Resource Investment With Two of The World’s Top Resource Financiers: Ned Goodman & Eric Sprott

Cambridge House International is pleased to announce the attendance of two of the World’s top resource financiers at the upcoming Toronto Resource Investment Conference. Ned Goodman, founder of Dundee Corporation, and Eric Sprott, founder of Sprott Asset Management LP, will be delivering keynote speeches during a historic moment in the resource sector.

World's Largest Silver Producing Company Reports Big Decline in Production

The world's largest silver producer saw its production decline substantially in the first half of 2013. Many assume this decline came from Fresnillo, which is known as the largest primary silver miner in the world. However, it was recorded by KGHM Polska Miedz, the largest by-product silver producer on the planet whose annual silver production was 41 million oz in 2012.

August 22: Gold and Silver Gain With Stocks and Oil

Gold fell $12.50 to $1354.90 in early Asian trade before it climbed to see a 1% gain at as high as $1381.51 by a little after 10AM EST and then fell back under $1370 by early afternoon, but it then edged back higher in the last few hours of trade and ended with a gain of 0.53%. Silver slipped to $22.457 before it climbed to as high as $23.313 and ended with a gain of 0.57%.

August 27: Gold and Silver Gain But Miners Fall

Gold climbed $20.83 to as high as $1423.23 at about 10:30AM EST before it drifted back lower into the close, but it still ended with a gain of 0.93%. Silver surged to as high as $24.681 before it also fell back off, but it still ended with a gain of 0.66%.

September 18: Gold and Silver Soar Over 4% and 6% Higher After Fed Fails to Taper

Gold dropped $18.50 to $1291.40 in Asia before it rebounded to $1307.52 in London and then fell back to $1296.00 by a little before 10AM EST, but all bets were off when it became time for the fed’s highly anticipated announcement on possible tapering of its stimulus program. Gold initially climbed up to $1312.02 just before the announcement and then jumped to $1349.35 just after the announcement before it pared its gains a bit in the next hour of trade, but it then climbed to a new session high of $1367.20 in the last hour of trade and ended with a gain of 4.31%. Silver slipped $0.52 to $21.20 at about noon EST, but it then soared to as high as $23.213 and ended with a gain of 6.31%.

Vote for Winning SilverSeek 10-YEAR Anniversary Silver Round Design!

The SilverSeek Ten Year Anniversary Round Design Competition is officially underway. Currently voting is open to vote on an image for the first silver round. The votes will be collected on Facebook at this link. The voting for the first round will be completed at 11:59 PM PST Tuesday, October 1st. Each person is allowed to vote once on a design, so take your time and make sure to choose your favorite.

Is mainstream media guilty of professional malpractice?

One person’s view on how and why the mainstream media have served as an accomplice to precious metals manipulation. Author’s note: Instead of being a column, this effort ended up being more like a chapter in a book. Still, I hope those with a deep interest in this topic (like myself) find it worthy of their time.

SilverCrest Announces Positive La Joya Preliminary Economic Assessment Base Case Pre-Tax NPV(5%) of US$133 Million and 30% IRR for "Starter Pit"

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) ("SilverCrest" or the "Company") is pleased to announce that it has completed the Preliminary Economic Assessment ("PEA") for its La Joya Silver Copper Gold Project ("La Joya") located in Durango, Mexico. Summaries of the current resources used for the PEA, a preliminary Life of Mine Plan (LOMP), operating costs, capital costs and project economics are presented in tables below. A Technical Report compliant with NI 43-101 is being completed by EBA Engineering Consultants, a Tetra Tech Company (EBA) with an effective date of September 23, 2013 to be filed within 45 days of this release. All currency values are presented in US$ unless otherwise specified.

An introduction to SantaCruz Silver Mining

Big Al and Cory chat with SantaCruz Silver Mining President and CEO Arturo Préstamo Elizondo to get a run down of this very interesting company. The company’s goal is to become a mid tier silver producer and are on track to accomplish this in the next couple years.

GoldSeek LIVE! with Jay Taylor & Greg Johnson, President & CEO of Prophecy Platinum

- Wednesday, October 30th at 11am EST - Online: https://attendee.gotowebinar.com/register/4501697826298177282 - Presentation by Greg Johnson, Chairman & CEO of Prophecy Platinum Corp. (OTC-QX: PNIKF | TSX-V: NKL) - Q&A with Jay Taylor, Editor at the “Gold & Tech Stocks” newsletter

Daily Silver Data

Statistics about silver that change every day.

Silver Market Morning

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Silver Update

Here are a few patterns that might explain the current state of the silver price, as well as, provide the possible way forward. Below is a graphic which compares the current pattern on silver (from about the beginning of 2011 to present) to a 2007 pattern:

Dramatic Turnaround For Silver?

On the chart, I have indicated two similar patterns (marked 1 to 5).This comparison suggests that silver could rise significantly over the next couple of months. This would mean that a dramatic turnaround in the price of silver is coming (it might have started already).

Silver Market Update

The patterns forming in gold and silver are remarkably similar, and much of what has been written in the parallel Gold Market update applies equally to silver, so it will not be repeated here. The big question is "has silver finally bottomed?" - that is the question that we are going to attempt to answer in this update.

May 22: Gold and Silver End Over 1% Lower

Gold dropped $19.82 to $1573.18 by about 5AM EST before it climbed back above $1590 by late morning in New York, but it then fell back off into the close and ended with a loss of 1.64%. Silver slipped to $28.015 before it surged to as high as $28.804, but it also fell back off in late trade and ended with a loss of 1.26%.

Julian Phillips: Silver Price Falls with Euro; in hands of traders

Comment Wire: The fall in the silver price to current levels of $27.34 reflects the fall in the euro and not that rise of the dollar. Both gold and silver have for so long been treated as "counters to the dollar" to quote the Bundesbank's ex-President Herr Weber. But this does not mean, after market volatility says differently, that silver should move with the euro.

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.

iShares Silver Trust: 9,643.17 tonnes

iShares Silver Trust: 9,643.17 tonnes

Silver Market Morning

Gold closed in New York at $1,620.40 and in London’s early morning fell to $1,615.75. There is no Fixing in London today due to the Jubilee celebrations. Ahead of New York’s opening gold stood at $1,618.22 and in the euro, €1,301.55 while the euro was at €1: $1.2433.

This Ain't The Bottom (But you can see it from here)

Wallace, Idaho – Bernard Baruch famously said: “Don't try to buy at the bottom and sell at the top. It can't be done except by liars.” Good advice. So many ersatz experts are calling this the bottom for silver and gold that it absolutely cannot be the actual bottom. It may be so close that we can see it, but we're willing to ride this elevator down a few more floors before we hit that big red STOP button.

June 6: Gold Gains While Silver Surges

Gold rose $22.40 to $1640.80 at about 8:30AM EST, but it then fell back off in early afternoon trade and ended with a gain of just 0.07%. Silver surged to as high as $29.895 before it also fell back off, but it still ended with a gain of 2.94%.

Silver Offers A Great Opportunity

For more silver and gold analysis and guidance, see my Long-term Silver Fractal Report & Long-term Gold Fractal Report or subscribe to my Premium Service.

COMEX Silver Inventory Update: -27,627.307 ounces

COMEX Silver Inventory Update: -27,627.307 ounces

CFTC Chairman Gary Gensler on C-SPAN

Gary Gensler talked about Commodity Futures Trading Commission oversight of commodity "futures," and he responded to telephone calls and electronic communications.

The Premier Safe Haven

Precious Metals are yet again asserting themselves following MULTIPLE attempts to push them down – first at the usual 12:00 PM EST with most markets flat, then late in the afternoon when the “DOW JONES PROPAGANDA AVERAGE” started plunging. TPTB are horrified that their pathetic “Spanish Bailout” ploy failed, with stock and markets plunging worldwide – notwithstanding yesterday’s blatant prop job. If gold remains positive by day’s close – and the Dow stays down – this will be the fourth such time in two weeks – SHOUTING to the world that gold is, indeed, the premier safe haven asset. With the potentially catastrophic Greek elections this weekend – and fears of an Italian contagion, be prepared for ANYTHING in the coming days.

Huldra Silver Provides Progress Update on Treasure Mountain and the Merritt Mill

Huldra Silver Inc. (HDA.V) (the "Company" or "Huldra") today provides a progress update on the mining operations at its 100% owned Treasure Mountain Property and an update on the construction of its 200 tonne per day mill in Merritt, BC.

Vintage Gold Cartel

This week has been vintage Gold Cartel/JP Morgan in action. The gold/price action has been counterintuitive until today. Meanwhile, the silver open interest is near at its recent highs, as JPM has stopped all silver rallies whenever the price reached $29 per ounce. Take a look at the silver chart of late. Now they have made their move along with the rest of The Gold Cartel. Spec precious metals longs are terrified and many forced to exit their positions.

Silver coins hot up in India as gold sales weaken

With gold prices too hot for many in India, silver has regained its sheen. Sales of silver coins are soaring in India, with most consumers buying silver coins which herald good luck and prosperity. Gold, on the other hand, has hit several highs in the last couple of days, deterring buyers from the precious metal. Delayed monsoons in India have all but grounded sale of gold too. In rural India, sales of the yellow metal are closely linked to monsoon, since good rains that bring on a rich harvest will boost gold purchases by farmers.

Pan American Silver Falls to Levels Below Book Value

In trading on Friday, shares of Pan American Silver Corp. (Toronto: PAA) crossed below their last reported book value — defined as common shareholder equity per share — of $17.83, changing hands as low as $17.70 per share. Pan American Silver Corp. shares are currently trading down about 3.2% on the day.

Silver Market Morning

Gold closed in New York at $1,572. London opened at the same level, but as the euro slipped slightly it slipped marginally too, but then recovered ahead of the Fixing in London to Fix at $1,569.00 and in the euro at €1,256.406 almost the same as Friday’s level. Ahead of New York’s opening gold stood at $1,570.30and in the euro, €1,257.25 while the euro was at €1: $1.2490.

Perfect Storm Brewing

The markets are in turmoil for the same cadre of horrible trends as usual, starting with Spanish bond yield surging above 7%, uncertainty about the toothless European Summit, PLUNGING British bank stocks on the heels of “LIEBOR” fraud (Barclays, down 17% today alone) and unattainable ATM funds (RBS, down 13%). Throw in the Supreme Court’s insane upholding of Obamacare, in which the only justice to vote against his party was Chief Justice Roberts, and further weakness in jobless claims, and you have a perfect storm brewing.

July 16: Gold and Silver End With Slight Gains

Gold dropped down to as low as $1578.51 by a little after 8AM EST, but it then rose to as high as $1594.61 in late morning New York trade and ended with a gain of 0.09%. Silver surged to as high as $27.42 and ended with a gain of 0.22%.

First Majestic Produces 2.1 Million Silver Equivalent Ounces in Second Quarter

First Majestic Silver Corp. ("First Majestic" or the "Company") (FR.TO)(AG)(FMV.F) (WKN:A0LHKJ)is pleased to announce that total production at its three mines in Mexico for the second quarter ending June 30, 2012 reached 2,102,222 equivalent ounces of silver, representing a 14% increase compared to the same quarter in 2011.

Silver Market Morning

Gold closed in New York at $1,581.70 yesterday down $7.80. Asia took it to $1,582 ahead of London’s opening. London’s morning Fix today was set at $1,579.50 down $6 on yesterday and in the euro at €1,298.651, while the euro stood at €1: $1.2257 down half a cent on the dollar. Ahead of New York’s opening gold stood at $1,579.32 in the middle and in the euro at €1,290.66.