• Gold: 1,275.99 -4.17
  • Silver: 16.97 -0.06
  • Euro: 1.176 -0.001
  • USDX: 93.867 0.166
  • Oil: 52.14 0.14

October 20: Gold and Silver Fall About 2% on the Week

2 days 11 hours ago

Gold drifted lower throughout most of world trade and ended near its early afternoon New York low of $1278.00 with a loss of 0.62%. Silver slipped to as low as $16.946 and ended with a loss of 1.16%.

Silvercorp Declares Dividend - US$0.01 Semi-Annual, up from CAD $0.01

Silvercorp Metals Inc. ("Silvercorp" or the "Company") today announced that its Board of Directors declared a dividend of US$0.01 to be paid on or before June 30 th, 2017 to shareholders of record at the close of business June 9 th 2017.

Silvercorp Net Income $43.7 Million, $0.26 Per Share, For Fiscal 2017

Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE: SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2017. All amounts are expressed in US Dollars.

Silver Market Morning: May 26 2017 - Gold moving up just above the narrow trading channel!

New York closed $6.08 lower than Shanghai’s close yesterday. London opened today at a $3.87 discount to Shanghai. And there you have it. The evidence is clear that Shanghai is pulling both London and New York higher. Shanghai followed New York on the world clocks with London opening after that. While both London and New York are more volatile than Shanghai, Shanghai gold prices in the Yuan have moved steadily higher over the last few days.

Silver Bullion In Secret Bull Market

Do you think silver is poised to go higher? I sure do. That’s because I’m watching what is going on in the world’s silver ETFs. I’m also watching the mountain of forces that are piling up to push the metal higher. Look at this chart. It shows all the metal held by the world’s physical silver ETFs (black line). And all the metal held by the world’s physical gold ETFs (blue line)…

May 25: Gold and Silver End Slightly Lower

Gold edged up to $1259.70 in Asia before it drifted back to $1253.90 in late morning New York trade, but it then bounced back higher into the close and ended with a loss of just 0.09%. Silver slipped to as low as $17.132 and ended with a loss of 0.17%.

How Undervalued is Golden Arrow Resources?

After reading a few articles & interviews of Chairman, President & CEO Joseph Grosso, I’m struck by the lack of investor appreciation of Golden Arrow Resources‘ (TSX-V: GRG), (OTCQB: GARWF) blockbuster news of it entering into a 25%/75% JV with mid-tier gold / silver producer Silver Standard Resources (NASDAQ: SSRI) (TSX: SSO).

Silver Market Morning: May 25 2017 - Gold moving up within the narrow trading channel as $ weaker!

Shanghai prices rose after New York’s close rose too, catching up slightly to Shanghai, as you can see in the reduced discount New York is standing at. London opened at a smaller discount to Shanghai too. If this continues then Shanghai holds the pricing power. The Yuan overnight was quite a bit stronger against the dollar as the People’s Bank of China pressured the banks to take it higher against the dollar, likely to compensate for the weakness in the dollar.

May 24: Gold and Silver Gain After Fed Minutes Release

Gold dipped $3.90 to $1247.90 in Asia before it bounced back to $1254.30 in early New York trade and then fell to see a slight loss in late morning action, but it then rallied back higher in afternoon trade and ended near its post FOMC Minutes release reaction high of $1257.90 with a gain of 0.43%. Silver rose to as high as $17.199 and ended with a gain of 0.70%.

Abraplata to start 2,000-metre Diablillos drill program

Abraplata Resource Corp. has awarded a 2,000-metre drilling contract to Foraco Argentina SA, the wholly owned Argentine subsidiary of Foraco International SA. A truck-mounted Boart Longyear LF-90 drill rig is being mobilized to undertake a 15-hole program on Abraplata's Diablillos silver-gold project in the high plains desert of the Puna in southern Salta province of northwestern Argentina, and drilling operations are to commence by the end of the week.

Zinc One Provides Update On Bongará Zinc Project

Zinc One Resources Inc. (TSX-V: Z; OTC: ZZZOF, Frankfurt: RH33) (“Zinc One”) is pleased to provide an update on its exploration program of the former producing Bongará Zinc Mine Project upon the formal closing of its acquisition of Forrester Metals Inc. (see news release dated May 16, 2017).

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.

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 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.

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 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.

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 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 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 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 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: 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.

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 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.

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 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!

First Majestic Reports First Quarter Financial Results

"After three years of aggressive capital spending to build and expand four of our silver operations, the Company is planning to take a short breather to focus on treasury growth and free cash flow. As the expansionary capital investments at both Del Toro and San Martin come to an end, we look forward to the increased production and improved efficiencies. We still have a lot of work ahead of us to accomplish our next goal of reaching 20 million ounces of production per year; however, given the low silver price environment focusing on further cost reductions and treasury growth continues to be management's top priority."

Silver Market Morning

The gold price closed at $1,293.30 down $3.40 on Tuesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,300.25 up $7.50 and in the euro at €948.326 up €8.418 while the euro stood at $1.3711 nearly half a cent weaker. Ahead of New York’s opening the gold price stood at $1,301.50 and in the euro at €948.89.

Silver Market Morning

The gold price closed at $1,306.10 up $12.80 on Wednesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,303.75 up $3.50 and in the euro at €953.731 up €5.405 while the euro stood at $1.3700 weaker again. Ahead of New York’s opening the gold price stood at $1,304.20 and in the euro at €955.00.

Market Report: Firmer tone for gold and silver

This week started with a severe markdown in gold and silver prices when markets opened in the Far East on Monday morning, taking gold down $12 to $1278 and silver only 12 cents to $19.03. The clue in this was the resilience of silver, which hardly moved: it was an attack on the gold price presumably designed to take out stop-losses.

Silver Market Morning

The gold price closed at $1,293.1 down $2.50 on Monday, in New York. In Asia the price dropped to $1,291 ahead of London’s opening, where London held it. The gold Fixing was set at $1,291.50 down $9.50 and in the euro at €943.458 down €5.208 while the euro stood at $1.3689. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €943.45.

The Mises View: "Silver Money and Inflation"

Mark Thornton explains how silver money keeps inflation in check. Thornton is a Senior Fellow at the Mises Institute.

Silver Market Morning: May 30, 2014

There are reports out there that say that there is a gold deficit of around 4.35 tonnes a week, meaning that more gold is being bought than produced. That’s why the SPDR sales are important if the gold price is to be held at current levels. This makes the fall this week even more difficult to understand. The lack of visible physical sales of gold from speculators and the investors, tells us that there is very little momentum behind the downward path of gold and it can turn around in a heartbeat. We therefore attribute the fall to a temporary drop in demand due to wholesalers looking for lower prices. But they can only do this for a short while.

Silver Market Morning

The gold price closed at $1,246.30 on Tuesday, up $3.20 cents in New York. In Asia and London the price slipped slightly by $1 until the Fix, where it was set at $1,246.00 up $1.75 and in the euro at €915.840 up €1.421, while the euro stood at $1.3605. Ahead of the opening in New York the gold price was trading at $1,246.00 and in the euro at €915.27.

First Majestic Wins Application to Dismiss Appeal

FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or "First Majestic") is pleased to announce that on June 5, 2014 , the Court of Appeal dismissed the appeal filed by Hector Davila Santos ("Hector Santos") and Minerales y Minas Mexicanas, S.A. de C.V. ("MMM").

June 9: Gold and Silver End Slightly Higher

Gold edged up to $1256.97 by a little after 8AM EST before it fell back to $1252.30 in the next four hours of trade and then bounced back higher in early afternoon trade, but it then chopped back lower into the close and ended with a gain of just 0.03%. Silver surged to as high as $19.197 before it also fell back off, but it still ended with a gain of 0.26%.

Silver Market Morning

The gold price closed at $1,261.00 up $0.20 on Wednesday in New York. In Asia and London the price held at that level until the Fix, where it was set at $1,261.75 down $0.75 and in the euro at €932.902 up €0.273, while the euro stood weaker at $1.3525. Ahead of the opening in New York the gold price was trading at $1,264.20 and in the euro at €934.92.

Like in “Lost” manipulators keep pushing the button

In the classic TV drama “Lost,” certain occupants of the mysterious island were tasked with the job of punching a sequence of numbers into a computer every 108 minutes to avert an unknown catastrophe.

London Metal Exchange says can offer three solutions to silver fix

The London Metal Exchange (LME), which is competing to offer an alternative to the silver fix when the system is disbanded in August, said on Monday it could offer three different solutions.

Silver Market Morning: June 20, 2014

In 1973 the oil price jumped from $8 a barrel to $35 a barrel while gold jumped from $42 an ounce to over $120 an ounce. We do not see a direct link over the years between the two. What we do see is a moving up together in times of, not only political crisis, but monetary crisis. In those days the dollar was suspect and continued so until Volker forced interest rates up to 26% in the mid 1980’. We are moving back into days of tremendous uncertainty as the ripples from the sectarian violence spread through the financial markets of the world.

Excellon resumes drilling at La Platosa

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report the resumption of diamond drilling at its 100%-owned La Platosa Mine located in Durango State, Mexico.

Silver Market Morning

The gold price closed at $1,319.60 down $7.30 Thursday in New York. In Asia prices rose to $1,321 ahead of the London Fix which was set at $1,321.50 down $1.00 and in the euro at €972.335 up €3.754, while the euro was weaker at $1.3591 down over half a cent. Thereafter, gold held at roughly the same level being moved by dealers and arbitrageurs in line with the $: € exchange rate, clearly unimpressed by the success of the American Revolution.

July 7: Gold and Silver End Near Unchanged

Gold dropped $7.27 to $1312.33 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended unchanged on the day. Silver slipped to as low as $20.844 and ended with a loss of 0.52%.

July 14: Gold and Silver Fall Over 2%

Gold dropped $34.39 to $1303.31 at about 9:30AM EST before it stabilized, but it still ended with a loss of 2.32%. Silver slipped to as low as $20.849 and ended with a loss of 2.38%.

Excellon reports second quarter 2014 production

TORONTO, July 16, 2014 /CNW/ - Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce second quarter 2014 production results from the La Platosa Mine in Durango, Mexico.

July 17: Gold and Silver Gain Almost 2%

Gold gained almost $10 to $1308.21 in Asia before it fell back to $1299.65 in London, but it then jumped to as high as $1323.23 in New York and ended with a gain of 1.62%. Silver surged to as high as $21.18 and ended with a gain of 1.88%.

July 24: Gold and Silver Fall Almost 1% and 3%

Gold fell almost $10 to $1294.96 in Asia before it bounced back to $1300.83 in London, but it then fell to a new 5-week low of $1287.79 in New York and ended with a loss of 0.96%. Silver slipped to as low as $20.315 and ended with a loss of 2.63%.

One of the most blatant examples ever

This week has been one of the most blatant examples of naked PM shorting ever, amidst some of the most PM-bullish news ever. Particularly, yesterday's transparent attacks as TPTB pulled out all stops to push the 10-year Treasury yield above 2.5% couldn't be more obvious - as I forensically described in yesterday's AudioBlog, "best laid plans." And what a shock, Monday is COMEX options expiration day - when no doubt, countless $1,300 and $21 options for gold and silver, respectively, were outstanding.

Excellon Reports Second Quarter 2014 Financial Results

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report financial results for the three and six-month periods ended June 30, 2014.

July 30: Gold and Silver Close Mixed and Near Unchanged

Gold dropped $8.89 to $1291.71 just after this morning GDP announcement before it bounced back to $1303.12 and then fell back towards its earlier low by late morning in New York, but it then rallied back higher in afternoon trade and ended with a loss of just 0.3%. Silver fell to as low as $20.45 at one point, but it then bounced back higher in the last five hours of trade and ended with a gain of 0.1%.

Silver Market Morning

The gold price closed at $1,296.80 down $3.80 on Wednesday in New York. In Asia and early London, prices fell to $1,294 as the euro continued to slip to $1.3391. The gold price was Fixed at $1,295.00 down $2.50 and in the euro at €966.923 down €1.505, while the euro was weaker at $1.3393. Ahead of New York’s opening, gold was trading at $1,295.10 and in the euro at €967.43.

July 18: Gold and Silver End Slightly Lower

Gold climbed to $1584.69 in Asia before it fell back to as low as $1567.62 by about 9AM EST, but it then climbed back to as high as $1582.53 in late morning New York trade and ended with a loss of just 0.28%. Silver rose to $27.30 before it dropped back to $26.90, but it then rose to a new session high of $27.31 and ended with a loss of just 0.07%.

COMEX Silver Inventory Update: -85,010.678 ounces

COMEX Silver Inventory Update: -85,010.678 ounces

Huldra Silver Provides Progress Update on Treasure Mountain and the Merritt Mill

Huldra Silver Inc. (HDA.V) (the "Company" or "Huldra") today provides a progress update on the mining operations at its 100% owned Treasure Mountain Property and an update on the construction of its 200 tonne per day mill in Merritt, BC.

Hecla makes hostile takeover bid for U.S. Silver Corp

Hecla Mining Co made an all-cash hostile bid to buy U.S. Silver Corp for C$110.7 million, a month after the Canadian company agreed to be bought by RX Gold & Silver Inc.

July 26: Gold and Silver Gain Almost 1%

Gold jumped to as high as $1621.37 before it fell back off a bit in New York, but it still ended with a gain of 0.69%. Silver surged to as high as $27.815 and ended with a gain of 0.55%.

COMEX Silver Inventory Update: +845,625.07 ounces

COMEX Silver Inventory Update: +845,625.07 ounces

U.S. Silver Board Recommends Rejection of Hecla Offer and Reaffirms Recommendation for Combination Transaction with RX Gold

U.S. Silver Corporation (USA.TO) ("U.S. Silver" or the "Company") announced that its Board of Directors unanimously recommends that U.S. Silver shareholders REJECT the unsolicited cash offer from Hecla Mining Company ("Hecla") to acquire all of the outstanding common shares of U.S. Silver (the "Hecla Offer").

Fed Signals More Steps to Spur Economy Amid Slower Growth

“Economic activity decelerated somewhat over the first half of this year,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. “The committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.”

iShares Silver Trust: 9,759.01 tonnes

iShares Silver Trust: 9,759.01 tonnes

August 8: Gold and Silver End Near Unchanged

Gold fell $8.20 to $1603.40 by a little after 8AM EST before it rallied to as high as $1616.49 in the next hour and a half of trade, but it then drifted back lower midday and ended with a gain of just 0.07%. Silver slipped to $27.699 before it rose to $28.246 by late morning in New York, but it then fell back off in afternoon trade and ended with loss of 0.32%.

Silver Market Morning

New York gold closed at $1,599.60 down $8.70. London took gold down to $1,594 ahead of the Fix after which it Fixed at $1,594.74 as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,293.600 down €12 on yesterday morning. Ahead of New York’s opening gold looked slightly stronger at $1,595.60 in the middle and in the euro at €1,299.40.

iShares Silver Trust: 9,691.18 tonnes

iShares Silver Trust: 9,691.18 tonnes

August 15: Gold and Silver End Slightly Higher

Gold edged up to $1603.09 in Asia before it fell back to $1590.08 at about 4AM EST, but it then rose to as high as $1605.83 in New York and ended with a gain of 0.28%. Silver slipped to as low as $27.496 at about 4AM EST, but it then rose to as high as $27.99 in New York and ended with a gain of 0.07%.

Silver Market Morning

New York gold closed at $1,604.10. London held gold there through the morning right up to the Fix where it Fixed at $1,603.50 as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,306.739, up €13 on yesterday. Ahead of New York’s opening, gold was steady at $1,603.55 in the middle and in the euro at €1,306.62.

iShares Silver Trust: 9,733.39 tonnes

iShares Silver Trust: 9,733.39 tonnes

SilverCrest Announces Trading on NYSE MKT to Commence August 27, 2012

SilverCrest Mines Inc. (SVL.V)(STVZF) ("SilverCrest" or the "Company") is pleased to announce that its common shares have been authorized for listing on the NYSE MKT in New York. The shares will begin trading on the NYSE MKT on August 27, 2012 under the trading symbol "SVLC". The Company's common shares will continue to be listed on the TSX Venture Exchange under the trading symbol "SVL".

Silver Tacks on the "30" Handle

Silver needs to close out the week on a strong note to punch through the downtrending resistance line noted on this weekly chart. The ability to put a handle of "30" in front of the price is extremely helpful from both a psychological and technical perspective but a solid trending move is still not yet in the cards until silver can decisively gain the $32.50 level. Even at that, dip buyers should begin making their appearance in this market as the technical posture has changed significantly this week.

Silver Eagles Soar