• Gold: 1,253.44 2.29
  • Silver: 18.33 0.09
  • Euro: 1.059 -0.000
  • USDX: 101.12 0
  • Oil: 54.24 0.21

February 27: Gold and Silver Reverse Lower on Fedspeak

8 hours 5 min ago

Gold waffled between $1258.40 and $1253.40 in Asia and traded mostly slightly lower in London before it jumped to as high as $1263.60 in late morning New York trade, but it then fell back off into the close and ended with a loss of 0.45%. Silver surged to as high as $18.481 before it also dropped back lower in late trade and ended with a loss of 0.65%.

Silver’s Roadmap

History tends to repeat itself and the more similarities to a past pattern we have, the bigger likelihood that it will continue to repeat. The day-to-date price swings of silver may seem erratic, but from a broader point of view, they are repeating – to a great extent – the same pattern that we saw in the past. The most interesting thing is what followed that past pattern.

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

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

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

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

Market Report: Technical rally holds

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

Silver Market Morning: Nov-4-2016 -- Gold price consolidating around $1,300!

The gold price is sitting below heavy resistance, if this were treated as a normal Technical picture. But this overhead resistance is a position where few are likely to sell as stale bulls. With the prospect of prices moving higher current holders are back waiting where they were a short while ago when gold was last hear. After all, the gold price at over $1,320 was the ‘norm’ for a good part of the second half of the year and then driven by buyers who will hold for the long term, particularly because of issues that had nothing to do with the U.S. election.

November 3: Gold and Silver End Mixed Before Jobs Day

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

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

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

November 2: Gold and Silver Gain Almost 1% More

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

Silver Is Looking Really Bullish In Dollars, Euros and Rands

On the silver chart, I have highlighted two patterns that appear similar. I have marked them 1 to 6 to show how they might compare. Both patterns start from a significant silver top. Both patterns represent the end part or handle of a cup and handle-type pattern. If the comparison is justified, then we are currently just after point 6, the point where a major breakout occurred.

Join SilverSeek at The Silver and Gold Summit 2016

Cambridge House International Inc. and Katusa Research will co-produce the Silver and Gold Summit 2016. The 2016 Silver and Gold Summit will be held in San Francisco, California November 14 and 15. This is the second year occuring in San Francisco having previously being relocated there from Spokane, Washington, where it was held for the past several years.

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

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

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

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

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

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

October 31: Gold and Silver Gain While Oil Tumbles

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

Silver Market Morning: Oct-31-2016 -- Gold price breaking up through resistance!

Once again, take a look at the last three days of Shanghai gold Fixings. Allow for the different qualities of gold being priced and you see Shanghai prices higher than New York and London. On Monday London opened in line with Shanghai then prices began to pull back through the morning. Allowing for Shanghai pricing of higher quality gold the prices were lower in London by $4 during the morning up to the LBMA price setting.

October 28: Gold and Silver Gain Roughly 1% on the Week

Gold dipped $6.51 to $1262.59 by a little before 9AM EST before it jumped up to $1284.07 in early afternoon trade and then chopped back lower into the close, but it still ended with a gain of 0.46%. Silver rose to as high as $17.881 and ended with a gain of 0.79%.

Market Report: PMs find support

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

Silver Market Morning: Oct-28-2016 -- Gold price consolidating!

Take a look at the last three days of Shanghai gold Fixings. Allow for the different qualities of gold being priced and you see Shanghai holding higher than New York and London. And this is in the face of heavy sales of physical gold from the U.S. We need to watch this pattern and see if there are more ‘bear raids’ to come?

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

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

October 25: Gold and Silver Gain Almost 1%

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

Silver Market Morning: Oct-25-2016 -- Gold price moving higher!

Demand from China remains strong as we see above, with another higher price level in Shanghai. New York tries to hold back prices but is begrudgingly being pulled higher by Shanghai and in the face of heavy SPDR sales, the day before yesterday. So is it a strong dollar or a weak Yuan? Certainly the People’s Bank of China is taking advantage of the dollar’s strength to weaken the Yuan, seemingly, without it being accused of currency manipulation.

October 24: Gold and Silver End Mixed

Gold dipped $4.84 to $1262.36 by about 8AM EST before it jumped up to $1271.76 in the next hour and a half of trade and then fell to a new session low of $1260.88 by late morning, but it then bounced back higher into the close and ended with a loss of just 0.23%. Silver rose to as high as $17.876 and ended with a gain of 0.29%.

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

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

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

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

Market Report: Finding support

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

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