• Gold: 1,498.75 -0.10
  • Silver: 17.84 -0.05
  • Euro: 1.101 -0.000
  • USDX: 98.61 0.479
  • Oil: 61.7 6.88

U.S. Is Pursuing More Charges at JPMorgan Over Metals Trades

8 hours 3 min ago

“We created market activity which artificially drove the sale price up and induced other market participants to purchase at an inflated price,” he said. Edmonds entered into a cooperation agreement with the CFTC in July.

Precious Metals Big Picture, as Silver Gets on Its Horse

While many are talking about major new bull markets in gold, silver and the miners I find it safer to set realistic goals within a still very bullish outlook. After all, we became bullish in November, had to retrench due to over-bullish sentiment and fading fundamentals in February (both situations linked here) and then have been back in the bull seat since the gold stock launch as noted on June 3rd. The point being, I have nothing to prove to you; nothing to woo you and tempt your greed impulse about. NFTRH has simply called the sector in line with its fundamentals and technicals, and that is what we continue to do as of this day. We chart 20 quality miners (+/-) each week and note short-term targets, resistance, etc. for the miners, gold and silver routinely.

Silver Seems To Shock The Market

Well, as I think about it, I am starting to understand the shock if you had been reading what everyone has been writing about silver. Whereas the rest of the complex has already moved strongly higher, silver has been significantly lagging. And, I have been hearing one excuse after another as to why it is lagging, such as silver “has been acting as an industrial metal.”. But, last I looked, the economy was humming along. So, why would an industrial metal be lagging? Moreover, it certainly did not act like an industrial metal on Tuesday.

Silver rallies to its highest in over a year, plays ‘catch up’ to gold’s gains

"He said gold and silver investors have not missed much of this rally, though in the short term the rally may be overextended when it comes to some miners. Over the coming months and year, however, Spina believes he sees “one of the best risk/reward [opportunities] in the gold/silver sector since I started buying juniors as a teenager, some 25-[plus] years ago.”

Silver's Promising Surge

Buyers surpassed a 15.840 target I'd flagged earlier in the week with such ease that a test of a more daunting obstacle at 16.470 seems all but inevitable. That's where September Silver double-topped earlier in 2019. If the rally should exceed these peaks as easily as did the 15.840 pivot today, that would greatly strengthen the case that a powerful new bull market has begun. More immediately, look for a short-term finishing stroke to 16.190, the Hidden Pivot target of the pattern shown in the chart.

Gold & Silver Miners: The Hot Action Is Now

- Please click here now. Double-click to enlarge this daily silver chart. Like Rodney Dangerfield, silver doesn’t get much respect, but that’s because inflation has yet to really surge. - Having said that, the silver chart is beginning to look quite bullish. A breakout from an inverse H&S bottom pattern has occurred, and the pullback was flag-like. - The target of both the flag and the H&S pattern is the $16.50 area highs of February.

This Needs To Happen Before Silver Really Takes Off

What is significant about this peak-level in the Gold/Silver ratio is the fact that it is so close, and follows the 2016 bottom in interest rates. These confirm that some very serious credit woes are coming. It is likely on a scale not seen over the last 100 years. We can expect a rush for real monetary assets as never seen before. This will put silver again at the forefront of money and monetary solutions.

Very Long-Term Silver

Just for fun because I am a chart guy who all too often bores you (and me) to death with ratio and indicator charts and all too seldom makes charts just for the fun of it anymore… So this long-term silver chart is just for the fun of it. What do we have here?

A Pretty Ugly COT Report in Gold. Silver..

Also in silver, 26 non-U.S. banks are net short 36,928 COMEX contracts in the July BPR...which is up a decent amount from the 27,599 contracts that 21 non-U.S. banks were short in the June BPR. I would suspect that Canada's Scotiabank [and maybe one other, the BIS perhaps] holds a goodly chunk of the short position of these non-U.S. banks. I believe that a number of the remaining 24 non-U.S. banks may actually net long the COMEX futures market in silver. But even if they aren't, the remaining short positions divided up between these other 24 non-U.S. banks are immaterial - and have always been so. As of July's Bank Participation Report, 30 banks [both U.S. and foreign] are net short 36.5 percent of the entire open interest in the COMEX futures market in silver-which is up a monstrous amount from the 16.3 percent that they were net short in the June BPR - with much, much more than the lion's share of that held by Citigroup, HSBC USA, JPMorgan, Scotiabank -- and certainly one other non-U.S. bank.

Kootenay to Commence Drilling at Columba Silver Project, Mexico

Kootenay President and CEO, James McDonald stated: "We are excited to test the vein system to confirm the historically reported grades and widths. The first 12 holes of the drill program will be designed to test the F vein where underground development work extended to 200 meter depth and the historic mining occurred."

If History Still Matters, Silver Is Poised For A Huge Move

It’s been a pretty good couple of months for precious metals, but more so for gold than silver. Both are up but gold is up more, and the imbalance that this creates might be one of the major investment themes of the next few years. The gold/silver ratio – that is, how many ounces of silver it takes to buy an ounce of gold – has bounced all over the place since the 1960s. But whenever it’s gotten extremely high – say above 80 – silver outperformed gold, sometimes dramatically.

Will Silver Soon Follow Gold’s Lead?

The super-rich and large institutional investors who are more apt to take contrarian positions in overlooked assets generally prefer gold over silver because it is more convenient for them to accumulate in large quantities. We are still in the stealth phase of a precious metals bull market. When we enter the public participation phase – and demand for physical bullion increases – we have no doubt that silver will shine.

These Two Charts Virtually Scream “Buy Silver”

Silver is currently trading around $14.84 an ounce. This is around 30% of its 1980 all-time high of $50. However, this is an incomplete representation of what silver is really trading at, relative to US dollars. When you look at the silver price, relative to US currency (the amount of actual US dollars) in existence, then it is at its lowest value it has ever been (see chart below). Also, it is ridiculous that one ounce of silver cost $50 in 1980 when there were about 132 billion dollars in existence, whereas today it is only $14.84 at a time when there are 3 304 billion dollars in existence (note that I have used rounded numbers which created some distortion).

The Rise of Silver and Major Economic Decline

Currently silver priced in the Dow is close to all-time lows. Economic conditions has been favourable to paper and debt-based assets. The bullish wedge is an indication that all this is about to change. There has now been a breakout of the wedge and the ratio seems ready to go much higher. On the chart, I have indicated how the periods indicated by the green arrows have been associated with economic prosperity, and the red one with economic decline...

Kootenay Reports Columba Access Road and Surface Access Agreement Completed

Since acquiring Columba, the Company has undertaken a mapping and surface sampling program with silver grades of up to 693 gpt sampled on surface. This area includes a network of underground workings comprised of 4 shafts and 6 levels of drifts reported to measure over 1,000 meters in length. Historic* mine records indicate grades from these underground workings to range from 600 to 900 gpt silver with highlights of 1,900 gpt silver over 4 meters and 679 gpt silver along 133 meters of vein strike and 1.3 meters of vein width. (Click on this link to view a video that illustrates the historic underground mining data).

New Pacific Reports First Results from 2019 Drill Program at Silver Sand, Bolivia – Continuing intersecting wide silver mineralization near surface including 169 g/t silver over 144.2m

The 2019 drilling program at Silver Sand commenced in late April and is expected continue throughout rest of the year. These first eight holes were part of the infill drilling program to bring drill hole density to approximately 25 metre by 25 metre spacing and to produce a mineral resource estimate in accordance with NI 43-101 at the end of 2019. These holes were approximately oriented at azimuths of 60 degrees and dips of -45 degrees. These first eight infill holes have intercepted significant silver mineralization similar to those reported from the 2018 drilling program, and adequately confirms the continuity of mineralization within the drilled extents.

Rocket Fuel

According to silver analyst Theodore Butler, various hedge funds are currently short 440 million ounces of silver on the COMEX futures market. That’s over half the silver that’s mined in a year. These funds manage money for big investors and they rely on computerized trading programs. Human judgements and emotions don’t enter into trading decisions. Their foremost trading strategy is to buy or sell when moving averages are penetrated. If the price of silver or gold moves upward to the point it goes through the average of prices over the past 50 days, it causes some short selling programs to buy and close out their short position. A penetration of the more important 200 day moving average sparks major buying and can lift the price significantly.

Bolivian gov’t seeks a new deal with miners, says Minister Navarro

Although the state has ownership of the resource, it grants the company a lengthy concession period during which it can explore, build and operate a mine. In exchange, the company promises to undertake certain investments in stages throughout the project’s life, including rehabilitating the site when the mine closes. Once signed with Comibol, the contract is sent to Congress, where it would be approved as a law and finally promulgated by the president himself, giving the contract considerable legal weight. In January, Navarro signed the first such deal for an exploration project with Vancouver-based New Pacific Metals (TSXV: NUAG; US-OTC: NUPMF). The 45-year contract is due to receive legislative approval by mid-year.

When (Not If) Silver Has a "Bitcoin Moment"

So, don't sit around with "not enough" – or not any – physical silver (and gold) until a "bitcoin moment" in the metals takes place. If you hesitate long enough, you just might find yourself benched during the entire "last 10% (and majority profit potential) of an explosive finale. But by all means, avoid contracting a terminal case of FOMO (fear of missing out), which causes you to buy the top!

Silver – Eight Years Later

Eight years ago, silver reached $48 per ounce. COMEX changed the margin requirements, and others dumped thousands of paper contracts on the COMEX market to smash prices lower. They succeeded, as usual. Old news! As they say, “Wash, rinse and repeat.” Gold and silver prices fell hard since their 2011 highs, while central banks levitated the S&P 500 Index, most stocks, and bonds with massive infusions of cheap debt. Central banks also purchased stocks and bonds. Inexpensive debt, QE, and bond monetization were good for the DOW and S&P 500 stocks. Central banks are reluctant to change policies, but the world may have arrived at another “Peak Debt” moment similar to 2008. What are prospects for silver and gold in the next several years? What data backs up the prognosis?

GoldSeek Radio Nugget: David Morgan - "We will see some kind of a rally this summer in metals"

The world's appetite for US' debt has peaked a few years ago. It is De-Dollarization..

Silver Market Morning

Poll: Where will the Silver Price end 2012?

Please vote in our SilverSeek.com Poll! Where will Silver price end 2012? Below $25 $25-30 $30-$35 $35-$40 Above $40

May 9: Gold and Silver Fall 1%

Gold fell over $27 to as low as $1579.74 by about 9AM EST, but it then rallied back higher into the close and ended with a loss of just 0.98%. Silver slipped to as low as $28.629 before it also rallied back higher, but it still ended with a loss of 1.02%.

May 10: Gold and Silver End Mixed

Gold fell another $5.30 to $1585.70 at about 6AM EST before it rebounded to $1601.42 at about 10AM EST and then pared it gains a bit, but it still ended with a gain of 0.19%. Silver slipped to $28.94 before it climbed back to $29.455, but it then fell back off into the close and ended with a loss of 0.48%.

May 11: Gold and Silver Fall About 4% on the Week

Gold fell $20.28 to $1573.72 by about 3:30AM EST before it climbed back to $1590.53 by late morning in New York, but it then fell back off into the close and ended with a loss of 0.8%. Silver slipped to as low as $28.436 by midmorning in New York before it rallied back to $29.15, but it also fell back off in afternoon trade and ended with a loss of 0.58%.

Silver Wheaton Reports a Strong Start to 2012 with Record Quarterly Revenues of US$200 Million

"Solid operating performance from across our portfolio of mines led to a strong start in 2012," said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. "We achieved record quarterly revenues, and are on target to attaining our annual production guidance of 27 million silver equivalent ounces. With continued positive progress at our world-class cornerstone assets, including the Peñasquito and Pascua-Lama mines, Silver Wheaton retains one of the strongest growth profiles in the sector."

Great Panther Silver Reports First Quarter 2012 Financial Results

"First quarter revenue was directly in line with our expectations, considering the lower production and metal prices compared to Q1 of last year," stated Robert Archer, President and CEO. "This was also a timing issue for us related to a shipment of concentrate to a new smelter where the revenue will be recognized in Q2 this year. With the addition of this new customer, we have secured contracts for the sale of our concentrates for our 2012 planned production."

Live Silver Price Chart

Live 1-Hour Spot Silver Price Chart: http://www.silverseek.com/quotes/hoursilver.php

May 17: Gold and Silver Gain Over 2% and 3%

Gold jumped to as high as $1579.80 by midday in New York before it drifted a bit in afternoon trade, but it still ended with a gain of 2.23%. Silver surged to as high as $28.33 and ended with a gain of 3.2%.

Poll Results: Where will Silver End 2012?

Total votes: 1199 | #1 result = Above $40 (583 votes)

May 21: Gold and Silver End Mixed

Gold fell $6.40 to $1585.00 at about 9:30AM EST, but it then chopped back higher midday and ended with a gain of 0.16%. Silver slipped to as low as $28.076 before it also bounced back higher, but it still ended with a loss of 0.56%.

Huldra Silver Announces Receipt of Mines Act Permits and Amendment to Terms of Credit Facility

Huldra Silver Inc. (HDA.V) (the "Company" or "Huldra") is pleased to announce that the Company has received a Mining Lease and a British Columbia Mines Act Permit approving a mine plan and reclamation program for the Company's Treasure Mountain Mine along with an Amended Permit approving construction and operation of a process plant at the Company's mill site in Merritt, BC.

COMEX Silver Inventory Update: +528,970.137 ounces

COMEX Silver Inventory Update: +528,970.137 ounces

May 31: Gold and Silver End Slightly Lower

Gold jumped to $1573.17 at about 9:45AM EST before it plummeted back to $1552.29 in the next half hour of trade and then bounced back higher midday, but it still ended with a loss of 0.17%. Silver climbed to $28.213 in London and then fell back to $27.54 in midmorning New York trade before it the bounced back higher midday, but it still ended with a loss of 0.68%.

iShares Silver Trust: 9,643.17 tonnes

iShares Silver Trust: 9,643.17 tonnes

June 21: Gold and Silver Fall Over 2% and 4%

Gold fell to as low as $1564.57 and ended with a loss of 2.5%. Silver slipped to as low as $26.849 and ended with a loss of 4.13%.

Pan American Silver Falls to Levels Below Book Value

In trading on Friday, shares of Pan American Silver Corp. (Toronto: PAA) crossed below their last reported book value — defined as common shareholder equity per share — of $17.83, changing hands as low as $17.70 per share. Pan American Silver Corp. shares are currently trading down about 3.2% on the day.

Silver Market Morning

Gold closed in New York at $1,598.70, up $20. Asia took it up to $1,606 ahead of London’s opening, while the euro stood at €1: $1.2602. The gold Fix was set at $1,608.50 and in the euro €1,278.312. Ahead of New York’s opening, gold stood at $1,609.65 and in the euro, €1,279.23 while the euro was at €1: $1.2583.

July 13: Gold and Silver End Slightly Higher on the Week

Gold rallied to as high as $1596.35 and ended with a gain of 1.04%. Silver rose to $27.509 in London before it slumped back to $27.14 in midmorning New York trade, but it then surged to a new session high of $27.56 and ended with a gain of 0.3%.

July 19: Gold and Silver End Slightly Higher

Gold climbed up to $1591.49 at about 8:30AM EST before it fell back to as low as $1577.15 in early afternoon New York trade, but it then bounced back higher into the close and ended with a gain of 0.23%. Silver rose to $27.60 before it dropped back to $27.13, but it still ended with a gain of 0.07%.

July 23: Gold and Silver End Modestly Lower

Gold fell to as low as $1563.41 by about 8:45AM EST, but it then rallied back higher throughout the rest of the morning in New York and ended near its noontime high of $1580.30 with a loss of just 0.42%. Silver slumped to as low as $26.671 before it also rallied back higher and ended with a loss of just 1.14%.

COMEX Silver Inventory Update: -1,329,524.330 ounces

COMEX Silver Inventory Update: -1,329,524.330 ounces

July 27: Gold and Silver Gain About 2% on the Week

Gold climbed almost 1% to $1629.31 at around 8:20AM EST before it drifted back lower at times in New York, but it then bounced back higher in late trade and ended with a gain of 0.48%. Silver surged to as high as $27.839 before it also fell back off at times, but it still ended with a gain of 0.98%.

COMEX Silver Inventory Update: -287,542.774 ounces

COMEX Silver Inventory Update: -287,542.774 ounces

iShares Silver Trust: 9,759.01 tonnes

iShares Silver Trust: 9,759.01 tonnes

The “Summer Games” Go On

And the “summer games” go on, with TPTB “locking down” Precious Metals with daily caps at the same times, while the “DOW JONES PROPAGANDA AVERAGE” surges at the NYSE open and is NEVER allowed to fall.

Why Is The Future Silver Supply More at Risk than Gold?

The focus of the markets and the alternative media is firmly placed on the continued disintegration of the world financial system. Many believe that the collapse of the fiat monetary system along with the global banking cartel is the worst possible outcome. However, this may actually turn out to be the good news in a sea of bad news that is lurking around the corner.

The Silver Reverse Bubble of 2012

In late 2008, when silver was massacred in the futures pit and saw its price fall from over $20 to under $10, I told my readers at that time that silver entered into a “reverse bubble”. I know it sounds odd, but let me re-visit the concept.

Silver: Supply and Demand Part 2, Investment Demand

This educational video looks at how and why people invest in silver. While economic, socio-political and psychological forces play a large part in determining the price of silver, it all comes back to the basic principles of supply and demand.

JP Morgan Silver Manipulation

Silver Chart and Comments

Silver continues to be the poor poster child for the Deflation or Risk Aversion Trade. It's chart is abysmal at this point as it has steadily retreated since peaking near $50 in what seems a lifetime ago. About the only positive thing that can be said about it is that is had not been below the $26 level for some time now. That level still seems to be bringing in buyers.

Silver Grumps

Attention, Class: Silver and gold are static assets. They are constants. They don't actually move much. What happens is that the metrics by which we measure Silver and Gold jump around like horny ticks on a hot dog. It is the fraud of the 20th and 21st Centuries.

South American Silver Responds Strongly To Bolivian Government Statements

South American Silver Corp. (SAC.TO)(SOHAF) today expressed extreme disappointment in statements made this evening by the Bolivian government that it intends to nationalize the company's development stage Malku Khota silver-indium-gallium project.

Bolivia to consider nationalizing embattled silver project

Bolivia will consider nationalizing Canadian miner South American Silver Corp's silver property, President Evo Morales said on Sunday, following violent indigenous protests against the mining project. Leftist Morales, who last month took control of global commodities giant Glencore's tin and zinc mine in the Andean country, said he hadn't taken a final decision on whether to revoke the Canadian miner's concession.

August 3: Gold and Silver End Mixed on the Week

Gold climbed $11.03 to $1599.73 by a little after 8AM EST before it dropped back to $1586.90 immediately after the jobs report was released, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.89%. Silver slumped down to $27.066 in early New York trade, but it then surged to as high as $27.883 and ended with a gain of 2.4%.

Silver is for Champions

The thoughts of millions of ice hockey fans turned to silver this week – more specifically, to the nearly 35 pounds of silver in the National Hockey League’s Stanley Cup, the century-old championship symbol of professional hockey. The Los Angeles Kings ultimately lifted high the iconic trophy made of sterling silver.

Is the Silver’s Move Above Its 50-day Moving Average a Bona Fide Buy Signal?

Summing up, there are virtually no positive signs for the white metal in this week’s chart except for the move above the 50-day moving average. This move was not accompanied by analogous breakouts in gold nor mining stocks, so we don’t view it as overly important. The silver-to-gold ratio indicates further weakness ahead.

Maintain The Status Quo

The name of the game is the “maintain the status quo” – first until the Europeans return from August vacations, and second in front of the U.S. elections. Today’s “retail sales” fiasco – following perhaps 20 HORRIBLE, GLOBAL economic reports, was no different than last month’s NFP Employment Report, when unprecedented “seasonal adjustments” turned what should have been a BIG decline into a big increase.

Bill Murphy Comments On Today's Market Action

It's go into the bunker time as markets are in sell everything mode. It is a sad day when King Dollar reigns. Our politicians can't even deal with cutting the rate of our debt increases, much less really address our mounting fiscal problems.

Charts: Silver Price, Silver Stocks Reverse from Lows

The silver price has made a strong reversal from big technical supports around $27. Silver stocks have also moved off their early morning lows, crossing into positive terriroty mid-day and gaining steadily into the close:

Silver Market Update

Silver investors and speculators are amongst the manic-depressive you can possibly find in the investment world. When they are playing maximum credits on the slots and passing round boxes of cuban cigars and taking out massive loans to buy Ferraris and Lambos you know it's time to watch out. When they retreat into the shadows, only coming out to hurl themselves off bridges and other tall structures, mumbling about the "cartel" as they plummet earthwards, you know it's getting time to buy - and that is the situation we now find ourselves in. In this update we are going to examine evidence which suggests that, despite the fragile looking price pattern, silver is going to turn surprisingly strong in short order, or alternatively, if it does break down, it turns out to be a false move that is swiftly followed by a dramatic recovery.

July 25: Gold and Silver Gain Over 1%

Gold climbed steadily higher throughout most of trade in London and New York and ended near its late session high of $1610.10 with a gain of 1.4%. Silver surged to as high as $27.559 and ended with a gain of 1.3%.

Sprott mum after Hecla offers cash for U.S. Silver in hostile bid

The head of Sprott Asset Management, Eric Sprott, was keeping his cards close to his chest after Hecla Mining made a hostile C$111-million cash offer to buy U.S. Silver that would derail a Sprott-backed plan to merge U.S. Silver with RX Gold & Silver.

COMEX Silver Inventory Update: -996,615.750 ounces

COMEX Silver Inventory Update: -996,615.750 ounces