• Gold: 1,275.38 -9.52
  • Silver: 17.89 -0.06
  • Euro: 1.086 0.016
  • USDX: 99.097 -0.88
  • Oil: 49.18 -0.5

Silver’s… Comeback and Other Important Signals

2 hours 4 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.

Market Report: Bear squeeze continues

This week saw some consolidation of the rise in gold and silver prices since the start of the year. This is hardly surprising, because in four weeks, gold has risen from an intraday low of $1122.9 through $1200 with very little consolidation. Therefore, to tick back from $1219 to find support at the $1200 is only to be expected.

Silver Market Morning: Jan 20 2017 - Gold and Silver consolidating around $1,200!

Some may feel that because London is the main physical market in the developed world it supplies China exclusively. Yes, the world’s main bullion banks are based in London, but they operate in both centers. Their hold over supply is far less than most believe. For instance the Rand Refinery in Johannesburg South Africa will sell to any buyer including the Chinese directly. It does not have exclusive agreements with the world’s main banks, as it had in 1974 with the three main Swiss Banks [the ‘pool’].

January 19: Gold Pares Early Losses To End Only Slightly Lower

Gold fell $7.89 to $1197.71 in Asia before it bounced back to $1205.85 in early New York trade and then fell to a new session low of $1195.98 at about 10AM EST, but it then rallied back higher into the close and ended with a loss of just 0.07%. Silver slipped to as low as $16.736 before it also bounced back higher, but it still ended with a loss of 0.47%.

Silver Market Morning: Jan 19 2017 - Gold and Silver consolidating over $1,200!

Shanghai continues to trade over 271 Yuan holding its ground. The reason for the fall in dollar prices was a strengthening of the U.S. dollar. In the last month the Yuan gold price has gone from 259 to 272 with the gold price in Yuan. We stated yesterday that, “if pricing power does reside in Shanghai as it has done in the last fortnight the Yuan price of gold will either hold or rise in the Yuan.” It has held these levels.

January 18: Gold and Silver Fall Back Towards $1200 and $17

Gold dipped $5.42 to $1210.18 in Asia before it bounced back to $1216.43 in late morning New York trade, but it then fell back off in afternoon trade and ended with a loss of 0.82%. Silver rose to as high as $17.33 before it also fell back off, but it ended with a loss of just 0.52%.

SilverCrest Reports More High Grade Underground Sampling Results at Las Chispas; Update on Phase II Drill Program

SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to provide an update on the underground rehabilitation and drill programs at its Las Chispas Property (“Las Chispas”) located in Sonora, Mexico, and report on additional high grade underground sampling results on the 550 level of the Las Chispas Vein.

Silver Market Morning: Jan 18 2017 - Gold and Silver moving higher with a lower $!

Shanghai gold held the same levels as yesterday, today, of around 272 Yuan. Because of the PBoC’s selling dollars to strengthen the Yuan it does seem that the gold price in the dollar jumped over $13 on yesterday in Shanghai. If one takes today’s Yuan exchange rate and uses that to translate 272 Yuan into a dollar price you arrive at $1,236. In the last week the Yuan exchange rate has gone from 6.94 to 6.84 with the gold price in Yuan rising 8 Yuan at the same time.

January 17: Gold and Silver Gain Over 1% and 2%

Gold traded mostly modestly higher in holiday thinned trade yesterday and rose to as high as $1218.68 in London today before it chopped back lower at times in New York, but it still ended with a gain of 1.44% from Friday’s close. Silver rose to as high as $17.20 and ended with a gain of 2.2%.

Silver Market Morning: Jan 17 2017 - Gold and Silver moving higher with a lower $!

Chinese investors know the Yuan will continue to fall and are protecting themselves against this. While the People’s Bank of China has been selling dollars to lift the Yuan over the last week, we doubt they will keep doing this after President Trump as of the 20th January takes office. China is preparing for a confrontation with him. We therefore see the Yuan continuing to weaken in 2017 and Chinese demand to remain robust, despite Xi’s plea not to go to a trade war and keep markets free at Davos.

Keith Neumeyer: Damage Inflicted by Precious Metals Manipulation Is in the “Multi Billions”

It is my privilege now to bring in Keith Neumeyer, founder and CEO of First Majestic Silver Corp, one of the top silver mining companies in the world. Keith has an extensive background in the resource and finance sectors and has also been an outspoken voice about the manipulation that has been occurring in the futures market pricing of silver.

Silver Market Morning: Jan 16 2017 - Gold and Silver correcting, U.S. buying!

Shanghai gold prices, having corrected on Friday, are, again, moving higher in Shanghai touching 270.1 Yuan or $1,211.1 in today’s trading [using the same quality of gold]. It is always tempting to make prices simple to understand even if it means attributing any moves in the gold price to any handy piece of news locally. But that would be misleading. Chinese prices are rising because of Chinese market conditions, not because of Trump’s latest tweet.

January 13: Gold and Silver Gain About 2% on the Week

Gold edged down to $1192.24 in Asia before it bounced back to $1200.63 in London and then fell to a new session low of $1188.00 in midmorning New York trade, but it then rallied back higher into the close and ended with a gain of 0.24%. Silver rose to as high as $16.838 and ended with a gain of 0.12%.

Cambridge House International and Katusa Research: Vancouver Resource Investment Conference 2017

Highlights at the conference will be a fire-side chat with mining billionaire, Frank Giustra, Morning Star's #1 rated gold fund manager, Frank Holmes, several live-on stage "CEO grillings" hosted by Katusa Research founder and CEO, Marin Katusa, and a Roast of legendary investor, author and mining newsletter writer, Doug Casey.

Silver Prices for the Year 2017

How low and how high will the price of silver range on the PAPER markets during 2017? Knowing the influence central bankers, politicians, HFT algos, bullion banks and JPMorgan exercise over increasingly managed markets … it is impossible to answer the question, and it is probably the wrong question to ask.

Market Report: Rally gathers pace

Gold and silver continued their rise this week in very light physical trade, though trade in futures was active. From last Friday’s close, gold rose $20 to $1193, and silver by 30c to $16.76 in early European trade this morning. Behind the rise in gold was a fall in the dollar, which had been very strong in the second half of 2016. In early European trade this morning prices have opened steady, below the intraday highs of yesterday, as dealers try to decide if there will be some profit-taking after a strong week.

Silver Market Morning: Jan 13 2017 - Gold and Silver Correcting!

Shanghai gold prices corrected this morning in Shanghai. While we cannot get access today’s Shanghai’s Fixings, gold was trading down, between $1,191 and $1,196 or back to 263.73 Yuan and 264.83 Yuan. After the gold price rises in Shanghai during this week, a correction was needed to make the market healthy.

January 12: Gold and Silver Gain While Stocks and Dollar Fall

Gold gained $16.02 to $1206.92 in Asia before it drifted back lower in London and New York, but it still ended with a gain of 0.38%. Silver rose to as high as $16.982 and ended with a gain of 0.3%.

Silver Market Morning: Jan 12 2017 - The dollar is lower against gold and gold higher against all currencies!

Shanghai continues to lead the way for the gold price. And as happened yesterday London and New York rose too. With Shanghai prices continuing to rise we expect London and New York to rise again too. To catch Shanghai up, prices in New York need to rise another $15. London is now in line with yesterday’s Shanghai gold price.

January 11: Gold Gains Again While Silver Slips

Gold edged up to $1191.26 in Asia before it fell back to $1177.25 in midmorning New York trade, but it then jumped to as high as $1198.13 in early afternoon trade and ended with a gain of 0.31%. Silver slipped to $16.534 before it rallied back to $16.86 and then fell back off into the close, but it ended with a loss of just 0.36%.

Silver Market Morning: Jan 11 2017 - Shanghai taking gold higher!

If Shanghai is leading the way for the gold price, we would expect London and New York to rise too. Consequently, the gold price needs to move to $1,200 for it to be in line with Shanghai now. Shanghai on Tuesday was $13 higher than the close of New York. This morning London opened only $10.59 lower than yesterday’s Shanghai closing. And this strength in gold is happening while the dollar is rising and the Yuan slipping slightly.

January 10: Gold and Silver Gain Again

Gold gained $5.05 to $1187.55 in Asia before it fell to see a slight loss at $1181.07 in London, but it then jumped to as high as $1190.45 in New York and ended with a gain of 0.4%. Silver rose as high as $16.904 and ended with a gain of 1.33%.

Silver Market Morning: Jan 10 2017 - Shanghai London and New York prices coming in line!

Again New York’s prices are moving up towards Shanghai’s, which continues to rise steadily but solidly. Shanghai on Monday was only $6.50 higher than the close of New York. This morning London opened only $3.50 lower than Shanghai. The weaker dollar is impacting the gold price, to the relief of the People’s Bank of China.

January 9,: Gold and Silver Gain Almost 1% While Dow Drops With Dollar

Gold gained $12.88 to $1185.88 in early afternoon New York trade before it drifted back lower into the close, but it still ended with a gain of 0.81%. Silver surged to as high as $16.69 and ended with a gain of 0.55%.

Silver Market Morning: Jan 9 2017 - Shanghai dominating London and New York prices!

London is the developed world’s heart of the physical gold market. New York is the paper market. ‘Paper gold prices’ cannot overrule physical prices. It seems obvious, but it isn’t as COMEX has dominated gold prices [with the support of physical sales into London] for several years.

January 6: Gold and Silver Gain About 2% and 3% on the Week

Gold fell $10.21 to $1170.99 by early afternoon in New York before it bounced back higher into the close, but it still ended with a loss of 0.69%. Silver slipped to as low as $16.307 and ended with a loss of 0.84%.

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.