Skip to main content
loading
loading

Silver Market Updates

Silver Market Morning

The gold eased slightly to $1,581.10 in New York, yesterday. In Asia and London it added a dollar before Fixing at $1,582.50 and in the euro at €1,216.372, while the euro was $1.3010. Ahead of New York’s opening, gold was $1,593.70 and in the euro at €1,221.83.

Silver – Keep It Simple!

Nixon dropped the link between the dollar and gold in 1971. Thereafter, the money supply rapidly expanded, consumer price inflation went wild, and both silver and gold increased in price by over a factor of 20 in early 1980.

Silver Market Morning

The gold eased slightly to $1,577.7 in New York, yesterday. In Asia and London it held steady before Fixing at $1,578 and in the euro at €1,206.00, while the euro was $1.3084. Gold then Fixed, in London, at $1,576.00 and in the euro at €1,204.184. Ahead of New York’s opening, gold was $1,578.30 and in the euro at €1,214.73.

Silver Market Morning

The gold price rose to $1,583.40 in New York, yesterday, up $10. In Asia and London it held steady before Fixing at $1,580.50 and in the euro at €1,213.249, while the euro was $1.3027. The Bullion Banks were neither buyers nor sellers matching both sides in-house. Ahead of New York’s opening, gold was $1,581.40 and in the euro at €1,214.73.

Silver Market Morning

The gold price slipped back to $1,573.80 in New York, yesterday. In Asia it began to recover and rose over $1,580 and London it continued to rise before Fixing at $1,584.25 and in the euro at €1,214.822, while the euro was $1.30325 in the middle. Ahead of New York’s opening, gold was $1,583.30 and in the euro at €1,215.12.

Silver Prices Defy the “Law of Supply and Demand”

How can we explain what has happened recently with the price of silver? In about three months, silver has declined from its late-November price of about $34 per ounce to its current price of about $28.50 as of today’s close (February 28, 2013). That’s a drop of about $5.50, which equates to a decline of over 16% in about 90 days.

Silver - Visualized in Bullion Bars

This infographic shows all the Silver ever mined throughout history. Silver price is currently hovering around $30 / troy oz. When Silver price hits $31.10 / troy oz each gram of Silver will be exactly $1. Silver is usually measured in Troy Ounces. A Troy Ounce is about 1.09 regular Ounces.

Silver Market Update

The big story with silver is that the Commercials are continuing to unwind their earlier massive short position at a very rapid rate, and of course booking massive profits in the process. We had pointed out in the last update that until their short positions eased further, silver was likely to back and fill and that’s what happened last week, as after a 4-day rally into Tuesday, silver dropped back for the rest of the week to make a new intraday low on Friday.

Could the Confirmation of the Breakdown in Silver be Consequential?

Investors sentiment for precious metals and gold and silver mining stocks has deteriorated quite substantially recently. And silver is no exception here, which can be seen on the white metal charts. However, the situation in the whole sector is extreme – the oversold readings on many technical indicators and the fact that very important support lines are currently in play in virtually any asset in the sector form a setup as (or even more) encouraging for potential buyers as what we saw in 2008…

Silver Market Morning

The gold price slipped back to $1,580.40 in New York, yesterday. In Asia and London it slipped further then Fixed at $1,570.00 and in the euro at €1,203.998, while the euro was $1.3057 in the middle of a 7 point spread, which is usually 1 or two points only. Ahead of New York’s opening, gold was $1,579.60 and in the euro at €1,209.73.

Subscribe to Silver Market Updates

Newsletter Signup

Join the Free Weekly Silver Review!
SilverSeek.com week in review delivered direct to your inbox!