• Gold: 1,275.33 -9.57
  • Silver: 17.90 -0.05
  • Euro: 1.086 0.016
  • USDX: 99.094 -0.883
  • Oil: 49.17 -0.51

Silver’s… Comeback and Other Important Signals

2 hours 9 min ago

The most prominent action in the precious metals market that we saw last week, took place in silver – the white metal closed the week below the important long-term support/resistance line, thus invalidating the previous breakout. However, there’s more to the precious metals market than just the action in silver. In today’s free gold analysis, we discuss both the developments in silver and other factors.

Silver Market Morning: Mar 21 2017 - Gold still consolidating at higher levels!

Turning back to the G-20 statement we note that the G-20 maintained its call for competitive devaluations and FX market instability to be avoided. While it goes against brazen devaluations for the sake of gaining competitive advantage, protectionism will alter trade balances, which will affect exchange rates. Behind such international plays, nations do attempt to keep their exchange rates low and lower. So while brazen currency wars are to be avoided, they will continue indirectly.

Silver 1/70th The Price of Gold – Silver Eagles Sales Jump

– Silver just 1/70th the price of gold – Silver at $17.50 per ounce set to rise “faster than gold” – Silver Eagles (1 oz) buying jumps to 715,000 this week – “Supply may drop following mine closures” – Standard Chartered – Industrial demand “will remain strong” – CPM Group – Silver is substantially undervalued versus gold – Gold silver ratio to fall back below 30

March 20: Gold and Silver Gain With Bonds

Gold gained $6.60 to $1235.40 in Asia before it pared down to $1230.30 in London, but it then rallied back higher in New York and ended with a gain of 0.47%. Silver rose to as high as $17.457 and ended with a gain of 0.23%.

Silver Market Morning: Mar 20 2017 - Gold consolidating at higher levels!

The price differential between the three centers is widening again as China once again is leading the way on gold prices. But you will note that Chinese gold prices have barely changed in the last two days leading to the conclusion that Shanghai is making the gold price but exchange rate changes are changing prices in other currencies. The dollar continues to weaken taking gold prices higher there.

March 17: Gold and Silver Gain 2% on the Week

Gold chopped up to $1231.50 at about 10AM EST before it drifted back lower at times, but it still ended with a gain of 0.2%. Silver rose to as high as $17.412 and ended with a gain of 0.35%.

Market Report: Turning the corner

Silver is getting left behind as our introductory chart shows, with it up only 8.7% this year so far, while gold is up 6.5%. Normally, silver moves on average slightly less than twice that of gold, suggesting the right price for silver should be about $17.80. Silver’s slight loss in performance is shown in the gold/silver ratio, which is our next chart.

Silver Market Morning: Mar 17 2017 - Gold jumping after the Fed!

At the close in Shanghai today, the gold price was trading at 275.90 Yuan, which directly translates into $1,242.46. But allowing for the difference of gold being traded this equates to a price of $1,237.46. This more than $11.16 higher than the New York close and $10.46 higher than London. As you can see the price differentials between the three centers has been narrowing considerably. With today being a day when the gold markets are taking a breather after the rise we expect the differentials to continue to narrow as Shanghai pulls gold prices higher across the world.

Is Silver a Better Value than Gold Right Now?

Earlier this month, I wrote that we would have a window of a few more days to weeks in order to get on board with gold and silver mining stocks at a good price for the first half of this year. I also have written extensively this year about the necessity of using hedges during raids on gold and silver combined with temporary moves to cash to balance out any downside exposure during these raids, and mentioned that again we had applied some hedges against paper gold and paper silver during this last raid. We unwound one hedge last Friday, and we unwound the others earlier this week.

March 16: Gold and Silver Gain Again

Gold gained $8.80 to $1228.80 in Asia before it dropped back to $1223.40 in London, but it then climbed to a new session high of $1233.40 in New York and ended with a gain of 0.52%. Silver rose to as high as $17.551 before it fell back to $17.244 in early afternoon New York trade, but it then bounced back higher into the close and ended with a gain of 0.06%.

Silver Market Morning: March-16-2017 -- Silver jumping after the Fed!

As we said yesterday, “One of the dangers of getting carried away by the early days of a new President is that markets can run too far and ahead of the realities facing that President. This may well prove to be the case with the sell-off in gold of late.....” The Fed has not joined in that exuberance, instead of just raising interest rates by 0.25% but making dovish statements that while a total on 3 rate hikes can be expected, the Fed will maintain its accommodative stance. This disappointed many markets sending equity markets higher [because the fear of much higher rates in the future has dissipated] and the dollar lower against all currencies. Gold benefitted and traded higher, but the digestion of the Fed’s speech leaves more gold price rises to come.

March 15: Gold and Silver Gain Almost 2% And 3% After Dovish Fed

Gold gained $6.50 to $1205.20 in Asia before it fell back under unchanged at $1197.80 just after 10AM EST, but it then shot to as high as $1220.60 in the last minutes of trade and ended with a gain of 1.78%. Silver jumped to as high as $17.35 and ended with a gain of 2.55%.

Silver Market Morning: Mar 15 2017 - Gold still waiting for the Fed!

At the close in Shanghai today, the gold price was trading at 272.50 Yuan, which directly translates into $1,226.16. But allowing for the difference of gold being traded this equates to a price of $1,221.16. This more than $22.46 higher than the New York close and $19.16 higher than London.

March 14: Gold and Silver End Lower Before Fed Day

Gold fell $4 to $1200.60 in Asia before it bounced back to $1207.60 in late morning New York trade, but it then drifted back lower into the close and ended with a loss of 0.49%. Silver slipped to as low as $16.866 and ended with a loss of 0.53%.

March 13: Gold and Silver End Near Unchanged As Markets Await Fed

Gold gained $6.60 to $1211.00 in Asia before it dropped back to $1202.50 in midmorning New York trade, but it then chopped back higher at times and ended with a gain of 0.02%. Silver rose to as high as $17.143 before it dropped back to $16.951 and then also bounced back higher, but it still ended with a loss of 0.41%.

Why Did Silver Fall

The question on the lips of everyone who plans to exchange his metal for dollars—widely thought to be money—is why did silver go down? The price of silver in dollar terms dropped from about 18 bucks to about 17, or about 5 percent.

Of Useful Idiots and COMEX Silver Speculators

Incredibly, open interest (OI) on COMEX silver continues to skyrocket, now only a few thousand contracts from all time highs. Why is this happening? Answer: Hedge fund buying with other people’s money. What’s more, the options are largely viewed as sacrifice trades (hedges), seen as lost money before the trade is put on, because if they don’t pay off this means the rest of their gambling probably will.

Silver Market Morning: Mar 13 2017 - Gold consolidating against a weaker dollar!

At the close in Shanghai today, the gold price was trading at 273.0 Yuan, which directly translates into $1,229.71. But allowing for the difference of gold being traded this equates to a price of $1,225.71. This more than $21.31 higher than the New York close and $16.51 higher than London.

March 10: Gold and Silver Fall About 2% and 5% on the Week

Gold fell $6.90 to $1195.00 in Asia before it jumped up to $1206.30 at about 9AM EST and then drifted back below $1200 in the next few hours of trade, but it then rallied back higher into the close and ended with a gain of 0.21%. Silver rose to as high as $17.079 and ended with a gain of 0.41%.

Ron Paul: Testimony in Support of Arizona Honest Money Bill, HB2014

Ron Paul visited the Arizona state Senate Committee on Finance on Wed. March 8, 2017 to testify in support of what he called a "very important" honest money bill, HB2014. "If you want to have liberty and limit the size of government, you have to have honest money," said Paul. The proposed legislation would treat gold and silver as they should be under the Constitution - that is, as money. In doing so, the state would no longer tax "capital gains" on the exchange of federal reserve notes for gold/silver and vice versa.

Market Report: Waiting on the Fed

The bears are quick to point out that $1200 and $17 levels respectively are being breached, and the downtrends are being resumed. This view suits the large bullion banks, which have been running short positions, because it has panicked the managed money crowd into closing their longs on Comex. All this has nothing to do with physical demand, and it is likely that Asians, who are value buyers, are adding to their holdings. Furthermore, the central banks, which tend to buy when physical is offered, are also buyers. So, what this is about is about the dollar, Comex, and nothing more.

Silver Market Morning: Mar 10 2017 - Gold consolidating after the Jobs report!

The demand for gold in Shanghai at the moment is not sufficient to lift its own prices let alone those of New York or London, as we see above. This is in the face of a weakening Yuan. The head of the People’s Bank of China stated that the Yuan exchange rate will remain stable going forward. We are always wary of central bank statements on exchange rates, because history shows that such statements are usually way off the mark.

March 9: Gold and Silver Fall Back to About $1200 and $17

Gold fell $5.20 to $1203.50 in late Asian trade before it bounced back to $1209.00 at about 8AM EST, but it then fell to a new session low of $1201.40 in the last minutes of the day and ended with a loss of 0.56%. Silver slipped to as low as $16.943 and ended with a loss of 1.57%.

13 Stunning Visualizations of Silver Put Global Debt Into Perspective

Although gold has a bigger reputation today as a monetary metal, it was often deemed too valuable for everyday transactions throughout history. For the most part, common people in places like Ancient Rome used silver to buy daily staples like grain or wine. As a result, silver has a strong reputation through monetary history as the “people’s money”. Even today, silver is still much more widely accessible. With one ounce of gold being 70x more expensive than an ounce of silver, it’s difficult for someone who is just starting to accumulate wealth to own gold.

Silver Market Morning: Mar 9 2017 - Gold drifting looking for a bottom!

At the close in Shanghai today, the gold price was trading at 272.01 Yuan once again, which directly translates into $1,224.15. But allowing for the difference of gold being traded this equates to a price of $1,219.15. This is $10.45 higher than the New York close and $14.15 higher than London.

Silver Very Undervalued from Historical Perpective of Ancient Greece

– What wages in ancient Athens can tell us about the silver price today – Wages paid in silver in ancient Athens compared to wages today – Silver massively undervalued compared to the past few thousand years

COMEX Silver Inventory Update: -1,329,524.330 ounces

COMEX Silver Inventory Update: -1,329,524.330 ounces

July 27: Gold and Silver Gain About 2% on the Week

Gold climbed almost 1% to $1629.31 at around 8:20AM EST before it drifted back lower at times in New York, but it then bounced back higher in late trade and ended with a gain of 0.48%. Silver surged to as high as $27.839 before it also fell back off at times, but it still ended with a gain of 0.98%.

COMEX Silver Inventory Update: -287,542.774 ounces

COMEX Silver Inventory Update: -287,542.774 ounces

iShares Silver Trust: 9,759.01 tonnes

iShares Silver Trust: 9,759.01 tonnes

First Majestic Reports Second Quarter Financial Results

FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed interim consolidated financial results for the Company for the second quarter ending June 30, 2012. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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".

COMEX Silver Inventory Update: +555,536.41 ounces

COMEX Silver Inventory Update: +555,536.41 ounces

September 4: Gold and Silver Gain With Dollar

Gold fell a few dollars from last Friday’s close to $1688.31 by a little after 9:30AM EST before it jumped back to $1698.76 in the next half hour of trade and then drifted back lower midday, but it then rallied back higher in late trade and ended with a gain of 0.21%. Silver climbed to $32.27 in Asia before it slipped to $31.90 in London, but it then climbed to as high as $32.40 in New York and ended with a gain of 1.84%.

Fed launches big stimulus, to buy bonds until jobs rebound

The Federal Reserve launched another aggressive stimulus program on Thursday, saying it will buy $40 billion of mortgage debt per month and continue to purchase assets until the outlook for jobs improves substantially.

September 20: Gold and Silver End Mixed

Gold fell $14.70 to $1755.80 at about 6:20AM EST, but it then rose to as high as $1770.42 in New York and ended with a loss of just 0.12%. Silver slipped to as low as $34.084 in London, but it also rallied back higher in New York and ended near its midday high of $34.692 with a gain of 0.03%.

September 26: Gold and Silver End Mixed

Gold dropped $24.60 to $1736.80 by a little before 11AM EST before it bounced back higher midday, but it still ended with a loss of 0.57%. Silver slipped to as low as $33.32 by a little after 8AM EST, but it then rallied back higher throughout most of the rest of trade and ended with a gain of 0.56%.

October 4: Gold and Silver Gain With Stocks and Oil

Gold climbed $16.56 to $1795.06 just before 2PM EST before it pared its gains a bit after the fed released Minutes from their September 12th meeting, but it still ended with a gain of 0.69%. Silver rose to $35.092 in early New York trade before it fell back to $34.655 in the next 15 minutes of trade, but it then rallied back higher for most of the rest of trade and ended with a gain of 1.16%.

COMEX Silver Inventory Update: -379,504.528 ounces

COMEX Silver Inventory Update: -379,504.528 ounces

Fortuna reports record production of 1,027,741 ounces of silver and 5,348 ounces of gold for the third quarter 2012

Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) announces production figures for the third quarter of 2012 from its two 100% owned operating underground mines in Latin America, the San Jose mine in Mexico and the Caylloma mine in Peru.

COMEX Silver Inventory Update: +561,944.440 ounces

COMEX Silver Inventory Update: +561,944.440 ounces

October 17: Gold and Silver Gain While Dollar Drops

Gold climbed up to $1753.30 in Asia before it fell back to $1742.79 by a little before 10AM EST, but it then rallied back higher in the next couple of hours of trade and ended with a gain of 0.6%. Silver rose to $33.14 before it fell back to $32.847, but it then rose to a new session high of $33.255 and ended with a gain of 0.61%.

Silver Stocks vs. Palladium

Before making any investment decision it’s usually good to look at the situation from different perspectives and make sure that the action that you are about to take is really justified. In fact, the same is the case with any other decision as well. In the precious metals market the analysis of gold is usually supplemented by the analysis of silver and gold stocks. At times, analysts focus on other markets that often influence metals: currencies and the general stock market.

November 9: Gold and Silver Gain Over 3% and 5% on the Week

Gold fell $5.72 to $1727.08 by a little after 8AM EST before it climbed to as high as $1738.67 in the next couple of hours of trade, but it then fell back off into the close and ended with a loss of 0.1%. Silver slipped to $32.057 before it shot up to $32.775 and then also fell back off, but it still ended with a gain of 0.46%.

Silver Market Morning

New York closed at $1,711.9 down just over $2.00 on Friday. This morning, Asia and London dealers took higher to trade at $1,723.45 ahead of London’s opening. It was Fixed at $1,723.25 up $13.25 and in the euro at €1,349.663 up €7 from yesterday while the euro was at €1: $1.2768. Ahead of New York’s opening, gold was slightly stronger at $1,724.45 and in the euro at €1,350.49.

Silver Market Morning

New York closed at $1,729.20 up $1.50 on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,729.70 ahead of London’s opening. It was Fixed at $1,729.75 up $3.00 on yesterday morning’s Fix. In the euro it was Fixed at €1,344.226 down €6.5 from yesterday while the euro was stronger at €1: $1.2868. Ahead of New York’s opening, gold was almost the same at $1,730.25 and in the euro at €1,343.73.

Silver Market Morning

New York closed at $1,729.20 barely changed on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,734 ahead of London’s opening. It was Fixed at $1,734.75 up $5.00 on yesterday morning’s Fix. In the euro it was Fixed at €1,345.393 up €1 from yesterday while the euro was slightly stronger at €1: $1.2894. Ahead of New York’s opening, gold was almost the same at $1,733.79 and in the euro at €1,343.73.

November 30: Gold and Silver Fall Almost 2% on the Week

Gold gained $6 to $1731.60 in Asia, but it then fell to as low as $1708.39 in New York and ended with a loss of 0.72%. Silver slumped to as low as $33.151 and ended with a loss of 2.43%.

Silver Market Morning

New York closed at $1,715.20 yesterday. This morning, Asian dealers pushed prices down, unusually, to $1,705 before London opened. It was Fixed at $1,703.00 down $3.75 on yesterday’s Fix. In the euro it was Fixed at €1,300.794 down €5.354 while the euro was stronger at €1: $1.3092 and stabilizing. Ahead of New York’s opening, gold was $1,702.5 and in the euro at €1,301.01.

December 10: Gold and Silver Gain With Stocks

Gold climbed to as high as $1717.20 by about 8:30AM EST before it drifted back lower for most of the rest of trade, but it still ended with a gain of 0.44%. Silver rose to as high as $33.415 ended with a gain of 0.39%.

December 11: Gold and Silver End Slightly Lower

Gold climbed $2.70 to $1714.30 by a little before 8AM EST before it fell back to $1704.82 in the next two and a half hours of trade, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.09%. Silver bumped up to $33.22 before it dropped back to $32.758 and then bounced back higher, but it still ended with a loss of 0.72%.

Pure Bull

PM prices hit yesterday on “supposed” fears that the clueless Fed didn’t announce enough MONEY PRINTING – though they did EXACTLY what was expected – and “deflation fears” when the Dow tanked mid-Afternoon in response to rumors of the long-awaited Moody’s downgrades, announced after the market close. Like the Fed announcement, no one can claim anything was “unexpected” about these downgrades – and, more importantly, such downgrades (in freely traded markets) are PM BULLISH.

Silver Market Morning

Gold closed in New York at $1,573 again. London moved down only slightly to $1,569, while the euro weakened slightly to €1: $1.2450, 50 cents lower. The gold Fix was set at $1,567.75 the same as yesterday and in the euro €1,261.466, €6 higher. Ahead of New York’s opening, gold stood at $1,571.30 and in the euro, €1,260.97 while the euro was at €1: $1.2461.

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.

Silver Market Morning

Gold closed in New York at $1,576.60 up $8. Asia and London took it down $10 to $1,566 as the euro continued to fall and ahead of London’s morning Fix today was set at $1,565.50 down $11 and in the euro at €1,281.097 down €3, while the euro stood at €1: $1.2220 down another 50 cents. Ahead of New York’s opening gold stood at $1,564.10 in the middle and in the euro at €1,284.84 almost unchanged on yesterday.

COMEX Silver Inventory Update: -378,196.144 ounces

COMEX Silver Inventory Update: -378,196.144 ounces

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

After a weekend of critical European elections the gold price started the week in Asia lower at $1,638 lower in the dollar [-$3] but higher in the euro at just below €1: $1.30 then recovered. In the euro the gold price stood at €1,260 up €20 just ahead of London’s opening. There is no Fixing in London today as it is a public holiday. Ahead of New York’s opening it stood at $1,641.25 and in the euro €1,258.53 while the euro was at €1: $1.3041.

Whatever It Takes

The world’s markets are alight with excitement regarding the brain-dead repetition of ECB head Mario Draghi stating he’ll do “whatever it takes” to save the Euro. In other words, what he’s said – and DONE – all along, PRINT MONEY, MANIPULATE MARKETS, and disseminate PROPAGANDA.

July 30: Gold and Silver End Mixed

Gold fell $9.32 to $1614.08 by about 8:30AM EST, but it then climbed to as high as $1624.86 in afternoon New York trade and ended with a loss of 0.08%. Silver slipped to $27.53 in Asia, but it then rose to as high as $28.23 in New York and ended with a gain of 1.55%.

GATA's Chris Powell on the Silver Manipulation Probe & the Fed Gold Audit!

Welcome to Capital Account. JP Morgan said in a court filing that PFG's subpoena of the bank may be overly burdensome. Will JP Morgan find a way to get out of it? It looks like they could be off the hook for accusations of silver manipulation. The Financial Times reported US regulators are increasingly likely to drop the four year investigation of silver manipulation, failing to find enough evidence. Bart Chilton, CFTC Commissioner, told a Motley Fool reporter that this FT report is premature and inaccurate. We find out what Chris Powell, co-founder and treasurer of the Gold Anti- Trust Action Committee, thinks.

Target 1 reached on silver (update on gold)

The initial profit taking target of the "Descending Triangle" pattern of the daily chart (right hand side below) on silver has been reached. The "Head and Shoulders" pattern on the daily chart is still in play.

Fighting Headwinds

This morning, PMs have been fighting the (coerced) headwinds created by the “debate” of whether an official, overt “QE3” program will be launched by the Fed, and WHEN. Why anyone would believe Bernanke would introduce – or even hint at – such a plan at Congressional hearings is beyond me, as such an occurrence has NEVER occurred in U.S. history.

Bolivia says may compensate South American Silver

The Bolivian government is willing to compensate South American Silver Corp for revoking its concession on the Malku Khota project, but it will be far less than the $16 million the company says it has invested, the country's vice president said on Thursday.

Euro shorts smell blood

Within the eurozone there are great stresses. At one extreme there are punitive costs of borrowing for Greece, Cyprus, Portugal, Ireland, Spain and Italy; at the other there is zero or negative interest rates for Germany, the Netherlands and Finland. Doubtless the first group begets the second, as captive investors in euros have to buy government bonds, and this requirement is being funnelled away from risk into safety.

Weekend Update - Silver

In Silver the volume has barely been 40,000 contracts lately on the daily chart, and "Open Interest" is around 120,000 contracts. Those traders who currently have a big position in Silver have a "ruling" hand right now. Should large orders "at the market" come in to cover shorts, or liquidate long positions it is likely to cause violent price action out of nowhere.

NYMEX Daily Reports

The CME Group Daily Bulletin now contains information formerly found in the NYMEX, COMEX and DME fact sheets and open interest reports. However, only those products that have volume and open interest are displayed. Please review the Daily Bulletin Sample and Description to familiarize yourself with the new format.

June 12: Gold and Silver Gain About 1%

Gold fell $13.81 to $1586.39 by a little before 6AM EST, but it then shot back higher in morning New York trade and ended near its midday high of $1617.38 with a gain of 0.71%. Silver surged to as high as $29.042 and ended with a gain of 1.29%.