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Silver Market Updates

Silver Market Morning

June 23, 2015
By SilverSeek

New York closed at $1,185.10 down $7.90. Asia held the price at New York’s close and then London took it down $2 at the opening. The dollar was stronger at $1.1261 but looked like weakening in London and the dollar Index was higher at 94.81. The gold price was set this morning at $1,183.35 down $10.35 with the dollar at $1.1224 and the dollar index stood at 95.05, yesterday. The euro equivalent was €1,054.54 up €3.19. Ahead of New York’s opening, gold was trading in London at $1,183.60 and in…

Silver Market Morning

June 22, 2015
By SilverSeek

New York closed at $1,193 down $9.10. We do not believe that this was to do with Greece. The gold price was set this morning at $1,193.70 with the dollar at $1.1354 slightly weaker than Friday and the dollar index stood at 94.19, not far different from Friday’s level. The euro equivalent was €1,051.35 down €7.55. Ahead of New York’s opening, gold was trading in London at $1,193.60 and in the euro at €1,051.68.

All eyes on the half-year

June 19, 2015
By SilverSeek

In late-May when the price fell from over $17.50 to $16.25, Open Interest started to rise, reflecting increasing accumulation of contracts on further price falls. The short interest has come from hedge funds, which sold down 33,908 contracts (169,540,000 oz), supplied by commercial dealers balancing their positions. This strategy for the hedge funds looked good price-wise until silver refused to stay under $16, but could turn out to be a trap to be sprung by a rising gold price.

150,000 Cigarettes or 3,275 ounces of Silver

June 18, 2015
By SilverSeek

When silver sells for $100 per ounce will cigarettes sell for $40 per pack? This isn’t as outrageous as it sounds. I remember buying Marlboros for 19 cents per pack back in ancient times. Cigarettes are about 35 times as expensive now as in my youth. The current price is $6.50 for a pack, and 35 times that price would be about $225 per pack. Outrageous! The loss of purchasing power in fiat currencies is also outrageous.

Silver Market Morning

June 17, 2015
By SilverSeek

New York closed at $1,181.70 down $4.50. Today sees the dollar almost unchanged at $1.1263 with the dollar index almost unchanged at 94.90 down from 94.97. The LBMA Gold Price was set at $1,178.50 down $3.60 with the equivalent euro price at €1,045.60 down €4.64. Ahead of New York’s opening, gold was trading in London at $1,179.50 and in the euro at €1,045.84.

Gold Versus The Status Quo

June 16, 2015
By SilverSeek

Gold has been a store of value for 1000s of years. You can’t purchase gasoline with gold but it has no counter-party risk and is valued world-wide. In contrast, paper and digital dollars, euros, pounds and yen are debt based fiat currencies backed only by the faith and credit of the governments and central banks which issued them. Devaluation and higher consumer prices are all but guaranteed.

Silver Market Morning

June 16, 2015
By SilverSeek

New York closed at $1,186.20 up $5.20. Today sees the dollar weaker at $1.1265 down half a cent with the dollar index weaker at 94.97 down from 95.28. The LBMA Gold Price was set at $1,182.10 up $3.85 with the equivalent euro price at €1,050.24 down €3.74. Ahead of New York’s opening, gold was trading in London at $1,183.50 and in the euro at €1,051.11.

Comex Paper Silver: New Record Naked Short Interest

June 15, 2015
By SilverSeek

I need to make a slight correction to Craig’s analysis. 2014 silver production is already used up. 70% of all silver produced is used up in manufacturing processes. The other 30% produced in 2014 is sitting in jewelry boxes across India and China or in fabricated bullion form in private investment hands around the globe.

Silver Market Morning

June 15, 2015
By SilverSeek

New York closed at $1,181.00 down $0.50. Today sees the dollar weaker at $1.1215 down from $1.1189 a quarter of a cent weaker against the euro with the dollar index weaker at 95.28 down from 95.40. The LBMA Gold Price was set at $1,178.25 down $1.00 with the equivalent euro price at €1,053.98 up €6.18. Ahead of New York’s opening, gold was trading in London at $1,181.50 and in the euro at €1,051.58.

Silver Lows and Bubble Bonds

June 12, 2015
By SilverSeek

T bonds have been levitated higher as central banks aggressively pushed their “Inflate or Die” QE process. Examine this log scale chart of monthly T bonds since 1985. I have drawn a red line that more or less connects the most significant tops in the past 30 years.

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