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Commentaries

Ted Butler: The Silver Pressure Cooker; hefty deposit into SLV

There was a small withdrawal from GLD yesterday, as an authorized participant removed 11,591 troy ounces. But there was another pretty hefty deposit into SLV yesterday, as an a.p. added 4,843,904 troy ounces. The new short reports came out for SLV and GLD yesterday. The short position in SLV rose from 16.61 million shares/troy ounces, up to 17.47 million shares/troy ounces...an increase of only 5.17 percent, which is basically nothing at all. The short position GLD fell from 1,090,000…

The Silver Pressure Cooker

July 10, 2020

The silver market appears ready to blow its top, much like a pressure cooker whose relief valve stopped functioning even as the heat and pressure continued to build. The gold market is also likely to overheat, but at least in gold, its relief valve - the price of gold - appears to be functioning somewhat and has bled off much of the pressure. After all, the price of gold is up substantially on a year-to-date basis and is not that far from all-time highs. While gold looks poised for further…

Rick Rule: Silver to Move Further and Faster Than Gold

A lot of silver investors are watching the gold price and wondering, “when is silver going to move?” Well, it turns out that’s nothing new, as Rick Rule of SprottGlobal explains how that’s been the case for the previous 8 rallies he’s lived through. Although while US silver investors aren’t always the most patient lot, Rick also mentioned how when it’s silver’s time, silver moves further and faster than gold. Which is certainly good news given the current conditions, and to find out more,…

Silver Offers A Golden Opportunity To Preserve Soon To Be Destroyed Value

July 04, 2020

The fundamentals for silver and gold are very strong, and with all the massive bailouts and stimulus, which have increased debt levels, they are just getting stronger. Until a significant portion of these debts is repaid or defaulted on, it would be foolish to talk about a top in precious metals.

Extreme COMEX Delivery Demand Continue

So, anyway, let's just conclude with this. Please do not rush out of here thinking that the COMEX will soon collapse. The weight of all this delivery demand may eventually lead to a force majeure-style failure, but that's very likely not coming this month or next. The CME, the LBMA, and The Banks will work to protect their pricing scheme until the very last moment, so it would be foolish to think they're going to meet a quick end. However, their fate was sealed in late March, and like a…

Market Updates

COT Silver Report - July 10, 2020

COT Silver Report - July 10, 2020.

Andrew Maguire: DOJ Told JP Morgan To Reduce Silver Position

Last week the shocking news was that on the first day of the COMEX July silver delivery period, JPMorgan posted 30 million ounces of silver for delivery. Now, Andrew Maguire of Kinesis Money, who’s been a key witness in the Department of Justice investigation, reports that JP Morgan was told to by the DOJ to reduce its silver position as they negotiate a settlement.

Silver & Gold BREAKOUT Above Important Technical Levels

July 09, 2020

First, let’s look at silver. While silver is still lagging gold, I believe it will start to outperform the yellow metal once it finally BREAKS above the $21 level. The monthly silver price has been stuck below the $18.50 level since 2016. While silver has traded above $18.50, it has not closed above it. We need to see the body of the Monthly Candlestick close above $18.50 for it to be a positive sign for traders. And, with silver closing today at $19.16, we could see a move to $21 rather…

Bill Murphy, Andy Schectman: July Silver Deliveries Spike

The latest silver delivery data is truly stunning. Possibly even historic. Between the current COMEX deliveries, as well as the additions into SLV and the silver trusts, the data shows almost 90 million ounces of silver being demanded in just the first three days of July!

COT Silver Report - July 06, 2020

COT Silver Report - Positions as of 30 June, 2020

Silver Stocks

Gold & Silver Seeker Report: This Week in Mining Issue #21 - Financing's Galore, Early Q2 Production Numbers, and Gold Holding Strong

Major news in mining this week was the large number of announced and completed equity financing's. Eric Sprott was involved in many of these. Gold and silver had another strong week but a consolidation period can happen at any time. It isn’t uncommon see retrenchments of 15-25% [in the mining equities], which could happen tomorrow or several months down the line but it will happen. Time will tell. Gold and Silver have massive tailwinds and there are countless potential catalysts in the second…

Kirkland Lake Gold Update

Kirkland Lake Gold has been one of the biggest winners over the past 5yrs, propelling itself from a 160k oz. Au producer to what has emerged [along with Endeavour Mining] as the next senior gold producer [1m oz. of production or greater]. Kirkland Lake has a great asset to start, the Kirkland Lake mining complex, notably the Macassa mine, which has taken several years to optimize and will reach full strike in 2023/2024. What has really propelled its stock price in recent years was the…

Alexco Resources: Fully Financed and Near-Term Production

Alexco Resources received its amended water permit, the last remaining hurdle before construction can commence. The company believes it will reach first production before year end and just secured financing for the build-out. The financing was initially set at C$20 but then it was expanded to $26m, which was fully subscribed to an with over-allotment option being exercised, the company raised gross proceeds of C$30m.  It will take approximately 6-months to complete the…

Silver & Gold Summer Doldrums 3

July 04, 2020

This silver-summer-seasonals methodology is the same as gold’s, showing how it has fared during gold’s modern bull-market years. With a far-smaller global market, silver is much-more volatile than gold. So its center-mass summer drift is wider, running +/-10% from May’s final close. That implies a summer range between $16.04 to $19.60 this year. But silver’s summer seasonals have proven weaker overall than gold’s. Silver’s summer-doldrums seasonal low tends to arrive a couple weeks after…

Gold & Silver Seeker Report: This Week in Mining Issue #20: Gold crosses $1,800/oz But Can It Maintain Momentum?

Gold had a decent week, crossing $1,800/oz. then backing down. But can it maintain momentum and convincingly pass that level? It seems like some consolidation is is in order for the metal(s) and mining stocks. Whether or not that takes places from a higher level remains to be seen, but be prepared for a pullback. Regardless, unlike the most industries in the world where companies are struggling to maintain past levels of profitability, the gold miners are seeing a great margin expansion and…

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