• Gold: 1,290.23 -10.32
  • Silver: 16.92 -0.22
  • Euro: 1.192 0.003
  • USDX: 92.275 -0.233
  • Oil: 50.25 -0.46

September 20: Gold and Silver Fall Almost 1% After Fed

17 hours 30 min ago

Gold gained $4.80 to $1315.90 in London before it dropped back to $1310.90 in early New York trade and then bounced back higher into midday, but it then fell to a new session low of $1296.10 after the release of today’s fed announcement and ended with a loss of 0.8%. Silver slipped to as low as $16.968 and ended with a loss of 0.92%.

A Bumper Under that Silver Elevator

We are not mining experts, but we will address (2) by saying that mining shares only go up if the input costs don’t go up as much as the price of gold. And if the company keeps efficiency up, and costs down. And if local tax authorities don’t get greedy. And if mine labor unions don’t get violent, environmental regulators don’t make expensive demands, etc. And if the company finds new ore bodies at the same rate it depletes them.

Silver Demand Shows A Consumer In Trouble

Global demand for silver declined from 2015 to 2016 by 123 million ozs per numbers from the Silver Institute presented in an article on The Daily Coin yesterday. In fact, for the demand categories primarily driven by the consumer, demand plummeted 125 million ozs, or 15.3%. Industrial demand for silver increased slightly but this was because of the global expansion in the solar panel industry, primarily in India and China.

May 12: Gold and Silver End Near Unchanged on the Week but Miners Gain Roughly 6%

Gold gained $7.60 to $1231.70 at about 9AM EST before it drifted back lower in the next few hours, but it then bounced back higher into the close and ended with a gain of 0.31%. Silver rose to as high as $16.48 and ended with a gain of 0.74%.

Market Report: A pause in the decline

Gold and silver found temporary bottoms this week, with gold little changed from last Friday’s close of $1229.4 at $1228 in early European trade this morning (Friday). Silver fared slightly better, rising from $16.34 to $16.45 over the same time scale. However, the recent fall in silver has been very dramatic, the price now only up 2.6% on the year, compared with gold, up 6.4%.

Silver Market Morning: May 12 2017 - Gold still consolidating with a stronger bias!

Demand for gold at the Akshaya Tritiya festival at the end of April was stronger than has been seen in the past confirming the problems with shortages of cash have dissipated. It is clear that Indian demand for gold is, once again, robust. Estimates for this year’s demand [because of positive forecasts for the monsoon as well] have gone as high as 1,000 tonnes. That’s official demand, excluding smuggled gold.

Global Silver Production and Demand DROPS for the First Time in 14 Years

For the first time since 2002 global silver mining/scrap production dropped. Silver is a direct reflection of electronics demand and manufacturing. Without silver our world would not be the same. The computer or phone you’re reading this on would not exist. The TV, wiring in your house, just for starters, would not work without silver. Silver is a great indication of how our economy – globally – is growing or contracting. It appears there was a contraction in 2016. Just remember, the economy is robust and growing, or so they say on TV.

May 11: Gold and Silver Gain With Oil

Gold gained $4.80 to $1224.10 in London before it fell back to almost unchanged at about 9AM EST, but it then rose to a new session high of $1227.50 in late morning trade and ended with a gain of 0.39%. Silver rose to as high as $16.388 and ended with a gain of 0.62%.

SilverCrest Reports Las Chispas Drill Results; Discovers Unmined High Grade Vein, Multiple Intercepts of +1,000 gpt AgEq*

SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce Phase II drill results within the Las Chispas Property ("Property") located in Sonora, Mexico. As part of the Company's ongoing Phase II exploration program, systematic grid drilling the Las Chispas Main Vein ("Main Vein"), comprised of infilling and expanding previous Phase I successful results, is ongoing.

Silver Market Morning: May 10 2017 - Gold still consolidating on support in a narrowing range!

We are seeing the influence of falling gold prices in Shanghai on New York and London, as we commented above, but New York prices are holding on despite no gold ETF demand. This demand has been responsible for U.S. gold prices rising. Until we see the strong move, we expect [either way], we cannot clearly see the way forward. We are at one of those junctures we call a ‘point of resolution’.

May 10: Gold and Silver End Mixed While Oil Jumps

Gold chopped up to $1225.60 in London, but it then drifted back lower in New York and ended near its late session low of $1217.60 with a loss of 0.04%. Silver rose to as high as $16.339 and ended with a gain of 0.43%.

Golden Arrow teams up with Silver Standard in Argentina

Golden Arrow Resources (TSXV: GRG; US-OTC: GARWF) has jumped from an explorer to a silver producer in Argentina in a fairytale-esque way. It will receive a 25% stake in Silver Standard Resources’ (TSX: SSO; NASDAQ: SSRI) producing Pirquitas mine, take home a US$15-million cheque and fast track production of its flagship Chinchillas project in a joint-venture deal, expected to close shortly.

Silver Market Morning: May 10 2017 - Gold still consolidating on support!

Today is one of those days when we can see just where pricing power lies. New York has tried to pull prices back well below support, hitting $1,216 at one point. Shanghai took prices higher today in their consolidation process, but London moved in line with New York last night. How New York and London perform today becomes critical. If Shanghai falls, then pricing power sits in London and New York, today.

May 9: Gold and Silver Fall Again

Gold fell $12.90 to $1214.30 in midafternoon New York trade, but it then jumped back higher into the close and ended with a loss of just 0.6%. Silver slipped to as low as $16.061 and ended with a loss of 0.8%.

Will Gold or Silver Pay the Higher Interest Rate?

Today, gold can be moved anywhere in the world in days. The entire globe is effectively the trading region for gold. This means that gold is not subject to local gluts or shortages. Gold supply and demand are quickly smoothed out over the entire world. This helps makes gold the most liquid commodity.

Silver Market Morning: May 09 2017 - Gold consolidating ahead of a strong move!

As we have mentioned many times in the past, the falling volatility of the gold market must be attributed to the arrival of Shanghai as one of the three important gold markets. Its move to make speculation costly at the beginning of the year, has flowed through to London, but particularly New York. Arbitrageurs smooth out the price differences between the centers, but even traders can do this.

Silver Investment Case Remains Extremely Compelling

Are we near a turning point in silver’s relentless decline? Avert your eyes – this is one ugly silver chart Gold silver ratio at 75 shows real value of silver Mining CEO explains why silver could reach $136.67 Buy silver low, sell high

May 8: Gold and Silver End Slightly Lower In Mixed Trade

Gold gained $7.20 to $1236.50 in London before it fell back to $1226.20 in early afternoon New York trade, but it then bounced back higher into the close and ended with a loss of just 0.17%. Silver slipped to as low as $16.24 and ended with a loss of 0.61%.

Silver Market Morning: May 08 2017 - Gold bottoming and consolidating!

The Macron victory implies that the E.U. will hold together in the future and that the euro will not collapse. While Italy remains uncertain on the subject, it is not enough to curb the optimism that pervades markets this morning. What is uncertain is the ability of the President, without a political party behind him, to govern effectively. Will he try to rule by government decree? We will have to wait until mid-June and the Parliamentary elections to see if he can establish a majority and govern, or if he will simply become a figurehead.

May 5: Gold and Silver Fall Roughly 3% and 5% on the Week

Gold gained $7.20 to $1235.50 at about 6AM EST before it fell back to $1226.20 in early afternoon New York trade, but it then bounced back higher in the last few hours of the day and ended with a gain of 0.08%. Silver rose to as high as $16.516 before it fell back $16.226, but it then rallied back higher in afternoon trade and ended with a gain of 0.43%.

Market Report: China unwinds WMPs

Informed sources in China say that the authorities are deliberately forcing wealth management products to unwind their long commodity positions. These WMPs, as they are commonly known, are speculative investment vehicles that promise attractive returns to private investors, and collectively amount to a financial bubble. There are two reasons why the government has intervened. The massive expansion of bank credit in recent years causes excessive speculation that cannot be allowed to get out of hand. Furthermore, WMPs were pushing up the prices of the commodities being accumulated by the government as part of its economic plan.

Silver Market Morning: May 05 2017 - Gold may have found a bottom should be volatile today!

Within the hour of the gold price setting on London the price was marked down $6. We find it difficult to accept that the gold price setting was out of line with the market, rather the market was bracing itself for more selling in the U.S. Ahead of the opening of New York the gold price was trading at $1,232.40 and in the euro at €1,124.66. At the same time, the silver price was trading at $16.36.

May 4: Gold and Silver Fall Almost 1% More

Gold fell $13.70 to $1225.80 in midmorning New York trade before it bounce back higher at times, but it still ended with a loss of 0.9%. Sliver slipped to as low as $16.228 and ended with a loss of 0.97%.

Silver Market Morning: May 04 2017 - Gold falls and is looking for a bottom!

The Fed remains positive on U.S. growth despite the slowdown in the first quarter. The indications are that the joblessness rate is now at maximum employment and the inflation rate getting close to the targeted 2%. This allows the Fed to continue discussions on shrinking the Fed’s Balance Sheet and leaving the door open for a June rate hike. The market saw this as negative for gold which has fallen heavily in the last day.

May 3: Gold and Silver Fall Over 1% and 2%

Gold dropped $10.70 to $1246.20 at about 10:30AM EST before it bounced back higher around the release of today’s fed announcement, but it then fell back off into the close and ended with a loss of 1.38%. Silver slipped to as low as $16.465 and ended with a loss of 2.14%.

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