• Gold: 1,269.35 2.05
  • Silver: 16.38 0.07
  • Euro: 1.165 0.004
  • USDX: 94.535 -0.308
  • Oil: 66.29 0.35

June 21: Gold Dips While Silver Holds Steady Again

10 hours 58 min ago

Gold dropped $8 to $1261.50 by a little after 8AM EST before it rallied back higher throughout most of trade in New York, but it still ended with a loss of 0.17%. Silver fell to $16.18 in Asia before it rallied to as high as $16.358 in early afternoon New York trade and then edged back lower into the close, but it still ended with a gain of 0.06%.

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 Morning

New York bounced back to $1,573.70 and Asia continued to take it higher, with London running it up to Fix at $1,588.00. The euro was weaker at €1: $12693, where it was when the morning Fixing took place. In the euro it Fixed at €1,251.083 €34. Ahead of New York’s opening gold looked stronger at $1,591.23 and in the euro, which also continued to slip, €1,253.43 while the euro was at €1: $1.2695.

May 17: Gold and Silver Gain Over 2% and 3%

Gold jumped to as high as $1579.80 by midday in New York before it drifted a bit in afternoon trade, but it still ended with a gain of 2.23%. Silver surged to as high as $28.33 and ended with a gain of 3.2%.

COMEX Silver Inventory Update: +317,442.40 ounces

COMEX Silver Inventory Update: +317,442.40 ounces

Live Silver Price Chart

Live 1-Hour Spot Silver Price Chart: http://www.silverseek.com/quotes/hoursilver.php

iShares Silver Trust: 9,516.40 tonnes

iShares Silver Trust: 9,516.40 tonnes

Finding Opportunity in Silver, the Devil's Metal

Silver has been called the most volatile of metals. But volatility produces opportunity, according to Chris Thompson, a top-ranked StarMine analyst with Haywood Securities. In this exclusive interview with The Gold Report, Thompson forecasts a strong year-end for the devil's metal, despite price weakness so far in Q2/12.

Target 2 reached in Silver (Copper target reached)

The second target for the bearish "Head and Shoulders" pattern on silver was reached for greater than $25,000 per contract. The target was using "Measured Rule", which takes the distance from the top of the head to the neckline, and adding it onto the breakdown point.

Silver Market Morning

New York bounced back to $1,550 yesterday and Asia and London held it in that region today ahead of the gold Fix. The euro was weaker at €1: $12707. This morning in London, gold Fixed at $1,547.00 and in the euro at €1,217.439 up €10. Ahead of New York’s opening it looked slightly weaker at $1,546.50 and in the euro, which also continued to slip, €1,217.81 while the euro was at €1: $1.2699.

May 16: Gold and Silver End Lower Again

Gold fell almost 1% to a new 2012 low of $1527.32 in Asia before it rallied back to $1552.03 at about 10:25AM EST, but it then fell back off again into the close and ended with a loss of 0.19%. Silver slipped to $27.202 in Asia before it climbed back to $27.97, but it then dropped to a new low of $26.78 in early afternoon trade and ended with a loss of 1.77%.

iShares Silver Trust: 9,516.40 tonnes

iShares Silver Trust: 9,516.40 tonnes

Backwardation in Gold And Silver

On Monday, May 14, something happened that hasn’t happened since Dec of 2008. Two successive near-month precious metals futures contracts were in backwardation at the same time. To oversimplify, backwardation is when the price of a futures contract is lower than the price in the spot market.

Extorre Reacts to Current Market Conditions and Announces Further High Grade Drilling Results at Cerro Moro

"One drill rig remains on the infill drilling program on our principal prospects, namely Zoe, Escondida, Loma Escondida and Gabriela. Our aim is to ensure that the drilling density is sufficient in areas that would fall within the first two years of a potential mining scenario (at 1300 tonnes per day) to estimate "indicated mineral resources". This program is nearing completion, with the drilling at Zoe, Loma Escondida and Gabriela essentially complete."

Silver Market Morning

May 15: Gold and Silver Fall Over 1% and 2%

Gold fell to $1548.10 in Asia before it rebounded to $1563.92 at about 8:30AM EST, but it then fell back off again in late trade and ended near its new 2012 low of $1542.40 with a loss of 1.05%. Silver climbed back up to $28.457 in early New York trade, but it then fell to as low as $27.58 in the last minutes of trade and ended with a loss of 2.09%.

SilverCrest Reports Q1 2012 Financial Results; Cash Flow from Operations of $12.2 Million ($0.14 Per Share)

VANCOUVER, BRITISH COLUMBIA--(05/15/12)- SilverCrest Mines Inc. (the "Company") (TSX-V: SVL)(STVZF.PK)(STVZF.PK) is pleased to announce its financial results for the first quarter ended March 31, 2012 (all figures in U.S. dollars unless otherwise specified.)

Santacruz Silver Mining Ltd.: Corporate Update and Appointment of Investor Relations Manager

Santacruz Silver Mining Ltd. ("Santacruz" or the "Company") (TSX-V: SCZ) Santacruz is pleased to report significant progress at its Rosario project, located in the historical mining district of Charcas, San Luis Potosi, Mexico. In August 2011 the Company signed an option agreement with Compania Minera Nukay, S.A. de C.V. a subsidiary of Goldcorp Inc. to purchase a mill with a capability of 500 tonnes per day. The mill, which is currently being disassembled will be moved to the property within the third quarter of 2012. The mill is scheduled to be commissioned within the first quarter of 2013. Utility permits for water and power are expected to be ready during the third quarter of 2012.

Silver Market Morning

New York closed at $1,558.60 down $23 and held there in Asia as the selling seemed to have stopped for the moment. The euro stood at €1: $1.2863. This morning in London, gold Fixed at $1,559.00 down $5 and in the euro at €1,213.607 the same as yesterday. Ahead of New York’s opening it started to bounce and stood at $1,559.55 and in the euro, which also continued to slip, €1,212.90 while the euro was at €1: $1.2858.

Great Panther Silver Reports First Quarter 2012 Financial Results

"First quarter revenue was directly in line with our expectations, considering the lower production and metal prices compared to Q1 of last year," stated Robert Archer, President and CEO. "This was also a timing issue for us related to a shipment of concentrate to a new smelter where the revenue will be recognized in Q2 this year. With the addition of this new customer, we have secured contracts for the sale of our concentrates for our 2012 planned production."

May 14: Gold and Silver Fall Roughly 2%

Gold fell to as low as $1556.81 in early New York trade before it bounced back higher at times, but it still ended with a loss of 1.44%. Silver slipped to as low as $28.19 and ended with a loss of 2.35%.

South American Silver Files First Quarter 2012 Financial Statements and MD&A and Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/14/12)- South American Silver Corp. (SAC.TO)(SOHAF.PK) reports the release of its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2012 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). The Company is also pleased to provide an update on the Malku Khota silver-indium project in Bolivia and the Escalones copper-gold project in Chile. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

Golden Arrow Announces C$2 Million Program at Antofalla & Provides Corporate Update

Golden Arrow Resources Corporation (TSX VENTURE:GRG)(GARWF)(GAC.F)(WKN:A0B6XQ) ("Golden Arrow" or the "Company") is pleased to announce that it has initiated its first exploration program at the recently optioned Antofalla silver-gold-base metal project in the province of Catamarca. With a cash balance of approximately C$8 million, Golden Arrow has outlined a C$2 million program that includes remote sensing, IP/Resistivity geophysics, and geochemical sampling to delineate targets that will be tested with an estimated 3000 metre drill program.

October 17: Gold Gains While Stocks Edge Lower

Gold saw a slight loss at $1250.62 in late Asian trade, but it then chopped back higher for most of the rest of the day and ended with a gain of 0.26%. Silver rose to as high as $17.496 and ended with a loss of 0.06%.

October 18: Gold and Silver Gain With Stocks and Oil

Gold gained $8.98 to $1263.58 in late Asian trade before it fell back to $1256.66 by midmorning in New York, but it then climbed to a new session high of $1264.67 in early afternoon action and ended with a gain of 0.6%. Silver rose to as high as $17.699 and ended with a gain of 0.92%.

October 19: Gold and Silver Gain With Stocks and Oil Again

Gold gained $11.23 to $1273.23 in late morning New York trade before it drifted back lower in afternoon action, but it still ended with a gain of 0.59%. Silver rose to as high as $17.768 and ended with a gain of 0.45%.

SilverCrest Appoints Vice President, Business Development

SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce the appointment of Mr. Nicholas Campbell as Vice President, Business Development. Mr. Campbell has over 12 years of finance and corporate valuation experience in the mining industry including 10 years capital market experience as a Mining Research Analyst. In his new position, Mr. Campbell will initially be working part-time and be responsible for developing, implementing and executing all aspects of SilverCrest's business development opportunities designed to accelerate the Company's growth and enhance its shareholder's value. He will maintain his full-time position as CFO for Goldsource Mines Inc.

Silver Market Morning: Oct-20-2016 -- Gold price consolidating with positive bias!

Once again, New York’s close and London’s opening was very close. But again Shanghai spent the day well above their prices by $5 and more. Having worked with successful arbitrageurs in London in the past, we can clearly see that through the International Shanghai Gold Exchange arbitrage in gold is not just feasible but practiced.

SilverCrest Receives Underground Drilling and Bulk Sample Permit; Extensive Phase II Exploration Program to Commence in November 2016

“We are very encouraged with the early success from our initial drilling campaign at Las Chispas, which has confirmed continuity of high grades over potential mineable thicknesses. With the underground drilling permit, we will start drill-defining resources and preparing for a broader Phase II exploration program. Our current focus is to systematically drill the Las Chispas and William Tell veins in a grid pattern for resource estimation, test vein extensions and to further explore the Babicanora area. SilverCrest’s schedule is to establish a maiden resource estimation in the first half of 2017. We see further upside in this historic silver-gold mining district with prospective discoveries of multiple unidentified veins, and drill testing Babicanora which is considered the largest target in the district.”

October 20: Gold and Silver End Slightly Lower

Gold gained $4.22 to $1273.62 by a little before 10AM EST before it dropped back to $1264.84 in early afternoon action, but it ended with a loss of just 0.26%. Silver slipped to as low $17.454 and ended with a loss of 0.85%.

Market Report: Finding support

This is small bear, and not much evidence of better conditions. However, with predominantly bearish commentators, excepting of course the gold bugs who are always bullish, it ranks as a credible performance. Furthermore, open interest on Comex has fallen substantially from the peak on July 11, leaving the market moderately oversold. This commentator is also convinced that some portfolio exposure, as opposed to purely speculative trading, is being maintained in rolling futures positions, so we have probably seen most of the contraction of open interest.

October 21: Gold and Silver Gain About 1% on the Week

Gold fell $4.90 to $1261.20 in Asia before it bounced back to $1267.91 in early New York trade and then drifted back lower into midday, but it then edged back higher into the close and ended with a gain of 0.09%. Silver rose to as high as $17.55 and ended with a gain of 0.06%.

Silver Market Morning: Oct-24-2016 -- Gold price consolidating heavy SPDR gold ETF sales!

Demand in China is strong, as expressed in Yuan prices in Shanghai. This will pull gold into China from London. Only the People’s Bank of China buys ‘London Good Delivery’ [0.995 quality.]. Switzerland re-refines London’s gold into higher quality [0.9999], half a percent better quality. We expect a resumption of the flow of the highest quality gold into the Far East, that’s both China and India.

October 25: Gold and Silver Gain Almost 1%

Gold chopped higher throughout most of world trade and ended near its late session high of $1276.46 with a gain of 0.74%. Silver rose to as high as $17.816 and ended with a gain of 0.91%.

Silver Market Morning: Oct-26 -- price consolidating higher!

With U.S. elections two weeks away there is a build-up of worry as to what lies ahead for the U.S. and the rest of the global economy. While both candidates are positive for gold prices, much more than that is worrying financial markets, as we look ahead to more uncertainty, greater financial risks and turbulence in 2017.

Market Report: PMs find support

This sideways trading pattern could end with a break to the upside, because the euro is drifting lower. Note that the euro comprises 57% of DXY. The reason this is important is a strong dollar worries the Fed. The Fed is desperate to limit the deflationary effects of a rising dollar, and believes that the appalling trade deficit is due to the dollar being very over-valued. So if DXY goes much higher, we can probably dismiss the possibility of an increase in the Fed Funds Rate in December.

October 31: Gold and Silver Gain While Oil Tumbles

Gold gained $4.57 to $1279.47 in Asia before it fell back to $1271.30 in early afternoon New York trade, but it then jumped back higher into the close and ended with a gain of 0.24%. Silver climbed to $17.913 in Asia before it dropped back to $17.753 in early New York trade, but it then bounced back higher into the close and ended with a gain of 0.62%.

Silver Market Morning: Nov-1-2016 -- Gold price rising from new support!

Growth in international trade is slowing, as describe by shipping statistics. It is the first time since World War II that trade with other nations has declined during a period of economic growth. Sluggish global economic growth is both a cause and a result of the slowdown. It is a structural phenomenon that will be much longer term and deflationary.

November 1: Gold and Silver Gain Almost 1% and 3%

Gold held near unchanged in Asia, but it then climbed steadily higher in London and New York and ended near its late session high of $1291.84 with a gain of 0.73%. Silver rose to as high as $18.48 and ended with a gain of 2.52%.

Silver Market Morning: Nov-2-2016 -- Gold price challenging $1,300!

What has changed in the last day? The dollar has gone weaker which is what Treasury has wanted all along. Why yesterday? The election race has changed with the institution of more investigations into Hilary Clinton’s e-mails, which brought the polls to a point where the Trump camp has caught up with the Clinton camp. This has set global financial markets on edge. A Trump win signifies a Republican government and an end to political gridlock.

November 2: Gold and Silver Gain Almost 1% More

Gold gained $20.27 to as high as $1307.57 in early afternoon New York trade before it chopped back lower into the close, but it still ended with a gain of 0.71%. Silver surged to as high as $18.736 and ended with a gain of 0.93%.

Silver Market Morning: Nov-3-2016 -- Gold price tops $1,300 now consolidating below it!

As you can see the rise of the gold price to $1,308 yesterday brought out sellers and has taken the gold price back to the same lower levels seen before New York opened then. This is an expected development as prices don’t rise continuously. The price hit overhead resistance at the psychological level of $1,308 and should consolidate around these levels as buyers and sellers trade in and out of these higher levels until the next move is made in either direction.

November 3: Gold and Silver End Mixed Before Jobs Day

Gold saw notable gains in Asia before it fell to see a $10.75 loss at $1285.65 at about 8AM EST, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.5%. Silver slipped to as low as $18.023 before it also bounced back higher, but it still ended with a loss of 0.86%.

Market Report: Technical rally holds

It has been a better week for gold and silver, with gold rising from $1284 to $1302 by Friday mid-morning London time, and silver from $17.76 to $18.34. Gold in particularly found its support at the 200-day moving average, and has run into some predictable profit-taking at $1300, which is also the approximate location of the 55-day moving average.

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 3% on the Week

Gold fell $8.23 to $1294.67 in Asia before it rallied back to $1305.65 at about 9AM EST and then chopped back lower at times, but it still ended with a gain of 0.1%. Silver rose to as high as $18.465 and ended with a gain of 0.27%.

Silver Market Morning: Nov-7-2016 -- Gold price retreat as Clinton victory looms?

We see the price changes after Shanghai’s close as being dealers marking prices down without much physical dealing going on. The strength of the dollar today before London opened was seen as the reason gold prices were lowered. And the strong dollar was attributed to the conclusion that Mrs. Clinton is going to be the next U.S. President. In two days time we should know! Of course, if Trump wins, the action last Friday confirms that the gold price will sprint higher taking silver with it.

November 7: Gold and Silver Fall Almost 2% and 1%

Gold fell $25.86 to $1278.34 in early afternoon New York trade before it bounced back higher in the last four hours of trade, but it still ended with a loss of 1.74%. Silver slipped to as low as $18.012 and ended with a loss of 0.92%.

Silver Demand Shows A Consumer In Trouble

Global demand for silver declined from 2015 to 2016 by 123 million ozs per numbers from the Silver Institute presented in an article on The Daily Coin yesterday. In fact, for the demand categories primarily driven by the consumer, demand plummeted 125 million ozs, or 15.3%. Industrial demand for silver increased slightly but this was because of the global expansion in the solar panel industry, primarily in India and China.

A Bumper Under that Silver Elevator

We are not mining experts, but we will address (2) by saying that mining shares only go up if the input costs don’t go up as much as the price of gold. And if the company keeps efficiency up, and costs down. And if local tax authorities don’t get greedy. And if mine labor unions don’t get violent, environmental regulators don’t make expensive demands, etc. And if the company finds new ore bodies at the same rate it depletes them.

SilverCrest Metals Begins Trading on the OTCQX® Market

SilverCrest Metals Inc. (TSX-V: SIL | OTCQX: SVCMF) ("SilverCrest Metals" or the "Company") is pleased to announce it has qualified for trading on the OTCQX® Best Market, operated by OTC Markets Group, under its existing ticker symbol "SVCMF".

Silver Market Morning: May 15 2017 - Gold still consolidating with a stronger bias!

The Technical picture is positive today so the gold price should rise steadily today, barring new news that halts its rise. But the main influence on today’s prices comes from Shanghai. While the discount of New York and London have been widening of late it is the lifting of today’s prices in Shanghai that has caused prices in London and New York to suddenly rise. We expect the upward pressure from Asia to continue as the dollar weakness drops prices in India.

Golden Arrow Files Technical Report to Support Pre-Feasibility Study for the Chinchillas Project Joint Venture With Silver Standard

Golden Arrow Resources Corporation (TSX VENTURE:GRG)(GAC.F)(GARWF) ("Golden Arrow" or the "Company") is pleased to report that it has filed on SEDAR a Technical Report pursuant to Canadian Securities Administrators' National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and Form 43-101F1 to present the results of a pre-feasibility study for the Chinchillas silver-lead-zinc joint-venture project with Silver Standard Resources Inc. ("Silver Standard"), as announced March 31, 2017.

How Silver Could Rally Significantly Over The Coming Months

The silver price and the US Dollar/South African Rand exchange rate (USD/ZAR) have a very interesting relationship that goes back a long way. In the long run, the two move in opposite directions. When the USD/ZAR rate is moving up, the silver price is moving down, and vice versa. Furthermore, when the USD/ZAR rate is making a top, then a bottom in silver is normally very close (before or after the USD/ZAR peak).

Canary In The Silver Mine

Silver bugs may have been disappointed by the recent decline but this is a key accumulation area for investors who want to be part of the next big rally in a profitable way. Many analysts are frustrated with the performance of silver relative to gold. Those days of frustration will end as money velocity stages a dramatic reversal to the upside, but not before that happens.

Gold Seeker Closing Report: Gold and Silver Gain With Euro

Gold climbed to as high as $1239.00 in midafternoon New York trade before it dipped back lower into the close, but it still ended with a gain of 0.46%. Silver rose to as high as $16.85 and ended with a gain of 1.14%.

Zinc One Receives TSXV Approval on Acquisition of Forrester Metals

Zinc One Resources Inc. (TSXV:Z.V) (ZZZOF) (Frankfurt:RH33) ("Zinc One") and Forrester Metals Inc. (TSXV: VEM.H) ("Forrester") are pleased to announce, further to their news releases of February 1, 2017 and March 7, 2017, that Zinc One has received TSX Venture Exchange approval of its acquisition of all of the issued and outstanding common shares of Forrester (the "Transaction") and has closed its previously announced private placement financing of $10,000,000 (the "Private Placement Financing"). Zinc One's transaction with Forrester is based on a positive outlook for the zinc markets and attractiveness of the high grade past producing zinc assets contained in the Forrester portfolio.

Abraplata to drill Diablillos later this month

Following the successful completion of Abraplata Resource Corp.'s reverse takeover of Huayra Minerals Corp. and concurrent financing, Abraplata is poised to implement its plan to carry on business as a new mineral resource exploration and development company focused on Argentina.

Silver Market Morning: May 17 2017 - Gold going stronger in the dollar, weaker in the euro!

We have to see just how far this is a war between the media and Trump and just how far it is a real crisis. If it is Trump, the dollar will recover once his crisis is resolved, whenever that is. If it is the dollar itself, gold will benefit over a much longer period as the dollar faces a more fundamental crisis. This fundamental crisis can always be linked to the rise of the Yuan or the falling oil prices or more fundamental crises. If the current weakness of the dollar is due to a structural change in the dollar’s global role weakening [dollar hegemony giving way?], then the changes we have expected for a very long time in the currency and monetary worlds has begun!

May 17: Gold Gains Almost 2% While Dow Drops Nearly 2%

Gold jumped $23.70 to $1260.20 in late morning New York trade before it edged back lower into midday, but it then popped up to a new session high of $1261.10 in the last minutes of trade and ended with a gain of 1.8%. Silver rose to as high as $17.031 and ended with a gain of 0.42%.

Silver Market Morning: May 18 2017 - Gold going stronger in all currencies!

On the evidence above, New York hit gold’s peak price in the day, first, then Shanghai rose to meet it and London opened at the same level. In an extraordinary picture ALL THREE GLOBAL GOLD MARKETS ARE AT THE SAME PRICE. This is the first time we have ever seen this happen. While we used the dollar as the measuring currency, we note that the gold price is the same in all markets, so currencies, today are not the influence.

Bill Murphy: Silver – The Only Commodity 66% Cheaper Than 37 Years Ago!!

I ask how could a commodity or any product that is bought and sold on planet earth be 66% cheaper than in 1980. The evidence above demonstrates how that is possible. The only remaining question is – why is silver the kryptonite to the banking and financial system? Gold, while the market has been proven to be rigged as well, has at least been able to climb higher than in 1980. The current global “price” of gold does not reflect it’s true value, however, it is still higher than 37 years ago. Silver, not so much.

Silver: Train Leaving Station Soon!

Silver prices are rising along the bottom of a 20 year log scale trend channel (shown later). There are no guarantees in a manipulated paper market, such as COMEX silver, but it is possible that silver prices will collapse further, or more likely, move substantially higher, sooner rather than later. Silver prices COULD fall from their current level of $16 – $17 to under $10.

May 18: Gold and Silver Fall Roughly 1% While Stocks Rebound

Gold gained $6.10 $1264.80 in London, but it then drifted back lower in New York and ended near its late session low of $1246.60 with a loss of 0.78%. Silver slipped to as low as $16.442 and ended with a loss of 1.66%.

Silver Market Morning: May 19 2017 - Gold consolidating in a narrowing range!

When we look back at the actions of Modi and his government in India and on gold, since he came to power, we see that Indian governments are still unhappy with gold in the country and will always be. This is not a small problem for that government, when you consider that the total gold holdings of the world’s central banks is around 34,000 tonnes, private citizens and institutions in India hold around 24,000 tonnes, an amount that is rising by around 1,000 tonnes a year.

May 19: Gold and Silver Gain Over 2% on the Week

Gold gained $7.00 to $1255.90 by a little after 9AM EST before it chopped back towards $1250 into midday, but it then rose to a new session high of $1256.40 in afternoon trade and ended with a gain of 0.49%. Silver climbed to as high as $16.876 and ended with a gain of 1.38%.

Silver Market Morning: May 22 2017 - Gold continues consolidating in a narrowing range ahead of a strong move!

Today’s gold price is all about a weaker dollar. But the dollar is barely changed against the Chinese Yuan. The dollar took a hammering over the weekend falling to lows on the index that we have not seen for a long time. If the dollar continues to fall, as we expect, the dollar gold price will look strong. Technically, we see higher gold prices, but are keeping our eyes on overhead resistance to see if we can expect a breakout.

May 22: Gold and Silver Gain With Stocks and Oil

Gold climbed steadily higher throughout most of world trade and ended near its early afternoon high of $1262.60 with a gain of 0.42%. Silver rose to as high as $17.206 and ended with a gain of 1.78%.

Silver Market Morning: May 23 2017 - Gold nudging overhead resistance ahead of a strong move!

What is true is that COMEX has a turnover of 2.1 billion ounces of ‘paper gold’ [Gold derivatives – Options and Futures] Of this between 1% and 5% is actual gold bullion, whereas all of Shanghai’s gold trade is physical gold bullion. i.e. COMEX trades between 653 tonnes and 3,266 tonnes to Shanghai’s almost 14,000 tonnes annually. COMEX’s turnover is far closer to 653 tonnes of physical gold bullion than 3,000 tonnes. This makes New York only 5% of Shanghai’s physical gold bullion turnover.

The US Dollar Breakdown Clears The Way For A 70s Style Silver Rally

On the chart, I have marked two fractals (1 to 3). Both fractals exist in similar conditions – relative to the relevant Dow/Gold ratio peaks (1966 and 1999), as well as Dow peaks. Both fractals span over the period of the first phase of the silver bull market during the 70s and the current era (2001 to 2017), respectively. If the comparison is justified, then the US Dollar index will fall significantly during the coming months. Given the fact that silver has traditionally had its strong rallies during times when the US Dollar Index was falling, this bodes well for a silver rally.

Silver Leads Gold In Rate Hike Cycle

Since Chinese New Year buying peaked in February, gold has essentially traded sideways with a mild upside bias. Here’s why: Indian dealers are waiting for the government to announce the GST rate for gold, and it’s too early for them to begin stocking up for Diwali. So, the price discovery ball is now in the US central bank’s court. I’ll dare to suggest that most gold market investors don’t fully understand the relationship between interest rates, money velocity, and gold.

May 23: Gold and Silver Edge Lower As Dollar Bounces Higher

Gold waffled between $1263.80 and $1258.40 in Asia before it edged back up to $1263.10 at about 9:30AM EST, but it then dropped back off into the close and ended near its late session low of $1250.70 with a loss of 0.67%. Silver slipped to as low as $17.026 and ended with a loss of 0.41%.

Silver Market Morning: May 24 2017 - Gold pulled back by a stronger dollar, but still within a narrow trading channel!

Again it was a day for the gold price to change because of the dollar’s influence as it strengthened a little, but remained at low levels. There was a significant sale of gold from the SPDR gold ETF which assisted the fall. The discounts of London and New York to China widened quite heavily yesterday, but only to the extent that held the euro price of gold relatively steady.