• Gold: 1,291.73 -0.68
  • Silver: 20.43 0.07
  • Euro: 1.347 0.001
  • USDX: 80.84 -0.013
  • Oil: 101.94 0

Rumors of Mexico Backing Peso With Silver False... You Might Not Believe What They Might Do Though

1 hour 49 min ago

Last week a story began circulating that appears to have begun with a video by Future Money Trends (see here), which was then picked up by the SHTFPlan prepper blog and then picked up by others including Infowars indicating Mexico is looking to back the peso with silver.

Silver Fixing Company to Stop Running London Benchmark

The company that runs the London silver fixing, a benchmark dating back more than a century, will stop running the process after Deutsche Bank AG said two weeks ago that it was dropping out of the price-setting ritual.

Silver Was Not In a Bubble in 2011!

The bubble in silver and gold is coming – it did not occur in 2011.Expect stormy weather and higher silver and gold prices ahead.When?Ask the High-Frequency-Traders, JP Morgan, the Treasury department, or just wait for demand to overwhelm physical supply in the relatively near future.

Silver Market Morning

The gold price closed at $1,293.30 down $3.40 on Tuesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,300.25 up $7.50 and in the euro at €948.326 up €8.418 while the euro stood at $1.3711 nearly half a cent weaker. Ahead of New York’s opening the gold price stood at $1,301.50 and in the euro at €948.89.

First Majestic Reports First Quarter Financial Results

"After three years of aggressive capital spending to build and expand four of our silver operations, the Company is planning to take a short breather to focus on treasury growth and free cash flow. As the expansionary capital investments at both Del Toro and San Martin come to an end, we look forward to the increased production and improved efficiencies. We still have a lot of work ahead of us to accomplish our next goal of reaching 20 million ounces of production per year; however, given the low silver price environment focusing on further cost reductions and treasury growth continues to be management's top priority."

May 13: Gold and Silver End Slightly Lower

Gold dropped down to $1289.16 by a little after 7AM EST before it spiked up to $1298.42 in the next hour and a half of trade, but it then drifted back lower into the close and ended with a loss of 0.26%. Silver slipped to $19.364 before it rebounded to $19.593 and then also fell back off, but it ended with a loss of just 0.1%.

Rock and a hard place

Each day, my belief that the Fed is actually supporting interest rates - specifically, the 10-year yield at multi-month support at 2.6% - grows stronger, via the "most damning proof yet of QE failure." Today's abysmal retail sales number clearly has them under pressure again; not to mention, the horrific Chinese industrial data and German ZEW investor confidence numbers. The ECB again leaked its leaning toward launching QE at next month's meeting; and pretty soon, it will be the Fed's turn as well - as they are stuck in the ultimate "rock and a hard place."

Silver Market Morning

The gold price closed at $1,296.70 up $8 on Monday, in New York, after hitting $1,308 there. In Asia and London the gold price moved back to $1,291.55. The gold Fixing was set at $1,292.75 the same as yesterday and in the euro at €939.9o8 up €0.955 while the euro stood at $1.3754 slightly weaker. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €942.042.

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.

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%.

Fortuna Reports Consolidated Financial Results for the First Quarter 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) - Fortuna Silver Mines Inc. (FSM)(FVI.TO)(FVI)(F4S.F) today reported record revenue of $45.5 million, cash generated from operations, before changes in working capital of $16.9 million and net income of $4.9 million in the first quarter of 2014.

Silver Market Morning

The gold price closed at $1,288.70 down only $0.50 on Friday, in New York. In Asia and London the gold price hovered around $1,289 and $1,290. The gold Fixing was set at $1,292.75 up $3.75 and in the euro at €938.953 up €5.707 while the euro stood at $1.3768 weaker by half a cent. Ahead of New York’s opening the gold price stood at $1,294.65 and in the euro at €940.96.

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%.

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 8: Gold and Silver End Slightly Lower

Gold climbed to $1294.85 at about 7:45AM EST before it dropped back to $1285.59 in the next hour of trade, but it then chopped back higher into the close and ended with a loss of just 0.016%. Silver slipped to as low as $19.126 and ended with a loss of 0.73%.

NOTHING incremental

Another Fed Chairman giving Congressional testimony, another PM raid. No matter that NOTHING incremental was said relative to last week's FOMC statement, with the MSM's key takeaway being the sound byte "a high degree of accomodation is still warranted." In my view, the scariest part of TPTB's shell game is the fact that rates are dramatically falling despite the so-called tapering of QE; in my view, per the title of my article today, "the most damning proof yet of QE failure."

Silver Market Morning

The gold price closed at $1,289.40 down $18.40 yesterday, in New York. In Asia and London the gold price held above $1,290 as the dollar continued to weaken against all currencies ahead of the Fixing. The euro weakened to $1.3944. The gold Fixing was set at $1,291.25 down $19.75 and in the euro at €926.026 down €16.055. Ahead of New York’s opening the gold price stood at $1,290 and in the euro at €926.16.

May 7: Gold and Silver Fall Over 1%

Gold gained $6.70 to $1314.50 in late Asian trade before it fell to as low as $1286.82 by early afternoon in New York and then bounced back higher at times, but it still ended with a loss of 1.41%. Silver slumped to as low as $19.284 and ended with a loss of 1.28%.

Silver Market Morning

The gold price closed at $1,307.80 down $2.70 yesterday, in New York. In Asia the gold price was lifted to $1,313 and London held those levels ahead of the Fixing. The euro weakened to $1.3926. The gold Fixing was set at $1,311 up $2.50 and in the euro at €942.081 up €2.472. Ahead of New York’s opening the gold price stood at $1,311 and in the euro at €941.13.

May 6: Gold and Silver End Slightly Lower

Gold traded between $1308.12 and $1314.01 in Asia before it fell back to $1305.20 by a little after 10AM EST, but it then bounced back higher midday and ended with a loss of just 0.21%. Silver rose to $19.705 in London, but it then fell back off in late trade and ended with a loss of 0.25%.

Silver Market Morning

The gold price closed at $1,310.50 up $12.20 yesterday, in New York. In Asia and London it held those levels ahead of the Fixing. The euro weakened to $1.3926. The gold Fixing was set at $1,308.50 and in the euro at €939.609. Ahead of New York’s opening the gold price stood at $1,307.45 and in the euro at €938.15.

May 5: Gold and Silver Gain Almost 1%

Gold climbed $17.38 to $1315.58 in early New York trade before it fell back off a bit in midmorning trade, but it still ended with a gain of 0.94%. Silver surged to as high as $19.727 and ended with a gain of 0.82%.

SilverCrest Announces Commencement of Mill Commissioning At Santa Elena

SilverCrest Mines Inc. (SVL.TO)(NYSE MKT:SVLC)(NYSE Amex:SVLC) (the "Company") is pleased to announce a major milestone for the Company with the commissioning of the new 3,000 tpd CCD-MC processing plant now underway at its 100% owned Santa Elena Mine in Sonora, Mexico. The scheduled three year Expansion Plan to transition from an open pit heap leach operation to a conventional mill and underground mine is nearing completion. The US$99 million program including drilling, Pre-Feasibility Study, detailed engineering, new processing plant, and underground development is on budget (+/-5%) and has experienced only modest delays from the original schedule.

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.

May 2: Gold and Silver End Slightly Lower on the Week

Gold edged up to $1287.72 in London before it plummeted to as low as $1273.94 just after the release of this morning’s jobs report, but it then shot to a new session high of $1304.31 by late morning in New York and ended with a gain of 1.04%. Silver slipped to as low as $18.964 in Asia, but it then climbed to as high as $19.662 in New York and ended with a gain of 2.05%.

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.

October 30: Gold and Silver End Mixed in Volatile Trade

Gold dipped $5.55 to $1339.05 in early Asian trade before it climbed to as high as $1359.42 at about 10AM EST and then dropped back under $1335 at about 2:30PM, but it then rallied back higher in last hour and a half of trade and ended with a loss of just 0.13%. Silver surged to as high as $23.065 before it also fell back off, but it still ended with a gain of 0.89%.

Silver Market Morning

Gold closed slightly weaker at $1,342.80 down $1.80 in New York on Wednesday. Asia initially let it slip slightly with dealers following the euro against the dollar in thin trade, but before London opened Asia let it slide to $1,334. London held it around there until the Fix, where it was set at $1,333.75 down $15.75 over yesterday’s Fix. In the euro it Fixed at €975.819 down only €5.0 over yesterday’s Fixing as the dollar strengthened. Ahead of New York’s opening gold stood at $1,332.60 and in the euro at €977.19, while the dollar stood at $1.3637: €1.

2012 Silver Baron Award winner Brad Cooke

Brad Cooke, the CEO of Endeavour Silver (NYSE:EXK) and 2012 winner of the Silver Baron Award, chats with Vanessa Collette about exciting developments he's overseeing at his company.

December 3: Gold and Silver End Near Unchanged

Gold gained $6.18 to $1225.18 in Asia before it fell back to $1215.86 by a little after 10AM EST and then climbed back to $1225.23 in the next hour of trade, but it then drifted back lower into the close and ended with a gain of just 0.3%. Silver edged up to $19.314 in Asia before it fell back to $18.997 and then also bounced back higher, but it still ended with a loss of 0.16%.

BREAKING: Canadian Maple Leaf Sales Q1-Q3 Already Surpass 2012 Total

As the Fed and Central Banks continue to pump huge amounts of liquidity into the market, investors have been buying record amounts of Canadian Silver Maples. Demand for the Canadian Gold & Silver Maples hit a record in 2011, but then declined in 2012 as investors started to believe that the monetary authorities had the financial system back under control -- an illusion that will cost them dearly in the future.

December 4: Gold and Silver Jump Higher

Gold fell $10.87 to $1211.83 at about 6AM EST, but it then jumped to as high as $1251.46 by early afternoon in New York and ended with a gain of 1.69%. Silver slipped to as low as $18.896 in Asia, but it then climbed to as high $19.885 in New York and ended with a gain of 3.24%.

Eric Coffin’s Exclusive Interview with Eric Fier, COO of SilverCrest Mines Inc.

In a sector that has drawn so much market scorn in the past two years, this is a team that just gets it done. I think the current pull back is a perfect time for you to hear the story of this leader in the small producer space and get Eric Fier’s views on why SilverCrest has been such a success. There are lessons and observations that can be applied by traders looking for other winners. It should also be obvious by the end of the interview why SilverCrest continues to be a favorite on the HRA company list.

Santacruz Silver Announces Gavilanes Maiden Resource Estimation: 6.1 million AgEq Ounces Indicated and 28.3 AgEq Million Ounces Inferred

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to announce the results of the maiden NI 43-101 Resource Estimate for its Gavilanes silver project located in San Dimas, Durango, Mexico.

January 6: Gold Gains Despite Flash Crash

Gold climbed $9.91 to $1246.31 in early Asian trade before it fell back to $1235.82 by a little before 8AM EST and then rose to a new session high of $1248.18 at about 10:10, but it then “flash crashed” down to $1211.86 at 10:14 and was halted for 10 seconds following a “velocity logic” event - Gold Flash Crashes, Halts Trading Zero Hedge. The yellow metal quickly rebounded however, and ended not far from its pre-crash high with a gain of 0.19%. Silver rose to as high as $20.335 and ended with a gain of 0.05%.

How can someone like me make a prediction about silver prices?

In a sense, I’m not qualified to issue an “expert” opinion on the future prices of silver and gold. I’m a managing editor of a weekly newspaper with a degree in political science. I took two economics classes in college. I don’t work in the “industry” that establishes PM prices. My knowledge of futures markets, “all-in” mining costs and technical analysis is elementary at best.

Silver Market Morning

On Tuesday the gold price in New York fell to close at $1,243.40 with Asia taking it $3 lower. The dollar is slightly stronger at $1.3639: €1 ahead of London’s opening. In London the gold price was Fixed at $1,238.00 down $10.75 on yesterday. In the euro it, Fixed at €908.557 down €4.54. Ahead of the opening in New York gold stood at $1,238.15 and in the euro at €909.07. The dollar stood at $1.3622: €1

SilverCrest Announces Record Annual and 4th Quarter Production in 2013

“2013 was another successful year and marked SilverCrest’s second full year in commercial production. Management congratulates our operating team for their valuable contributions and for delivering on their commitments. Santa Elena surpassed production guidance which was revised upwards during the year and produced 2.66 million AgEq(1) ounces in 2013. Moving forward in 2014, SilverCrest will continue to focus on delivering strong operating results and optimizing our operating cash flow as we complete the Santa Elena Expansion and increase production to approximately 3.3 million to 3.6 million AgEq(1) ounces. Management will continue to focus on improving cash flows by reducing costs and increasing productivity where possible to offset the current precious metals prices. Operating cash costs are expected to range from $8.50 to $9.25 AgEq(1) ounce in 2014. Further details on market guidance will be presented in the upcoming annual financial report."

Interview with Eric Sprott

Last question is without having a crystal ball scenario going on here, what is your pick for the December 31, 2014 closing price of gold? Eric Sprott: Over $2,000 per oz. What about silver? Eric Sprott: Over $50 per oz.

Silver – The Power Of Thought Will Ultimately Prevail

It has become universally recognized that the power of thought can change anything. Silver remains incredibly undervalued, and that bodes well for all of us silver stackers. The fact that silver and gold have purposefully been suppressed by the moneychangers makes the future for the next price rise to be greater than ever. Any time anything has been artificially manipulated, it makes the ultimate outcome far worse than was planned by those doing everything possible to prevent a rise in prices. Central planning always fails.

Silver Market Morning: January 21, 2014

We expect consolidation by the silver price today, in New York.

Silver Market Morning: January 23, 2014

Silver – The silver price true to history continues to move in tandem with gold. That’s why, what affects gold affects silver prices too.

Silver Market Morning

New York saw gold jump to $1,262 from $1,237 before closing at $1,259. Asia held it slightly higher ahead of the opening in London. The dollar traded at $1.3686 somewhat weaker than yesterday. London traded it up until the Fixing, which was set at $1,259.25 up $15.00 on Thursday. In the euro, it Fixed at €920.437 up €7.561 reflecting a weaker dollar which stood at $1.3730, down a cent. The Fix was set higher than the market was trading showing strong demand. Ahead of the opening in New York gold stood at $1,271.10 and in the euro at €925.78.

The Financial Cancer is No Longer Dormant

If this is indeed “the Big One,” the timeframe to PROTECT oneself may run out very, very quickly. Hopefully, you have spent the past five years preparing for the inevitable, global currency crash; and if you haven’t, what are you waiting for? All aspects of one’s life should be considered; but when it comes to the financial aspect, only PHYSICAL gold and silver have maintained their purchasing power throughout similar crises – and likely, will benefit more than any other asset class from what’s coming. Whether or not the “greatest wealth transfer in history” occurs – from those holding fiat-currency denominated wealth to those holding real assets – we don’t know, but we suspect it will. Either way, the odds of surviving what’s coming will increase exponentially if you limit your exposure to the financial cancer enveloping the world; i.e., the destruction of fiat currencies.

Silver Market Morning: January 28, 2014

Silver (very short-term) We expect silver to consolidate with a positive bias, in New York.

Silver Market Morning

The New York gold price was slightly lower at $1,254.70 down $3.10 at the close on Tuesday. Asia held it there ahead of London’s opening. London set the gold price at $1,257.00, $4.00 up on Tuesday. In the euro, it Fixed at €930.353 up €3.166 while the dollar stood at $1.3511 barely changed. Ahead of the opening in New York gold stood at $1,257.35 and in the euro at €930.54.

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.

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 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.

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.

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.

July 18: Gold and Silver End Slightly Lower

Gold climbed to $1584.69 in Asia before it fell back to as low as $1567.62 by about 9AM EST, but it then climbed back to as high as $1582.53 in late morning New York trade and ended with a loss of just 0.28%. Silver rose to $27.30 before it dropped back to $26.90, but it then rose to a new session high of $27.31 and ended with a loss of just 0.07%.

COMEX Silver Inventory Update: -85,010.678 ounces

COMEX Silver Inventory Update: -85,010.678 ounces

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.

Hecla makes hostile takeover bid for U.S. Silver Corp

Hecla Mining Co made an all-cash hostile bid to buy U.S. Silver Corp for C$110.7 million, a month after the Canadian company agreed to be bought by RX Gold & Silver Inc.

July 26: Gold and Silver Gain Almost 1%

Gold jumped to as high as $1621.37 before it fell back off a bit in New York, but it still ended with a gain of 0.69%. Silver surged to as high as $27.815 and ended with a gain of 0.55%.

COMEX Silver Inventory Update: +845,625.07 ounces

COMEX Silver Inventory Update: +845,625.07 ounces

U.S. Silver Board Recommends Rejection of Hecla Offer and Reaffirms Recommendation for Combination Transaction with RX Gold

U.S. Silver Corporation (USA.TO) ("U.S. Silver" or the "Company") announced that its Board of Directors unanimously recommends that U.S. Silver shareholders REJECT the unsolicited cash offer from Hecla Mining Company ("Hecla") to acquire all of the outstanding common shares of U.S. Silver (the "Hecla Offer").

Fed Signals More Steps to Spur Economy Amid Slower Growth

“Economic activity decelerated somewhat over the first half of this year,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. “The committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.”

iShares Silver Trust: 9,759.01 tonnes

iShares Silver Trust: 9,759.01 tonnes

August 8: Gold and Silver End Near Unchanged

Gold fell $8.20 to $1603.40 by a little after 8AM EST before it rallied to as high as $1616.49 in the next hour and a half of trade, but it then drifted back lower midday and ended with a gain of just 0.07%. Silver slipped to $27.699 before it rose to $28.246 by late morning in New York, but it then fell back off in afternoon trade and ended with loss of 0.32%.

Silver Market Morning

New York gold closed at $1,599.60 down $8.70. London took gold down to $1,594 ahead of the Fix after which it Fixed at $1,594.74 as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,293.600 down €12 on yesterday morning. Ahead of New York’s opening gold looked slightly stronger at $1,595.60 in the middle and in the euro at €1,299.40.

iShares Silver Trust: 9,691.18 tonnes

iShares Silver Trust: 9,691.18 tonnes

August 15: Gold and Silver End Slightly Higher

Gold edged up to $1603.09 in Asia before it fell back to $1590.08 at about 4AM EST, but it then rose to as high as $1605.83 in New York and ended with a gain of 0.28%. Silver slipped to as low as $27.496 at about 4AM EST, but it then rose to as high as $27.99 in New York and ended with a gain of 0.07%.

Silver Market Morning

New York gold closed at $1,604.10. London held gold there through the morning right up to the Fix where it Fixed at $1,603.50 as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,306.739, up €13 on yesterday. Ahead of New York’s opening, gold was steady at $1,603.55 in the middle and in the euro at €1,306.62.

iShares Silver Trust: 9,733.39 tonnes

iShares Silver Trust: 9,733.39 tonnes

SilverCrest Announces Trading on NYSE MKT to Commence August 27, 2012

SilverCrest Mines Inc. (SVL.V)(STVZF) ("SilverCrest" or the "Company") is pleased to announce that its common shares have been authorized for listing on the NYSE MKT in New York. The shares will begin trading on the NYSE MKT on August 27, 2012 under the trading symbol "SVLC". The Company's common shares will continue to be listed on the TSX Venture Exchange under the trading symbol "SVL".

Silver Tacks on the "30" Handle

Silver needs to close out the week on a strong note to punch through the downtrending resistance line noted on this weekly chart. The ability to put a handle of "30" in front of the price is extremely helpful from both a psychological and technical perspective but a solid trending move is still not yet in the cards until silver can decisively gain the $32.50 level. Even at that, dip buyers should begin making their appearance in this market as the technical posture has changed significantly this week.

Huldra Silver Receives Geochemistry Results Up to 124 Grams Per Tonne Silver

Vancouver, British Columbia – December 7, 2011 – Huldra Silver Inc. (TSX-V:HDA, HUSIF.PK) (the "Company" or "...

Scorpio Mining Reports Record 2011 Production Results and 2012 Guidance for Nuestra Señora

Scorpio Mining Corporation (TSX: SPM.TO) ("Scorpio Mining" or the "Corporation") is pleased to report that the 2011 production results for the...

Silver Eagles Soar

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Is the silver surge sustainable?

Silver has been about the best performing metal commodity so far this year, currently fetching more than 25% more than it did at the close of 2011...

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