• Gold: 1,246.49 -1.41
  • Silver: 17.54 0.01
  • Euro: 1.079 -0.000
  • USDX: 99.764 0.087
  • Oil: 48.4 0.25

March 22: Gold and Silver Gain Again

8 hours 8 min ago

Gold gained $4.40 to $1249.00 in Asia before it fell back to unchanged at $1244.60 in London, but it then jumped to as high as $1251.30 in New York and ended with a gain of 0.26%. Silver rose to as high as $17.586 and ended with a gain of 0.06%.

Silver Market Morning: Dec 16 2016 - Gold and Silver stabilizing?

Shanghai prices fell around 1% today, after New York’s fall of 1.3% signalling a calmer market despite the fall caused by ongoing ETF sales. When translating Yuan prices into the dollar equivalent we see the ‘discount’ of New York to Shanghai prices rising to $44.19 the highest ever seen. Against London’s opening of $1,133.85 the London ‘discount’ was $38.19, again the highest we have ever seen. Once again this is accounted for by the dollar’s ongoing strength.

December 15: Gold and Silver Fall Roughly 1% and 5% More

Gold fell $19.72 to $1122.88 in late morning New York trade before it bounced back higher in early afternoon trade, but it still ended with a loss of 1.33%. Silver slipped to as low as $15.879 and ended with a loss of 4.76%.

Six Hundred Million Ounces of Silver to be Consumed in Photovoltaics and Ethylene Oxide Production Through 2020

Two of the everyday industrial uses for silver are in photovoltaic cells (the main constituents of solar panels) and as a catalyst for the production of ethylene oxide (an important precursor in the production of plastics and chemicals). These two uses of silver will together account for 120 Moz per year of consumption on average from 2016 to 2020, an increase of 32% compared to 2015 levels, according to a new report issued today by the Silver Institute.

Silver Market Morning: Dec 15 2016 - Gold and Silver thumped by Fed statement!

Shanghai prices held $33.94 higher levels than prices in New York. London opened at a higher discount to Shanghai of $39.74. In the last day London and New York gold prices have dropped in the dollar around 11% whereas Shanghai gold prices in the Yuan have dropped only 0.5%. This is an important point, we feel pointing to volatility in London and New York continuing then doing so both ways. i.e. Shanghai is implying that gold prices are falling too far too fast, despite the rising dollar.

December 14: Gold and Silver Fall After Fed Rate Hike

Gold gained $6.32 to $1164.92 in early New York trade, but it then fell markedly after the fed announced an expected interest rate hike and ended near its last minute low of $1139.65 with a loss of 1.38%. Silver slipped to as low $16.745 and ended with a loss of 0.65%.

David Morgan on a Better Year Ahead and the Silver Fix

On election night, gold surged nearly 5 percent–its biggest single-day gain since June 2016. But when Trump took to the stage a few hours later, the price of gold plunged to $1,302.42. Gold dropped even further to $1,217.25 on a stronger US dollar and an anticipated Federal Reserve interest rate hike in December.

Silver Market Morning: Dec 14 2016 - Gold and Silver waiting for the Fed?

It is again reported that the requirement for importing gold into China is a ‘licence for each batch’ of gold imported. Yes, the PBoC can restrain these licenses to limit imports, but it is unlikely that they would hold back such licenses. There is no confirmation of the refusal to issue licenses by the PBoC to gold importers, so we would question such control until there is evidence.

December 13: Gold and Silver End Slightly Lower Before Fed Day

Gold dipped to $1157.68 in London before it edged up to $1163.46 at about 8:30AM EST, but it then fell back to $1154.62 in the next 90 minutes of trade and ended with a loss of 0.31%. Silver slipped to as low as $16.77 and ended with a loss of 0.94%.

Silver Manipulation In Detail

Nick Laird and his service, GoldCharts 'R' Us, has long been an ally in the battle against Bank precious metals manipulation. In light if the recent revelations from Deutschebank, Nick has compiled some of the data into charts that you simply MUST take the time to review. Nick's tremendous service can be found at his website: http://www.goldchartsrus.com He has a subscription component that helps him to pay the bills but he also churns out free information and charts on a regular basis. It is his latest public post that caught our attention when we found it linked to the GATA website earlier today.

Silver Market Morning: Dec 13 2016 - Gold and Silver starting to bounce?

The fall in the gold price halted yesterday as the volume of sales from U.S. based gold ETFs became small. We have not seen a rally since the gold price broke down through $1,210 so one is overdue. But we expect to see no change in trend until the ‘honeymoon’ with Trump is over. That could be early in his Presidency as he is alienating his own party as well as many nations across the world. Until then, while we are seeing a bear market in bonds, a bear market in equities is yet to begin. When it comes, not a few eyes will be watering.

December 12: Gold and Silver Gain With Oil

Gold fell $7.47 to $1151.53 in Asia before it climbed up to $1165.65 in early afternoon New York trade and then drifted back lower in the last few hours, but it still ended with a gain of 0.28%. Silver rose to as high as $17.191 and ended with a gain of 1.31%.

Traders Accused of Rigging the Silver Market

Bloomberg's Christian Berthelsen reports on traders manipulating silver prices. He speaks on "Bloomberg Markets." (Source: Bloomberg)

‘3, 2, 1, Boom’ -- Silver-Fixing Allegations in a Dozen Chats

A cache of documents from Deutsche Bank AG include what a group of silver investors claim is a “smoking gun”: private electronic chats showing traders from numerous banks conspiring to rig prices from 2007 to 2013, according to a court filing in New York last week.

SilverCrest Provides Corporate Update

SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce that N. Eric Fier, President of the Company has returned from his partial leave of absence due to medical reasons and will resume his full‑time duties as Chief Executive Officer, effective January 1, 2017.

Silver Market Morning: Dec 12 2016 - Gold and Silver break down again!

While Shanghai prices fell, they did not follow New York leaving New York at a higher discount to Shanghai of $29.21. London opened at a higher discount to Shanghai of $33.21. This further emphasizes that the two markets are structurally different to each other. The physically settled Shanghai transactions and the paper transactions of New York and London. The London OTC [over the counter] markets is one where well over 95% of transactions are closed out before maturity.

December 9: Gold Dips 1% on the Week While Silver Gains 1%

Gold edged up to $1172.01 in late Asian trade, but it then chopped back lower in London and New York and ended near its midafternoon low of $1156.46 with a loss of 1.01%. Silver slipped to as low as $16.791 and ended with a loss of 0.94%.

Market Report: Gold steadies

Today gold is unchanged from last Friday’s close at $1170 and silver is up 34 cents at $17.10, in mid-morning European trade this morning. However, bearish commentary is increasing, with increasing numbers of know-it-alls always ready to dream up stories as to why gold has fallen, and why it will collapse further. While no one knows future prices, when increasing numbers of ill-informed commentators profess to, it can usually be taken as a contrary indicator, rather like an oversold index. So the few who say they are bullish at current levels have a reasonable chance of being right, though it may take a little time to be proved.

CONFIRMED: Banks Rigging Silver Market

According to the plaintiffs, records surrendered by Deutsche Bank show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

Silver Market Morning: Dec 9 2016 - Gold and Silver holding their ground!

Shanghai prices moved lower today despite more gold ETF selling in New York. Prices in Shanghai were $20.00 higher than New York and $22 above London’s opening [allowing for the difference in the quality of gold priced in the different markets]. With lower Shanghai prices and a weaker Yuan the story that government restraints on the import of gold appear to be ‘not credible’. The continuation of the very high discounts levels to Shanghai prices argue for U.S. gold sold to be arriving in China to satisfy demand there.

December 8: Gold and Silver End Slightly Lower While Dollar Jumps

Gold edged up to $1177.99 by a little before 8AM EST before it fell back to $1169.29 in the next hour of trade and then chopped back higher at times, but it still ended with a loss of 0.19%. Silver slipped to as low as $16.961 and ended with a loss of 0.64%.

CASE CLOSED: The Fact of Bullion Bank Gold and Silver Price Manipulation

Back in April, the Cartel Shills and Apologists attempted to minimize the news that a settlement had been reached regarding a "nuisance lawsuit" alleging price rigging in gold and silver. As we told you at the time and on many occasions since, this case is instead quite significant and very important. The latest update on the case, released late yesterday, sheds more light upon what we've always known was taking place behind the scenes in the "free and fair precious metals markets".

How to Trigger a Silver Avalanche by a Pebble: “Smash(ed) it Good”

Assuming the transcripts submitted are accepted and plaintiffs are permitted to file their Third Amended Complaint, the possible pending “avalanche” of settlements in silver lawsuits will speak volumes for the investigative prowess of the CFTC and the DOJ, both of which were commissioned to investigate long running allegations of silver and precious metals market manipulation over recent years, and came up completely empty.

Deutsche Bank Records Said to Show Silver Rigging at Other Banks

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

Silver Market Morning: Dec 8 2016 - Gold and Silver building on support!

Some reports state that Chinese gold prices were ‘at a premium’ to New York’s prices. It would be more accurate to say that New York prices are at a discount to Shanghai prices in view of the more stable market in Shanghai. Capital restrictions in China have not been confirmed. We doubt that this would be true in view of the government’s encouragement of buying of gold at retail, institutional and government levels.

December 7: Gold and Silver Gain With Stocks and Bonds

Gold gained $11.03 to $1180.13 by midmorning in New York before it drifted back lower into the close, but it still ended with a gain of 0.33%. Silver surged to as high as $17.216 and ended with a gain of 2.45%.

Silver Market Morning

The New York gold price rose slightly to $1,290.90 up $1.00 at the close on Wednesday. Asia held it there ahead of London’s opening. London held it there before Fixing the gold price at $1,290.25 up $3.75. In the euro, it Fixed at €943.648 up €0.812, while the dollar stood at $1.3673, almost unchanged. Ahead of the opening in New York gold stood at $1,292.50 and in the euro at €945.88.

Silver Market Morning

The New York gold price saw gold pause at $1,318 with Asia holding it there before London took it down steadily to $1,314 In London it Fixed at $1,314 down $12.00. In the euro, it Fixed at €957.586 down just over €10.00, while the dollar stood at $1.3722, weaker again. Ahead of the opening in New York gold stood at $1,313.75 and in the euro at €956.57.

SilverCrest Receives US$10 Million Commitment from Sandstorm Gold for Underground Mine Option at Santa Elena

SilverCrest Mines Inc. (TSX:SVL)(NYSE MKT:SVLC) ("SilverCrest" or "the Company") is pleased to announce it has received notice of exercise of the Underground Mine Option from Sandstorm Gold Ltd. ("Sandstorm") for the Santa Elena Mine, Sonora, Mexico. This Option allows Sandstorm to purchase 20% of the gold produced from underground operations at the Santa Elena. In consideration of exercise of the option, Sandstorm will make an additional upfront deposit of US$10 million to the Company on or before March 17, 2014 and will continue to make ongoing per ounce payments of US$350 until 50,000 ounces of gold have been delivered to Sandstorm, inclusive of 18,593 ounces already received from open-pit production, at which time the payments will increase to US$450 per ounce of gold.

February 27: Gold and Silver End Slightly Higher

Gold dropped $5.05 to $1323.95 in late Asian trade before it rebounded to $1335.36 at about 10:30AM EST and then drifted back to $1326.99 in the next four hours of trade, but it then rallied back higher in late trade and ended with a gain of 0.11%. Silver slipped to $21.002 in Asia before it bounced back to $21.485 in London and then chopped back lower in New York, but it still ended with a gain of 0.19%.

March 7: Gold and Silver End Mixed on the Week

Gold edged down to $1346.45 in Asia before it rebounded to $1352.69 at about 8:20AM EST and then dropped back to as low as $1329.28 after this morning’s jobs report was released, but it then rallied back higher in the last four and a half hours of trade and ended with a loss of just 0.82%. Silver slumped to as low $20.769 before it also rallied back higher, but is still ended with a loss of 2.7%.

Santacruz Silver Mining Ltd. (TSXV:SCZ) Follow-Up #3

In 2014, production at Rosario is targeted to be 500 tons/day. The Company plans exploration and additional geologic evaluation, including diamond drilling on its properties, to define and expand resources to NI43-101 compliance.

Santacruz Silver Provides Q4 2013 & January 2014 Operations Update for Rosario Mine

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to provide production results and an update of activities at its Rosario Mine located in San Luis Potosi, Mexico.

Silver Market Morning

The New York gold price closed at $1,280.50 down $2.80 on Tuesday, in New York. Asia lifted the price $4 on Wednesday morning. London held it there at the opening. The gold price was Fixed in London at $1,284.00 down $2.50. In the euro, it Fixed at €93o.907 down €1.542 as the dollar stood at $1.3793 up from $1.3797: €1. Ahead of the opening in New York gold stood at $1,283.70 and in the euro at €930.86.

Silver Market Morning

The New York gold price closed at $1,292 up $7.50 on Wednesday, in New York. Asia held the price there on Thursday morning. London took it down $5. The gold price was Fixed in London at $1,287.25 up $3.25. In the euro, it Fixed at €935.094 up €4.187 as the dollar stood at $1.3766 up from $1.3793: €1. Ahead of the opening in New York gold stood at $1,286.65 and in the euro at €934.79.

Silver Market Morning

The New York gold price closed at $1,286.30 down $5.70 on Thursday, in New York. Asia held the price there on Friday morning, before London lifted it over $1,290 ahead of the Fix. The gold price was Fixed in London at $1,293.50 up $6.25. In the euro, it Fixed at €943.747 up €8.653 as the euro was weaker at $1.3706 up from $1.3766: €1. Ahead of the opening in New York gold stood at $1,291.40 and in the euro at €941.97.

Silver Market Morning

The gold price closed at $1,318.00 up $6.90 on Thursday, in New York. Asia lifted it to $1,319.35 ahead of London’s opening. The gold price was Fixed in London at $1,317.25 down $4.25. In the euro, it Fixed at €948.617 down €4.571 as the euro was weaker at $1.3886 down from $1.3866: €1. Ahead of the opening in New York gold stood at $1,322.25 and in the euro at €951.53.

SilverCrest Announces Q1 Production; 201,101 Ounces Silver and 7,545 Ounces Gold

SilverCrest Mines Inc. (NYSE MKT:SVLC)(SVL.TO) (the "Company") is pleased to announce silver and gold production numbers for the first quarter of 2014 from its 100% owned Santa Elena Mine located in Sonora, Mexico.

Silver Market Morning

After Mario Draghi’s confirming that he wants to see a weaker euro, the market has obliged by pulling it back from its recent peak just under $1.40: €1 to $1.38: €1. If gold is moved in the same way as gold, we come to $1,307. This is where the gold price is now. We did not see selling of gold to press the gold price down, but dealer’s adjustment of prices in line with the dollar’s strength. Like the waves on the seashore the gold price fell but we believe this will bring in Asian buyers allowing the gold price to move higher after the current consolidation is complete.

Silver Market Morning

The gold price closed at $1,302.90 down $23.80 Tuesday, in New York. Asia pulled it down to $1,295 initially before lifting it back to $1,300 ahead of London’s opening, where it rose to $1,304. The gold price was then Fixed in London at $1,299.00 down $12.50, because of the stronger euro. In the euro, it Fixed at €938.584 down €11.847 as the euro was stronger at $1.3840 down from $1.3800: €1. Ahead of the opening in New York gold stood at $1,302.90 and in the euro at €941.40.

Santacruz Silver Announces First Quarter 2014 Production Results/ Ramp Up Program at Rosario Mine is on Schedule

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to announce first quarter 2014 production of 159,729 silver equivalent ounces from the Company's Rosario Mine in San Luis Potosi, Mexico. This production represents a 260% quarter over quarter increase as compared with Q4 2013 and demonstrates the Company is on schedule to meet its production target of between 850,000 to 1,100,000 silver equivalent ounces by the year-end 2014.

Excellon reports results of annual meeting of shareholders

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report that shareholders voted in favour of all items of business, including the election of each director at the 2014 Annual General Meeting (the "Meeting") held on April 29, 2014.

Silver Market Morning

The gold price closed at $1,290.4 down $5.70 on yesterday, in New York. In Asia it was being pulled back to $1,283. London is closed today. The dollar weakened to $1.3880 nearly half a cent lower. Ahead of the opening of New York, gold stood at $1,286.10 and in the euro at €926.65.

May Decline in Gold and Silver Stocks Would Create Opportunity

Last week we noted that the gold and silver shares had formed a short-term rebound in response to an oversold condition. Yet we felt that the downtrend that originated from the hard reversal in March was still in effect. As we go to publish, the rebound appears to be petering out. Be aware that there is more potential downside in May. The good news is a decline in May will likely create a great buying opportunity at the end of the month and in June.

Manipulation 101 ... The Pithy Version

The goal of The Powers That Be is to keep the grassroots masses from reaching an "orientation" that values precious metals over paper dollars that are backed only by the "full faith and credit" of U.S. Government.

Silver Market Morning

The gold price closed at $1,298.30 in a $13.40 rebound on Friday, in New York. In Asia and London it was being lifted strongly to $1315.00. London was closed so we watch to see just how New York will play gold. The euro stood at $1.3874. Ahead of the opening of New York, gold stood at $1,311.65 and in the euro at €945.65.

Silver Market Morning

The gold price closed at $1,289.20 down only $0.20 yesterday, in New York. In Asia and London the gold price lifted back to $1,291. The gold Fixing was set at $1,289.00 down $2.25 and in the euro at €933.246 up €7.22 while the euro stood at $1.3812 nearly 2 cents down from the week’s peak. Ahead of New York’s opening the gold price stood at $1,289.40 and in the euro at €933.33.

May 9: Gold and Silver End Slightly Lower on the Week

Gold climbed $5.04 to $1294.24 by a little before 8AM EST before it dropped back to $1285.54 in the next four and a half hours of trade, but it then bounced back higher into the close and ended with a loss of just 0.04%. Silver slipped to as low as $19.052 and ended with loss of 0.1%.

May 12: Gold Gains and Silver Surges

Gold dropped $8.73 to $1279.97 at the open of trade last night, but it then jumped to as high as $1302.77 at about 8:30AM EST today and ended with a gain of 0.62%. Silver surged to as high as $19.647 and ended with a gain of 2.09%.

Who should GAO believe - Ted Butler or Bart Chilton?

In a recent column, silver analyst Theodore Butler presented information that leaves him somewhat optimistic that the Government Accountability Office(GAO) is looking into the possibility that the silver markets might be rigged or manipulated.

May 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%.

Daily Silver Data

Statistics about silver that change every day.

Silver Market Morning

Silver Update

Here are a few patterns that might explain the current state of the silver price, as well as, provide the possible way forward. Below is a graphic which compares the current pattern on silver (from about the beginning of 2011 to present) to a 2007 pattern:

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 Update

The patterns forming in gold and silver are remarkably similar, and much of what has been written in the parallel Gold Market update applies equally to silver, so it will not be repeated here. The big question is "has silver finally bottomed?" - that is the question that we are going to attempt to answer in this update.

May 22: Gold and Silver End Over 1% Lower

Gold dropped $19.82 to $1573.18 by about 5AM EST before it climbed back above $1590 by late morning in New York, but it then fell back off into the close and ended with a loss of 1.64%. Silver slipped to $28.015 before it surged to as high as $28.804, but it also fell back off in late trade and ended with a loss of 1.26%.

Julian Phillips: Silver Price Falls with Euro; in hands of traders

Comment Wire: The fall in the silver price to current levels of $27.34 reflects the fall in the euro and not that rise of the dollar. Both gold and silver have for so long been treated as "counters to the dollar" to quote the Bundesbank's ex-President Herr Weber. But this does not mean, after market volatility says differently, that silver should move with the euro.

Ranting Andy on Silver

June 1, 2012 will be remembered as a watershed day. “Cartel Rule #1” was already broken on Wednesday – i.e., “thou shalt not let PMs rise when the Dow plunges,” and nearly was yesterday as well, until they viciously ATTACKED PMs and GOOSED the “Dow Jones Propaganda Average” at midday. But today – with European markets already in freefall, the BLS published its third straight catastrophic NFP employment report.

iShares Silver Trust: 9,643.17 tonnes

iShares Silver Trust: 9,643.17 tonnes

Silver Market Morning

Gold closed in New York at $1,620.40 and in London’s early morning fell to $1,615.75. There is no Fixing in London today due to the Jubilee celebrations. Ahead of New York’s opening gold stood at $1,618.22 and in the euro, €1,301.55 while the euro was at €1: $1.2433.

This Ain't The Bottom (But you can see it from here)

Wallace, Idaho – Bernard Baruch famously said: “Don't try to buy at the bottom and sell at the top. It can't be done except by liars.” Good advice. So many ersatz experts are calling this the bottom for silver and gold that it absolutely cannot be the actual bottom. It may be so close that we can see it, but we're willing to ride this elevator down a few more floors before we hit that big red STOP button.

June 6: Gold Gains While Silver Surges

Gold rose $22.40 to $1640.80 at about 8:30AM EST, but it then fell back off in early afternoon trade and ended with a gain of just 0.07%. Silver surged to as high as $29.895 before it also fell back off, but it still ended with a gain of 2.94%.

Silver Offers A Great Opportunity

For more silver and gold analysis and guidance, see my Long-term Silver Fractal Report & Long-term Gold Fractal Report or subscribe to my Premium Service.

COMEX Silver Inventory Update: -27,627.307 ounces

COMEX Silver Inventory Update: -27,627.307 ounces

CFTC Chairman Gary Gensler on C-SPAN

Gary Gensler talked about Commodity Futures Trading Commission oversight of commodity "futures," and he responded to telephone calls and electronic communications.

The Premier Safe Haven

Precious Metals are yet again asserting themselves following MULTIPLE attempts to push them down – first at the usual 12:00 PM EST with most markets flat, then late in the afternoon when the “DOW JONES PROPAGANDA AVERAGE” started plunging. TPTB are horrified that their pathetic “Spanish Bailout” ploy failed, with stock and markets plunging worldwide – notwithstanding yesterday’s blatant prop job. If gold remains positive by day’s close – and the Dow stays down – this will be the fourth such time in two weeks – SHOUTING to the world that gold is, indeed, the premier safe haven asset. With the potentially catastrophic Greek elections this weekend – and fears of an Italian contagion, be prepared for ANYTHING in the coming days.

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.

Vintage Gold Cartel

This week has been vintage Gold Cartel/JP Morgan in action. The gold/price action has been counterintuitive until today. Meanwhile, the silver open interest is near at its recent highs, as JPM has stopped all silver rallies whenever the price reached $29 per ounce. Take a look at the silver chart of late. Now they have made their move along with the rest of The Gold Cartel. Spec precious metals longs are terrified and many forced to exit their positions.

Silver coins hot up in India as gold sales weaken

With gold prices too hot for many in India, silver has regained its sheen. Sales of silver coins are soaring in India, with most consumers buying silver coins which herald good luck and prosperity. Gold, on the other hand, has hit several highs in the last couple of days, deterring buyers from the precious metal. Delayed monsoons in India have all but grounded sale of gold too. In rural India, sales of the yellow metal are closely linked to monsoon, since good rains that bring on a rich harvest will boost gold purchases by farmers.

Pan American Silver Falls to Levels Below Book Value

In trading on Friday, shares of Pan American Silver Corp. (Toronto: PAA) crossed below their last reported book value — defined as common shareholder equity per share — of $17.83, changing hands as low as $17.70 per share. Pan American Silver Corp. shares are currently trading down about 3.2% on the day.

Silver Market Morning

Gold closed in New York at $1,572. London opened at the same level, but as the euro slipped slightly it slipped marginally too, but then recovered ahead of the Fixing in London to Fix at $1,569.00 and in the euro at €1,256.406 almost the same as Friday’s level. Ahead of New York’s opening gold stood at $1,570.30and in the euro, €1,257.25 while the euro was at €1: $1.2490.

Perfect Storm Brewing

The markets are in turmoil for the same cadre of horrible trends as usual, starting with Spanish bond yield surging above 7%, uncertainty about the toothless European Summit, PLUNGING British bank stocks on the heels of “LIEBOR” fraud (Barclays, down 17% today alone) and unattainable ATM funds (RBS, down 13%). Throw in the Supreme Court’s insane upholding of Obamacare, in which the only justice to vote against his party was Chief Justice Roberts, and further weakness in jobless claims, and you have a perfect storm brewing.

July 16: Gold and Silver End With Slight Gains

Gold dropped down to as low as $1578.51 by a little after 8AM EST, but it then rose to as high as $1594.61 in late morning New York trade and ended with a gain of 0.09%. Silver surged to as high as $27.42 and ended with a gain of 0.22%.

First Majestic Produces 2.1 Million Silver Equivalent Ounces in Second Quarter

First Majestic Silver Corp. ("First Majestic" or the "Company") (FR.TO)(AG)(FMV.F) (WKN:A0LHKJ)is pleased to announce that total production at its three mines in Mexico for the second quarter ending June 30, 2012 reached 2,102,222 equivalent ounces of silver, representing a 14% increase compared to the same quarter in 2011.

Silver Market Morning

Gold closed in New York at $1,581.70 yesterday down $7.80. Asia took it to $1,582 ahead of London’s opening. London’s morning Fix today was set at $1,579.50 down $6 on yesterday and in the euro at €1,298.651, while the euro stood at €1: $1.2257 down half a cent on the dollar. Ahead of New York’s opening gold stood at $1,579.32 in the middle and in the euro at €1,290.66.