• Gold: 1,375.93 0.1%
  • Silver: 22.47 0.37%
  • Euro: 1.29 0.05%
  • USDX: 83.77 0%
  • Oil: 95.72 -0.18%

RESPONSE TO: Martin Armstrong's "Silver -- the Flash Crash"

7 hours 42 min ago

Martin Armstrong stated in his blog Post that the reason for the "flash crash" in silver on Sunday night, May 19, was due to the lack of bids. He goes on further to say "Despite the gold/silver promoters, there is no expansion of buyers for the precious metals. It has been the same choir over and over again."

April 10: Gold and Silver Fall Over 1%

Gold edged up to $1588.47 in Asia, but it then fell to as low as $1557.00 in New York and ended with a loss of 1.65%. Silver slumped to as low as $27.508 and ended with a loss of 1.29%.

COMEX Silver Inventory Update: -1,132,614.795 ounces

COMEX Silver Inventory Update: -1,132,614.795 ounces

iShares Silver Trust Remains at 10,497.59 Tonnes

iShares Silver Trust Remains at 10,497.59 Tonnes

Silver Market Morning

Gold closed in New York at $1,584.70 up $12.20 on yesterday. In Asia and London it traded slightly higher at $1,586.80 ahead of the Fix in London which was set at $1,581.50 up $9 and in the euro at €1,207.160 up just €2, while the euro was at €1: $1.3101 cents. Ahead of New York’s opening it traded at $1,578.45 and in the euro at €1,206.30.

April 9: Gold Gains and Silver Surges

Gold edged up to $1577.20 in Asia before it fell back to $1570.60 by a little before 8AM EST, but it then soared to as high as $1590.34 in the next four hours of trade and ended with a gain of 0.78%. Silver surged to as high as $28.067 and ended with a gain of 2.68%.

COMEX Silver Inventory Update: -978,339.568 ounces

COMEX Silver Inventory Update: -978,339.568 ounces

iShares Silver Trust Remains at 10,497.59 Tonnes

iShares Silver Trust Remains at 10,497.59 Tonnes

Silver Premiums, Demand & Shortages

Back in 2008, silver fell from over $20 per ounce down to below $10. This was a stomach-turning experience for those who had begun investing heavily in the metal. I heard reports of bullion dealers in the US who simply were not selling Monster Boxes of Silver Eagles. Physical metal was hard to find in spite of the price collapse.

Site Visit: Fortuna Silver’s San Jose Mine in Oaxaca, Mexico

Recently I visited Fortuna Silver Mines Inc.’s (NYSE.FSM, TSX.FVI, BVL.FVI, and FSE.F4S.F) San Jose mine in Oaxaca, Mexico, where their $9 million construction project is increasing the mill’s capacity from 1,000 tpd to 1,500 tpd of ore. Fortuna built this state of the art mine from the ground up, starting as an exploration project in 2006 and successfully advancing through the permitting and construction phases. The company declared commercial production in September 2011 on time and on budget.

Inflection Point

Friday truly represented an inflection point in TPTB’s game of “pretending” all’s well. Essentially ALL global economies are at their LOW POINTS since 2008’s financial collapse – ALL going in the wrong direction.

Silver Market Morning

Gold closed in New York at $1,572.50 down $6.50 on yesterday. In Asia and London it traded slightly higher at $1,575 ahead of the Fix in London which was set at $1,572.50 down nearly $5 and in the euro at €1,205.258 down nearly €7, while the euro was at €1: $1.3047 cents. Ahead of New York’s opening it traded at $1,574.90 and in the euro at €1,206.31.

First Majestic Silver: Del Toro Silver Mine Flotation Circuit Deemed Commercial

FIRST MAJESTIC SILVER CORP. (FR.TO)(AG)(FMV.F) (the "Company" or "First Majestic") is pleased to announce that the Company's new 1,000 tonnes per day (tpd) flotation circuit at its Del Toro Silver Mine in Zacatecas, Mexico reached phase one commercial production on April 1, 2013.

April 8: Gold and Silver Fall Slightly

Gold fell $11.80 to as low as $1567.20 by late morning in New York before it bounced back higher in early afternoon trade, but it still ended with a loss of 0.41%. Silver slipped to as low as $27.12 and ended with a loss of 0.22%.

COMEX Silver Inventory Update: +798,335.110 ounces

COMEX Silver Inventory Update: +798,335.110 ounces

iShares Silver Trust Subtracts 180.30 Tonnes

iShares Silver Trust Subtracts 180.30 Tonnes

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

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

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

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

Silver Market Morning

Gold closed in New York at $1,579 up nearly $26 on Friday. In Asia and London it traded slightly lower at $1,576.5 ahead of the Fix in London which was set at $1,577.25 and in the euro at €1,212.803 while the euro was at €1: $1.3005 cents. Ahead of New York’s opening it traded at $1,578.70 and in the euro at €1,211.96.

April 5: Gold and Silver Fall About 1% and 4% on the Week

Gold edged down to $1549.10 in Asia, but it then soared to as high as $1581.10 in New York and ended with a gain of 1.67%. Silver surged to as high as $27.35 and ended with a gain of 1.56%.

COMEX Silver Inventory Update: -81,395.465 ounces

COMEX Silver Inventory Update: -81,395.465 ounces

iShares Silver Trust Remains at 10,677.89 Tonnes

iShares Silver Trust Remains at 10,677.89 Tonnes

Huldra Silver Announces Commercial Production

Huldra Silver Inc. (TSX VENTURE:HDA) ("Huldra" or the "Company") is pleased to announce that as of March 26, 2013, it has achieved commercial production based on current production levels. The Company will be providing production accounting and cash flow statements for the second quarter of 2013.

Silver Market Morning

Gold closed in New York at $1,553.10 up $5 on yesterday, as the price fall slowed then turned. In Asia and London it traded slightly lower to $1,550 ahead of the Fix in London which was set at $1,552.75 up $7.50 and in the euro at €1,201.354 down €6 while the euro was at €1: $1.2925 up 1.25 cents. Ahead of New York’s opening it traded at $1,554.40 and in the euro at €1,202.91.

April 4: Gold and Silver End Slightly Lower

Gold fell $17.81 to as low as $1540.19 at about 4:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.31%. Silver slipped to as low as $26.63 and ended with a loss of 0.37%.

COMEX Silver Inventory Update: -641,035.942 ounces

COMEX Silver Inventory Update: -641,035.942 ounces

Silver Sector Shrinking

It has been a while since we had this nagging feeling that we’re witnessing something profound taking place before our eyes and the market doesn’t seem to grasp it yet. We are not talking about the smorgasbord of events effecting markets all over the globe that is receiving ample coverage elsewhere in the media. As readers might know, our particular interest is in the silver space, and that is where we see an elephant in the room that hasn’t made headlines yet.

Site Visit: Santa Elena Mine, SilverCrest Mines Inc.

SilverCrest Mines Inc. (TSX-V: SVL | OTCQX: STVZF) is a Vancouver based precious metals producer and mine development company who is rapidly advancing several projects in northern Mexico. The company has grown their flagship Santa Elena Mine in Sonora from an exploration project into a producing mine, drilled out a significant resource at their nearby Cruz de Mayo property, and recently announced a large silver equivalent (Ag, Au, Cu) resource at their La Joya deposit in Durango.

Silver is relatively strong in the world of risk these days

There is a Bullish Inverted "Head and Shoulders" pattern on the daily chart. What makes this pattern so attractive on the next breakout above 32.94 is the fact that all of the Open Interest that was put on to the short side of the contract in Silver over the past month will be in the “red” and feeling pressure to exit the trade before it gets too late. Traders who want to get long will begin feeling they are missing the boat on the next breakout and when they begin to move off the sidelines in what is known as the "Initiative" type trade, we have potential for an "Igniter Move" in price and volume. Igniter moves increase the probabilities for sustained vertical development.

China Playing a Major Role in Global Silver Market

China’s role in the global silver market has dramatically changed over the past decade. Once a small player in the global market, China today is the world’s leading market for both physical investment and paper trading of silver futures and other similar products, and is the second largest silver fabricator today. Chinese demand for the white metal is expected to achieve further strong growth in the years ahead, according to a report by Thomson Reuters GFMS released today by the Silver Institute.

The Silver Series: Supply and Demand (Part 2)

In 2011, there were 1040.6 million troy oz of silver produced. Of this, 84% was used by industry and the remaining was used as an investment. Interestingly, traditional uses of silver only account for about a third of silver fabrication. These include jewelry, coins, medals, and silverware. Most silver is actually consumed in over 10,000 modern industrial applications. The vast majority of silver supply comes from recycling, net government sales, and mine production. In terms of mine production, the majority of silver comes as a by-product of mining other metals. In addition, about half of all mined silver comes from Latin America.

Silver's Investment Demand Conundrum

The silver market is increasingly becoming an exercise in contradiction. On one hand, the silver spot price has disappointed thus far in 2013, falling from the low-thirties in early January down to its current level around US$29.00/oz. Given that price direction, one would be forgiven for assuming that the silver ETF's had experienced outflows over that time - but they have not. While we have seen the SPDR Gold Trust (GLD) shed 141 tonnes of gold year-to-date with the price of gold reacting accordingly, silver ETF's have in fact ADDED to their stockpiles since January 2013, representing more than 20 million ounces of additional silver.

Silver Grumps

Attention, Class: Silver and gold are static assets. They are constants. They don't actually move much. What happens is that the metrics by which we measure Silver and Gold jump around like horny ticks on a hot dog. It is the fraud of the 20th and 21st Centuries.

The “Deed” is Done

Well, the “deed” is done; and boy was it EVIL. Cyprus’ new President completely circumvented its disapproving Parliament, allowing the “troika” to steal 40%-100% of Cypriot depositors’ funds (over €100,000) without a vote; simply by “rewording” the deal to no longer call it a “tax.”

Silver Prices Defy the “Law of Supply and Demand”

How can we explain what has happened recently with the price of silver? In about three months, silver has declined from its late-November price of about $34 per ounce to its current price of about $28.50 as of today’s close (February 28, 2013). That’s a drop of about $5.50, which equates to a decline of over 16% in about 90 days.

Silver ‘$100 Within Two Years’

Alex: So you think $100 silver is realistic in the next year or two? Eric: Well I think obviously with gold at $1600, I would believe that silver should be at a hundred. Does it happen in one to two years? Maybe not, but I would certainly say in two to five years it happens. And that’s just with gold staying still!

Why Buy Silver?

•Silver has no counter-party risk. It is not someone else’s liability. Silver Eagles or Canadian Silver Maple Leaf coins are recognized around the world and have intrinsic value everywhere. The same is NOT true for hundreds of paper currencies that have become worthless, usually because the government or central bank printed them to excess to pay the debts of governments that did not control spending.

$100 silver (and $4,000 gold) or lower bullion prices and $20 silver asks inaugural DMCC Precious Metals Conference

Far from being the usual boring consensus event for gold prices, the inaugural Dubai Multi Commodities Centre Precious Metals Conference today struck a decidedly controversial note. Ross Norman of the blue-blooded Sharps Pixley brokers from London was the leader of the bullish camp. He forecast $3,500-4,000 gold prices and $100 an ounce for silver by 2017. His masterly presentation entitled ‘Silver has the bubble burst?’ argued that no it had not, and that merely projecting forward recent growth rates arrived at $100 an ounce within five years. Negative real interest rates were the reason for high precious metal prices cited by most experts. In short inflation is higher than the cost of money so cash on deposit is losing money.

Silver Market Morning

Gold closed in New York at $1,618.40 and in London’s early morning fell to $1,627.35. The Fixing in London today was set at $1,633.25 and in the euro at €1,305.451. Ahead of New York’s opening gold stood at $1,633.00 and in the euro, €1,307.03 while the euro was at €1: $1.2494.

Silver's Fall

We are seeing macro funds buying the gold market and the Silver Trust shares, while other investors are selling to cover their losses in other markets.Silver demand remains vibrant in China and [as a 'needed' metal [in pharmaceuticals and electronics. We do not see that changing! But silver is moving as a monetary metal alongside gold, even though at institutional level it is not considered a monetary metal. We expect this to continue.

Silver and Gold coin sales from national Mints fall in Q1

Silver American Eagle coin sales from the U.S. Mint also fell by 18 percent to 10.139 million ounces in the first quarter. Demand for silver coins and medals hit a record high at 118.2 million ounces last year, according to GFMS.

Silver’s split personality feeds steep price drop

Silver’s split personality as an industrial and precious metal contributed to a steep drop for the second quarter, as the metal’s economic demand prospects and safe-haven appeal duel for investors’ attention.

Gold & Silver Fear Indexes

A discussion with James Turk this week renewed my interest in his Fear Index. So I decided to calculate the current figure. Given the 2.8% GFI figure listed in the equation below, clearly the gold market mania phase is only beginning, when compared to the 1980's peak.

Silver Market Morning

New York gold closed at $1,614.00 up $9.90. Asia and London whipped it up to $1,618.45 early in the London day. Gold was Fixed at $1,616.50 up $13, as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,306.052 nearly the same as yesterday morning. Ahead of New York’s opening, gold was steady at $1,617.29 in the middle and in the euro at €1,307.64.

Gold, Silver Prices Surge After Fed Fires Up QE3

Gold and silver prices blasted to fresh six-month highs as the dollar nose-dived after the Federal Reserve dropped the bomb — a highly anticipated, third round of quantitative easing.

September 19: Gold and Silver End Near Unchanged

Gold climbed $8.73 to $1779.33 in Asia before it fell back to $1763.10 just after this morning’s housing data was released, but it then bounced back higher in midmorning trade and ended with a loss of just 0.01%. Silver saw a slight gain at $34.958 in Asia before it fell back to $34.27 in early New York trade and then also bounced back higher, but it still ended with a loss of 0.49%.

Euro Gold and Rupee Gold

All week, PMs have fought the forces of evil; as they are desperate to prevent the inevitable breakout of the WORLD’S MOST IMPORTANT MARKETS – Euro Gold and Rupee Gold – from breaking above their ALL-TIME HIGHS. Rupee Gold actually did post-QE3 on Thursday, so the Indian government countered by intervening in the currency markets – yet another example of a failed exercise in MONEY PRINTING.

Silver Market Morning

New York closed at $1,764.00 down $10 in line with the fall in the euro. This morning, Asia and London dealers moved it again, in line with the euro’s moves to $1,762. Gold was then Fixed at $1,763.00 and in the euro at €1,370.918 up 1€, while the euro stood at $1.2860. Ahead of New York’s opening gold stood at $1,762.38 and in the euro at €1,369.69.

COMEX Silver Inventory Update: -2,526,941.838 ounces

COMEX Silver Inventory Update: -2,526,941.838 ounces

Cartel Rule #1

Yesterday’s action represented the third violation of “Cartel Rule #1” in the past week. In other words, the implicit “prohibition” of rising PM prices when the Dow plunges. Thus, with another violation appearing ripe to occur this morning – following HORRIFIC jobless claims, Philly Fed, and European GDP numbers - the Cartel attacked at the 9:30 AM COMEX open; to the tune of $20/oz in gold and $0.50/oz in seconds, while no other market budged.

Global Silver Mine Production

In order to satiate the world’s growing hunger for silver, a lot of pressure has been placed on its supply chain. And with total annual supply recently exceeding 31k metric tons (1.0b ounces) for the first time ever, the suppliers of this white metal have so far made a valiant effort to meet demand.

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...