• Gold: 1,212.69 2.42
  • Silver: 16.21 0.01
  • Euro: 1.111 -0.000
  • USDX: 95.521 0.293
  • Oil: 49.51 0.22

May 27: Gold and Silver Fall About 3% and 2% on the Week

5 hours 29 min ago

Gold initially eased overnight losses and edged up to $1223.34 in late Asian trade, but it then chopped back lower in London and New York and ended with a loss of 0.77%. Silver slipped to as low as $16.131 and ended with a loss of 0.74%.

Silver Eagles Flying High!

Silver eagles are flying high! The U.S. Mint reports the first two months of 2016 indicates an annualized amount of American Silver Eagles between 55 and 60 MILLION ounces!! You read that right – 55 to 60 MILLION. We can only hope the U.S. Mint decides to continue rationing the amount of ounces released throughout 2016!!

Silver Market Morning: March-2-2016

Gold ETFs In yet another amazing week for gold demand in the U.S. and after Monday’s huge purchase of gold into the SPDR gold ETF of 14.869 tonnes we see another 8.921 tonnes bought yesterday and a purchase of 0.450 of a tonne into the Gold Trust. The holdings of the SPDR gold ETF are now at 786.195 tonnes and at 189.87 tonnes in the Gold Trust. And yet because of better data out of the States and an equity market rally, gold fell. Readers may feel that when there are such purchases the U.S. price of gold should rise automatically. But that’s not the way it works. HSBC is the Custodian of SPDR gold, so when the SPDR asks it to acquire gold for the company, HSBC must go into the physical market to buy it. It goes primarily into the physical market, most likely in London [if not from its own sources] to get it, not into the U.S. to get it. As a result, such demand does not impact the U.S. price of gold, initially. Now you have a situation where the supply and demand picture in gold is not reflected in the U.S. gold price, despite the fact that it is U.S. buyers of physical gold that’s buying so much. Yes, it is inevitable that at some point their buying will reflect in the gold price.

Can Silver See A Lower Low Without Gold and GDX?

For weeks we have been looking towards the 16 level as the point silver could be seen as breaking out. However, silver came right up to the line, but could not muster the strength to push forward. This past week, we saw silver break below our support of 14.80, which clearly is not a positive development. However, what we also know about silver is that it is the most volatile of the metals and often likes to come on strong from behind. You see, silver is the Secretariat of the metals world.

Silver is Destined for Massive Gains

One of the main reasons for silver being so depressed compared to the resilience that gold has shown is the incredible range of uses that silver has in the manufacturing of a vast number of products. This is a topic that we have covered here in the past that highlights why silver, with its dual purpose as both an industrial and monetary commodity, make it so desirable now and in the future.

March 1: Gold and Silver Fall Slightly While Stocks Gain Over 2%

Gold saw decent gains for most of trade in Asia and London before it fell to see an almost 1% loss by midmorning in New York, but it then bounced back higher into the close and ended with a loss of just 0.65%. Silver slipped to as low as $14.72 and ended with a loss of 0.27%.

Silver Market Morning: March-1-2016 -- Silver affirms its relationship with gold

Silver – Silver has re-affirmed its relationship with gold having recovered over 3% overnight. It must be understood that dealers will move prices when they feel that a fall is coming to protect themselves from buying silver when it is going to fall. When sales to them [purchases by them] arrive they don’t want to be caught long. So when their expectations are not met and they find they have to sell silver at those low prices, they quickly mark up prices even on small buying [selling by them].

February 29: Gold and Silver Gain Over 1%

Gold rose almost 1% in London before it fell back to nearly unchanged at about 8:30AM EST, but it then climbed to a new session high of $1241.02 in New York and ended with a gain of 1.28%. Silver rose to as high as $14.913 and ended with a gain of 1.29%.

Gold-Silver Ratio Breakout Report

The gold to silver ratio moved up very sharply this week, +4.2%. How did this happen? It was not because of a move in the price of gold, which barely budged this week. It was due entirely to silver being repriced 66 cents lower.

Silver Prices in Five Years?

What will the price of silver be in 2021? You can find articles suggesting the price of silver will be over $1,000 and under $10. Perhaps this is the wrong question. A better approach: The global financial system is increasingly unstable and fragile, more so than in 2008. The important question is: How will governments, central banks and financial systems respond to the ongoing crisis? Future prices for silver are dependent upon the answer to that question. I suggest three possible scenarios.

Silver Market Morning: February 27, 2016 -- Real Currency Wars on the way?

Indian demand remains on the sidelines until the Indian budget details are out, today. Demand was held back hoping for a cut in duties in the last week. If duties are cut then the demand will jump as buyers see up to a 10% cheaper price there. That brings prices down from [see below] nearly Rs.85,000 an ounce to Rs.76,500. That will draw out new Indian demand. It will also make it much more attractive for Indian investors as the ‘spread’ on prices will narrow significantly, making both trading and investment more attractive.

Eric Sprott: Silver is The Dark Horse (Video)

Mining silver and gold is a tough business. In order to mine either of these products (money) you need a steady stream of capital into your operation. As we have reported on a number of occasions throughout 2015, and into 2016, that capital is drying up or has left the market completely. This has been causing stress and strain within the mining industry, but not like you might think.

February 26: Gold and Silver End Slightly Lower on the Week

Gold fell $21.52 to as low as $1211.48 by late morning in New York before it bounced back higher in early afternoon trade, but it still ended with a loss of 0.71%. Silver slipped to as low as $14.672 and ended with a loss of 2.71%.

Silver Market Morning: February 27, 2016

More importantly and secondly, with the Indian budget coming up next week, the hope that government will lower the 10% of duties they imposed on gold imports will be lowered. This would reduce, if not eliminate, smuggling [possibly responsible for an extra 250+ tonnes extra of imported gold]. Then ‘official’ if not real, import figures would change. But right now we expect a shunt-effect as demand is held back to be released after the budget, whether or not duties are lowered.

Aggressive Silver Capping Continues

At some point, the question becomes "why". With gold now up 17% year-to-date, silver is up just half that amount at 9.5%. And yet, the latest CoT report shows the highest silver Commercial net short position since 2008. Again, why? Why now? That's truly the $64MM question. Why are The Silver Banks shorting so aggressively here? What's the difference in holding price below $16 versus $18 or $20?

February 25: Gold and Silver End Mixed Again

Gold rose almost 1% in Asia before it dipped to see a $3.16 loss at $1226.04 in morning New York trade, but it then climbed to a new session high of $1242.61 by early afternoon and ended with a gain of 0.31%. Silver slipped to as low as $15.031 before it also bounced back higher, but it still ended with a loss of 0.72%.

Silver Market Morning: Bears fighting a losing battle! | Feb-25-2016

While global growth continues to slow, we note that the Services sector in China is still growing fast. This is directly helping to create more middle class Chinese citizens. These continue to love gold as a fundamental investment. The performance of the Shanghai Composite index remains uninspiring, so solid, safe gold that the older people promote, holds a fundamental position in middle class wealth. The slowing GDP numbers from China belie such growth, but this is and will be a fundamental driver for gold for many years ahead.

February 24: Gold and Silver Erase Morning Gains and End Mixed

Gold rose as much as $28.15 to $1253.15 by late morning in New York, but it then fell back off in the last 5 hours of trade and ended with a gain of just 0.34%. Silver saw over 2% gains at $15.572 at one point, but it then fell back off into the close and ended with a loss of 0.13%.

Silver Price Forecast: Why Central Banks Will Buy Silver

The current pattern has not completed yet, and it would suggest that it will only complete at a point much lower than a ratio of 15. Such a completion of the pattern is consistent with the bullish fundamentals of silver (and gold) in relation to paper money – understanding that a lower ratio will likely mean higher gold and silver prices. Note that there is a major battle for the 80 - level of the ratio.

Silver Market Morning: Feb-24-2016

The gold price made a surge at the LBMA price setting and appears to have started a strong move upwards. If this continues we could see the strong move go much higher. The Technical picture has moved to the critical point where one expected a strong move, either way! Because the surge was at the LBMA price setting, where we expect the largest volumes of the day to be traded, it does appear that a strong move higher is underway.

February 23: Gold and Silver Gain Roughly 1%

Gold gained $18.94 to $1226.44 by late morning in New York before it edged back lower in early afternoon trade, but it still ended with a gain of 1.45%. Silver rose to as high as $15.303 and ended with a gain of 0.66%.

Silver Market Morning: Feb-23-2016

“The backdrop of robust global demand and increasing financial and economic uncertainty is supportive of gold,” says Mark O’Byrne, the research director at GoldCore. “Janet Yellen’s comments … regarding not cutting interest rates anytime soon were quite dovish and led to gold’s gains. The fact that she reiterated the Fed expects to raise rates at a gradual pace and yet gold continued to rise … is quite bullish.”

The US Geological Survey and Silver

Recent talk on the Internet has been about Peak Gold, Peak Silver and a general view that the planet’s natural resources are in danger of sliding into an irreversible decline in production which no amount of pricing or technology can reverse. The implication of this for those who hold gold or silver would be immense in financial terms but also in wider political and economic terms. With that in mind, I consulted the statistics of the US Geological Survey (USGS) for subscribers in a recent newsletter and came to some interesting conclusions.

February 22: Gold and Silver Fall Over 1%

Gold fell $27.17 to $1202.13 on London before it bounced back higher in morning New York trade, but it still ended with a loss of 1.77%. Silver slipped to as low as $14.93 and ended with a loss of 1.3%.

Where is the Silver Coming From?

If these three countries are sucking up all the silver they can get their hands on for their solar programs, global investment demand is so strong the two largest minted coins in the world are rationed – where is the silver going to come from by the end of 2016? How will the bullion dealers be able to back fill their shelves to supply the retail investors of coins, bars and rounds? Regardless of the fact the government continually tries to teach us 2+2=5, it does not. Got physical?

Gold Costs 80oz of Silver

The big news is that the gold-silver ratio closed at 80. This is not only a new high for the move. It’s higher than it has been since 2008.

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%.

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."

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.

Silver Market Morning

The gold price closed at $1,306.10 up $12.80 on Wednesday, 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 $1,303.75 up $3.50 and in the euro at €953.731 up €5.405 while the euro stood at $1.3700 weaker again. Ahead of New York’s opening the gold price stood at $1,304.20 and in the euro at €955.00.

Market Report: Firmer tone for gold and silver

This week started with a severe markdown in gold and silver prices when markets opened in the Far East on Monday morning, taking gold down $12 to $1278 and silver only 12 cents to $19.03. The clue in this was the resilience of silver, which hardly moved: it was an attack on the gold price presumably designed to take out stop-losses.

Silver Market Morning

The gold price closed at $1,293.1 down $2.50 on Monday, in New York. In Asia the price dropped to $1,291 ahead of London’s opening, where London held it. The gold Fixing was set at $1,291.50 down $9.50 and in the euro at €943.458 down €5.208 while the euro stood at $1.3689. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €943.45.

The Mises View: "Silver Money and Inflation"

Mark Thornton explains how silver money keeps inflation in check. Thornton is a Senior Fellow at the Mises Institute.

Silver Market Morning: May 30, 2014

There are reports out there that say that there is a gold deficit of around 4.35 tonnes a week, meaning that more gold is being bought than produced. That’s why the SPDR sales are important if the gold price is to be held at current levels. This makes the fall this week even more difficult to understand. The lack of visible physical sales of gold from speculators and the investors, tells us that there is very little momentum behind the downward path of gold and it can turn around in a heartbeat. We therefore attribute the fall to a temporary drop in demand due to wholesalers looking for lower prices. But they can only do this for a short while.

Silver Market Morning

The gold price closed at $1,246.30 on Tuesday, up $3.20 cents in New York. In Asia and London the price slipped slightly by $1 until the Fix, where it was set at $1,246.00 up $1.75 and in the euro at €915.840 up €1.421, while the euro stood at $1.3605. Ahead of the opening in New York the gold price was trading at $1,246.00 and in the euro at €915.27.

First Majestic Wins Application to Dismiss Appeal

FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce that on June 5, 2014 , the Court of Appeal dismissed the appeal filed by Hector Davila Santos ("Hector Santos") and Minerales y Minas Mexicanas, S.A. de C.V. ("MMM").

June 9: Gold and Silver End Slightly Higher

Gold edged up to $1256.97 by a little after 8AM EST before it fell back to $1252.30 in the next four hours of trade and then bounced back higher in early afternoon trade, but it then chopped back lower into the close and ended with a gain of just 0.03%. Silver surged to as high as $19.197 before it also fell back off, but it still ended with a gain of 0.26%.

Silver Market Morning

The gold price closed at $1,261.00 up $0.20 on Wednesday in New York. In Asia and London the price held at that level until the Fix, where it was set at $1,261.75 down $0.75 and in the euro at €932.902 up €0.273, while the euro stood weaker at $1.3525. Ahead of the opening in New York the gold price was trading at $1,264.20 and in the euro at €934.92.

Like in “Lost” manipulators keep pushing the button

In the classic TV drama “Lost,” certain occupants of the mysterious island were tasked with the job of punching a sequence of numbers into a computer every 108 minutes to avert an unknown catastrophe.

London Metal Exchange says can offer three solutions to silver fix

The London Metal Exchange (LME), which is competing to offer an alternative to the silver fix when the system is disbanded in August, said on Monday it could offer three different solutions.

Silver Market Morning: June 20, 2014

In 1973 the oil price jumped from $8 a barrel to $35 a barrel while gold jumped from $42 an ounce to over $120 an ounce. We do not see a direct link over the years between the two. What we do see is a moving up together in times of, not only political crisis, but monetary crisis. In those days the dollar was suspect and continued so until Volker forced interest rates up to 26% in the mid 1980’. We are moving back into days of tremendous uncertainty as the ripples from the sectarian violence spread through the financial markets of the world.

Excellon resumes drilling at La Platosa

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report the resumption of diamond drilling at its 100%-owned La Platosa Mine located in Durango State, Mexico.

Silver Market Morning

The gold price closed at $1,319.60 down $7.30 Thursday in New York. In Asia prices rose to $1,321 ahead of the London Fix which was set at $1,321.50 down $1.00 and in the euro at €972.335 up €3.754, while the euro was weaker at $1.3591 down over half a cent. Thereafter, gold held at roughly the same level being moved by dealers and arbitrageurs in line with the $: € exchange rate, clearly unimpressed by the success of the American Revolution.

July 7: Gold and Silver End Near Unchanged

Gold dropped $7.27 to $1312.33 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended unchanged on the day. Silver slipped to as low as $20.844 and ended with a loss of 0.52%.

July 14: Gold and Silver Fall Over 2%

Gold dropped $34.39 to $1303.31 at about 9:30AM EST before it stabilized, but it still ended with a loss of 2.32%. Silver slipped to as low as $20.849 and ended with a loss of 2.38%.

Excellon reports second quarter 2014 production

TORONTO, July 16, 2014 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce second quarter 2014 production results from the La Platosa Mine in Durango, Mexico.

July 17: Gold and Silver Gain Almost 2%

Gold gained almost $10 to $1308.21 in Asia before it fell back to $1299.65 in London, but it then jumped to as high as $1323.23 in New York and ended with a gain of 1.62%. Silver surged to as high as $21.18 and ended with a gain of 1.88%.

July 24: Gold and Silver Fall Almost 1% and 3%

Gold fell almost $10 to $1294.96 in Asia before it bounced back to $1300.83 in London, but it then fell to a new 5-week low of $1287.79 in New York and ended with a loss of 0.96%. Silver slipped to as low as $20.315 and ended with a loss of 2.63%.

One of the most blatant examples ever

This week has been one of the most blatant examples of naked PM shorting ever, amidst some of the most PM-bullish news ever. Particularly, yesterday's transparent attacks as TPTB pulled out all stops to push the 10-year Treasury yield above 2.5% couldn't be more obvious - as I forensically described in yesterday's AudioBlog, "best laid plans." And what a shock, Monday is COMEX options expiration day - when no doubt, countless $1,300 and $21 options for gold and silver, respectively, were outstanding.

Excellon Reports Second Quarter 2014 Financial Results

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report financial results for the three and six-month periods ended June 30, 2014.

July 30: Gold and Silver Close Mixed and Near Unchanged

Gold dropped $8.89 to $1291.71 just after this morning GDP announcement before it bounced back to $1303.12 and then fell back towards its earlier low by late morning in New York, but it then rallied back higher in afternoon trade and ended with a loss of just 0.3%. Silver fell to as low as $20.45 at one point, but it then bounced back higher in the last five hours of trade and ended with a gain of 0.1%.

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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