• Gold: 1,190.27 0.39
  • Silver: 16.74 0.01
  • Euro: 1.098 0.000
  • USDX: N/A N/A
  • Oil: N/A N/A

May 29: Gold and Silver Fall Over 1% and 2% on the Week

11 hours 41 min ago

Gold dipped $3.21 to $1185.29 by a little after 8AM EST before it bounced back to $1193.22 in the next couple of hours of trade and then chopped back lower into midday, but it still ended with a gain of 0.1%. Silver rose to as high as $16.816 and ended with a gain of 0.18%.

Lunch With Elvis - 17 hours 18 min ago

Silver Market Morning - 19 hours 25 min ago

Silver Market Morning - 1 day 19 hours ago

Market Report: Currency chaos

This week has been all about currencies, with a weak euro grabbing the headlines.

Silver Market Morning

New York closed at $1,153.30 down$0.70 as the gold price began to stabilize as did the euro for now. Asia lifted the gold price to $1,159 and London held it there before it was Fixed at $1,156.50 down $4.75 and in the euro, at €1,091.244 down €3.655, while the euro was at $1.0598, almost unchanged. Ahead of New York’s opening, gold was trading in London at $1,156.45 and in the euro at €1,092.07.

Fortuna Reports Consolidated Financial Results for 2014

Fortuna Silver Mines Inc. (FSM)(FVI.TO) today reported revenue of $174.0 million, net income of $15.6 million and cash generated from operations before changes in working capital of $59.8 million in 2014.

March 12: Gold and Silver End Mixed

Gold climbed $12.50 to $1166.50 in Asia before it fell back to $1148.62 by early afternoon in New York and then bounced back higher into the close, but it still ended with a loss of 0.06%. Silver rose to as high as $15.716 before it also fell back off, but it still ended with a gain of 0.45%.

Silver Projection, Dollar Correction

Debt is increasing rapidly. Global debt is approximately $200 Trillion and US debt exceeds $18 Trillion. Unfunded liabilities are much higher. Deflationary forces threaten central banks, hence they pump dollars, euros, and yen into the system to levitate the bond and stock markets. Interest rates have been crushed to multi-generational lows to further levitate the bond market and increase bank profitability. Currently the squeeze on the dollar has pushed it into a parabolic rally, and such rallies always correct. When the dollar corrects (crashes), silver and gold prices will benefit from the ensuing financial chaos.

Silver Market Morning

New York closed at $1,154 down$7.30 as, for yet another day, the dollar continued to rise as the market remained dominated by currency issues. Asia lifted the gold price by $11 before London pulled it back to $1,160. London then Fixed the gold price at $1,161.25 up $2.50 and in the euro, at €1,094.899 down €1.157, while the euro was at $1.0606, up quarter of a cent. Ahead of New York’s opening, gold was trading in London at $1,159.00 and in the euro at €1,091.51.

March 11: Gold and Silver End Slightly Lower Again

Gold edged up to $1164.69 in late Asian trade before it fell back to $1147.97 in late morning New York trade and then bounced back higher in afternoon trade, but it still ended with a loss of 0.63%. Silver slipped to a low as $15.289 and ended with a loss of 0.45%.

Silver Market Morning

New York closed at $1,161.30 down$5.60 as the dollar continued to rise as the market remained dominated by currency issues. Asia lifted the gold price by $2 before London pulled it back to New York’s closing levels. London then Fixed the gold price at $1,158.75 down $2.25 and in the euro, at €1,096.056 up €16.658, while the euro was at $1.0572, down another nearly 2 cents. Ahead of New York’s opening, gold was trading in London at $1,158.20 and in the euro at €1,090.43.

March 10: Gold and Silver End Slightly Lower

Gold dropped $11.40 to $1155.50 in late Asian trade before it bounced back to $1170.31 in London and then fell back off again in New York, but it ended with a loss of just 0.48%. Silver slipped to $15.621 in Asia before it bounced back to $15.847 and then also fell back off, but it ended with a loss of just 0.7%.

How to Get Struck by Lightning

Two M&A deals have already delivered paydays for investors in junior mining stocks this year: Goldcorp’s half-billion-dollar purchase of Probe Mines in Canada, and Tahoe Resources’ billion-dollar acquisition of Rio Alto Mining, a Peruvian gold producer. Now the arrival of a new, well-capitalized bidder for mining properties—X2 Resources—has raised prospects for more blockbuster deals like last year’s $3-billion takeover of Osisko Mining by Agnico Eagle and Yamana Gold.

Silver and Gold: Shelter From the Storm

Gold and silver are real money, while dollars, euros, and yen are paper substitutes that circulate as currency in place of money. Look at the graph of the ratio of silver to the national debt for the past 20 years. Note the long term rise in the ratio and especially the increase since 9-11. Yes, there has been huge volatility in silver prices as shown by the ratio, but silver and gold – real money – are demonstrating their true value in the face of escalating debt.

Fortuna Updates Reserves and Resources: Silver Contained in Reserves Increases 14% Year-Over-Year

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 10, 2015) - Fortuna Silver Mines, Inc. (FSM) (FVI.TO) is pleased to report updated Mineral Reserve and Mineral Resource estimates as of December 31, 2014 for the Caylloma Mine located in Arequipa, Peru and for the San Jose Mine located in Oaxaca, Mexico.

Silver Market Morning

New York closed at $1,166.90 up $1.20 in a thin market but with more heavy ETF sales, but still dominated by currency issues. Asia took the gold price down to $1,158.00 before London opened. London then Fixed the gold price at $1,161.00 down $13.75 and in the euro, at €1,079.398 up €1.426, while the euro was at $1.0756, down another one and a quarter cents. Ahead of New York’s opening, gold was trading in London at $1,164.00 and in the euro at €1,083.55.

March 9: Gold and Silver End Mixed

Gold climbed almost $10 to $1175.38 at about 7AM EST before it fell back off throughout all of trade in New York, but it still ended with a gain of 0.1%. Silver rose to as high as $15.98 before it also fell back off and ended with a loss of 0.5%.

Silver Market Morning

New York closed at $1,165.70 down $33.30 in a thin market but with heavy ETF sales, but still dominated by currency issues. Asia took the gold price up slightly to $1,174.00 before London opened. London then Fixed the gold price at $1,173.75 96.50 down $22.75 and in the euro, at €1,077.972 down €12.63, while the euro was at $1.0889 down nearly a cent. Ahead of New York’s opening, gold was trading in London at $1,174.60 and in the euro at €1,079.74.

March 6: Gold and Silver Fall About 4% on the Week

Gold dropped $34.13 to $1163.87 by early afternoon in New York before it edged back higher in late trade, but it still ended with a loss of 2.7%. Silver slipped to as low as $15.777 and ended with a loss of 2.1%.

Currency wars have intensified this week driving the US dollar sharply higher against the euro, yen and pound.

Minor currencies are also deliberately devaluing against the world's reserve currency. According to Zerohedge, 21 central banks have cut interest rates since 1st January. The signal this sends out is that people everywhere appear to be showing an increasing preference for money over goods, commonly associated with deflation.

Silver Market Morning

New York closed at $1,198.00 down $1.40 in a thin market still dominated by currency issues. Asia took the gold price up slightly to $1,198.90 before London pulled it down to $1,199. London then Fixed the gold price at $1,196.50 down $3.25 and in the euro, at €1,090.602 up €4.561, while the euro was at $1.0971 down nearly three quarters of a cent again. Ahead of New York’s opening, gold was trading in London at $1,196.40 and in the euro at €1,093.25.

March 5: Gold and Silver End Near Unchanged Before Jobs Day

Gold dipped $1.43 to $1197.97 in London before it rallied back to $1209.48 at about 10:40AM EST and then drifted back lower in the next few hours of trade, but it then bounced back higher in early afternoon trade and ended with a loss of just 0.12%. Silver rose to as high as $16.362 and ended with a gain of 0.19%.

SilverCrest to Release 2014 Fourth Quarter and Year-End Financial Results on an Amended Date, March 25, 2015

The Company’s audited 2014 fourth quarter and year-end financial results are now scheduled to be released after market closes on Wednesday March 25, 2015. SilverCrest will be holding a conference call to discuss these results on Thursday, March 26, 2015, at 10 a.m. PST (1 p.m. EST).

Silver Market Morning

New York closed at $1,199.40 down $3.80 in a market dominated by currency issues. Asia took the gold price up to $1,204 before London pulled it down to $1,199. London then Fixed the gold price at $1,199.75 down $4.50 and in the euro, at €1,086.041, up €3.374, while the euro was at $1.1047 down nearly three quarters of a cent. Ahead of New York’s opening, gold was trading in London at $1,200.00 and in the euro at €1,086.17.

March 4: Gold and Silver End Slightly Lower Again

Gold edged up to $1209.07 in Asia, but it then dropped to as low as $1198.43 in New York and ended with a loss of 0.32%. Silver slipped to as low as $16.10 and ended with a loss of 0.49%.

Silver Market Morning

New York closed at $1,203.20 down $2.30. Asia took the gold price up to $1,207 before London pulled it down to $1,204. London then Fixed the gold price at $1,204.25, down $3.50 and in the euro, at €1,082.667, up €1.147, while the euro was at $1.1123 down nearly half a cent, again. Ahead of New York’s opening, gold was trading in London at $1,204.40 and in the euro at €1,082.17.

March 3: Gold and Silver End Slightly Lower

Gold dipped down to $1195.54 in early Asian trade before it rallied up to $1214.68 at about 10AM EST, but it then fell back to $1201.87 in the next hour of trade and ended with a loss of 0.19%. Silver slipped to as low as $16.081 and ended with a loss of 0.67%.

Fortuna to Release 2014 Yearend Financial Results on March 12, 2015; Conference Call at 12 p.m. Eastern on March 13, 2015

Fortuna Silver Mines Inc. (FVI.TO)(FSM) announces that it will release its financial statements and MD&A for 2014 after the market closes on Thursday, March 12, 2015.

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%.

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.

Silver Market Morning

The New York gold price saw gold pause at $1,318 with Asia holding it there before London took it down steadily to $1,314 In London it Fixed at $1,314 down $12.00. In the euro, it Fixed at €957.586 down just over €10.00, while the dollar stood at $1.3722, weaker again. Ahead of the opening in New York gold stood at $1,313.75 and in the euro at €956.57.

SilverCrest Receives US$10 Million Commitment from Sandstorm Gold for Underground Mine Option at Santa Elena

SilverCrest Mines Inc. (TSX:SVL)(NYSE MKT:SVLC) ("SilverCrest" or "the Company") is pleased to announce it has received notice of exercise of the Underground Mine Option from Sandstorm Gold Ltd. ("Sandstorm") for the Santa Elena Mine, Sonora, Mexico. This Option allows Sandstorm to purchase 20% of the gold produced from underground operations at the Santa Elena. In consideration of exercise of the option, Sandstorm will make an additional upfront deposit of US$10 million to the Company on or before March 17, 2014 and will continue to make ongoing per ounce payments of US$350 until 50,000 ounces of gold have been delivered to Sandstorm, inclusive of 18,593 ounces already received from open-pit production, at which time the payments will increase to US$450 per ounce of gold.

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%.

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%.

Santacruz Silver Mining Ltd. (TSXV:SCZ) Follow-Up #3

In 2014, production at Rosario is targeted to be 500 tons/day. The Company plans exploration and additional geologic evaluation, including diamond drilling on its properties, to define and expand resources to NI43-101 compliance.

Santacruz Silver Provides Q4 2013 & January 2014 Operations Update for Rosario Mine

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to provide production results and an update of activities at its Rosario Mine located in San Luis Potosi, Mexico.

Silver Market Morning

The New York gold price closed at $1,280.50 down $2.80 on Tuesday, in New York. Asia lifted the price $4 on Wednesday morning. London held it there at the opening. The gold price was Fixed in London at $1,284.00 down $2.50. In the euro, it Fixed at €93o.907 down €1.542 as the dollar stood at $1.3793 up from $1.3797: €1. Ahead of the opening in New York gold stood at $1,283.70 and in the euro at €930.86.

Silver Market Morning

The New York gold price closed at $1,292 up $7.50 on Wednesday, in New York. Asia held the price there on Thursday morning. London took it down $5. The gold price was Fixed in London at $1,287.25 up $3.25. In the euro, it Fixed at €935.094 up €4.187 as the dollar stood at $1.3766 up from $1.3793: €1. Ahead of the opening in New York gold stood at $1,286.65 and in the euro at €934.79.

Silver Market Morning

The New York gold price closed at $1,286.30 down $5.70 on Thursday, in New York. Asia held the price there on Friday morning, before London lifted it over $1,290 ahead of the Fix. The gold price was Fixed in London at $1,293.50 up $6.25. In the euro, it Fixed at €943.747 up €8.653 as the euro was weaker at $1.3706 up from $1.3766: €1. Ahead of the opening in New York gold stood at $1,291.40 and in the euro at €941.97.

Silver Market Morning

The gold price closed at $1,318.00 up $6.90 on Thursday, in New York. Asia lifted it to $1,319.35 ahead of London’s opening. The gold price was Fixed in London at $1,317.25 down $4.25. In the euro, it Fixed at €948.617 down €4.571 as the euro was weaker at $1.3886 down from $1.3866: €1. Ahead of the opening in New York gold stood at $1,322.25 and in the euro at €951.53.

SilverCrest Announces Q1 Production; 201,101 Ounces Silver and 7,545 Ounces Gold

SilverCrest Mines Inc. (NYSE MKT:SVLC)(SVL.TO) (the "Company") is pleased to announce silver and gold production numbers for the first quarter of 2014 from its 100% owned Santa Elena Mine located in Sonora, Mexico.

Silver Market Morning

After Mario Draghi’s confirming that he wants to see a weaker euro, the market has obliged by pulling it back from its recent peak just under $1.40: €1 to $1.38: €1. If gold is moved in the same way as gold, we come to $1,307. This is where the gold price is now. We did not see selling of gold to press the gold price down, but dealer’s adjustment of prices in line with the dollar’s strength. Like the waves on the seashore the gold price fell but we believe this will bring in Asian buyers allowing the gold price to move higher after the current consolidation is complete.

Silver Market Morning

The gold price closed at $1,302.90 down $23.80 Tuesday, in New York. Asia pulled it down to $1,295 initially before lifting it back to $1,300 ahead of London’s opening, where it rose to $1,304. The gold price was then Fixed in London at $1,299.00 down $12.50, because of the stronger euro. In the euro, it Fixed at €938.584 down €11.847 as the euro was stronger at $1.3840 down from $1.3800: €1. Ahead of the opening in New York gold stood at $1,302.90 and in the euro at €941.40.

Santacruz Silver Announces First Quarter 2014 Production Results/ Ramp Up Program at Rosario Mine is on Schedule

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to announce first quarter 2014 production of 159,729 silver equivalent ounces from the Company's Rosario Mine in San Luis Potosi, Mexico. This production represents a 260% quarter over quarter increase as compared with Q4 2013 and demonstrates the Company is on schedule to meet its production target of between 850,000 to 1,100,000 silver equivalent ounces by the year-end 2014.

Excellon reports results of annual meeting of shareholders

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report that shareholders voted in favour of all items of business, including the election of each director at the 2014 Annual General Meeting (the "Meeting") held on April 29, 2014.

Silver Market Morning

The gold price closed at $1,290.4 down $5.70 on yesterday, in New York. In Asia it was being pulled back to $1,283. London is closed today. The dollar weakened to $1.3880 nearly half a cent lower. Ahead of the opening of New York, gold stood at $1,286.10 and in the euro at €926.65.

May Decline in Gold and Silver Stocks Would Create Opportunity

Last week we noted that the gold and silver shares had formed a short-term rebound in response to an oversold condition. Yet we felt that the downtrend that originated from the hard reversal in March was still in effect. As we go to publish, the rebound appears to be petering out. Be aware that there is more potential downside in May. The good news is a decline in May will likely create a great buying opportunity at the end of the month and in June.

Manipulation 101 ... The Pithy Version

The goal of The Powers That Be is to keep the grassroots masses from reaching an "orientation" that values precious metals over paper dollars that are backed only by the "full faith and credit" of U.S. Government.

Silver Market Morning

The gold price closed at $1,298.30 in a $13.40 rebound on Friday, in New York. In Asia and London it was being lifted strongly to $1315.00. London was closed so we watch to see just how New York will play gold. The euro stood at $1.3874. Ahead of the opening of New York, gold stood at $1,311.65 and in the euro at €945.65.

Silver Market Morning

The gold price closed at $1,289.20 down only $0.20 yesterday, in New York. In Asia and London the gold price lifted back to $1,291. The gold Fixing was set at $1,289.00 down $2.25 and in the euro at €933.246 up €7.22 while the euro stood at $1.3812 nearly 2 cents down from the week’s peak. Ahead of New York’s opening the gold price stood at $1,289.40 and in the euro at €933.33.

May 9: Gold and Silver End Slightly Lower on the Week

Gold climbed $5.04 to $1294.24 by a little before 8AM EST before it dropped back to $1285.54 in the next four and a half hours of trade, but it then bounced back higher into the close and ended with a loss of just 0.04%. Silver slipped to as low as $19.052 and ended with loss of 0.1%.

May 12: Gold Gains and Silver Surges

Gold dropped $8.73 to $1279.97 at the open of trade last night, but it then jumped to as high as $1302.77 at about 8:30AM EST today and ended with a gain of 0.62%. Silver surged to as high as $19.647 and ended with a gain of 2.09%.

Who should GAO believe - Ted Butler or Bart Chilton?

In a recent column, silver analyst Theodore Butler presented information that leaves him somewhat optimistic that the Government Accountability Office(GAO) is looking into the possibility that the silver markets might be rigged or manipulated.

Daily Silver Data

Statistics about silver that change every day.

Silver Market Morning

...

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.

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