• Gold: 1,279.76 0.00
  • Silver: 16.96 0.01
  • Euro: 1.174 -0.000
  • USDX: 93.952 -0.078
  • Oil: 57.7 0.54

November 21: Gold and Silver Gain With Stocks

6 hours 5 min ago

Gold gained $4 to $1281.30 in Asia before it dropped back to $1276.30 in London, but it then jumped up to $1284.70 in New York and ended with a gain of 0.2%. Silver rose to as high as $17.051 and ended with a gain of 0.12%.

Silver Market Morning: July 7 2017 - Gold and silver marking time!

Shanghai is stabilizing again today, but not by much. New York traded at $6 lower than Shanghai following Shanghai’s close yesterday. Today London opened $11 lower than Shanghai. Until gold makes a firm break one way or another we consider it directionless as it has been for most of the second quarter. Today, once again, remains a critical day for the gold price in all three global centers as the direction forward is still to be established.

Silver Prices Bounce Higher After Futures Manipulated 7% Lower In Minute

– Silver prices ‘flash crash’ before rebound – Silver hammered 7% lower in less than minute in Asian trading – Silver fell from $16 to $14.82, before recovering to $15.89 – Silver plunge blamed on another ‘trading error’ – Gold similar ‘flash crash’ last week and similar recovery

July 6: Gold and Silver End Slightly Lower

Gold saw slight gains in Asia before it drifted back to $1222.70 in London and then popped back higher in early New York trade, but it still ended with a loss of 0.05%. Silver slipped to as low as $15.937 and ended with a loss of 0.12%.

Silver Market Morning: July 6 2017 - Gold and silver still stabilizing, where next is critical!

The Fed Minutes gave a less certain picture than was interpreted by the media from the statement by Janet Yellen. The Fed is worried that inflation is falling, not rising and it is now clear that if we do see a rate hike, we are unlikely to see a start to the tapering of the Fed’s Balance Sheet. But we do expect a Balance Sheet reduction from September at a very slow pace, so the prospect of a rate hike this year is falling away if the data pattern continues as it is now.

July 5: Gold and Silver End Mixed

Gold edged up to $1228.80 in Asia before it fell back to $1217.60 in London, but it then bounced back higher in New York and ended with a gain of 0.41% from Monday. Silver rose to as high as $16.219 before it fell back to $15.881 and then also edged back higher at times, but it still ended with a loss of 0.68%.

Silver Market Morning: July 5 2017 - Gold stabilizing at lower levels, Silver double bottom?

Silver closed at $16.08 yesterday [in London] after $16.14 at New York’s close Monday. As with gold, silver is stabilizing at lower levels. As we said yesterday, silver ignores its own fundamentals and will follow gold as a monetary metal, both ways further and faster. We are expecting the silver price to be volatile, but with the present stabilizing, we hope to see a clear direction in the price of gold and silver. The question remains, is silver forming a double bottom?

July 3: Gold and Silver Fall Almost 2% and 3%

Gold fell throughout most of world trade and ended near its last minute low of $1220.20 with a loss of 1.7%. Silver slipped to as low as $16.109 and ended with a loss of 2.83%.

How many Silver Bars are in the LBMA Vaults in London?

Sometime in the coming days, the London Bullion Market Association (LBMA) plans to begin publishing gold and silver vault holding totals covering the network of commercial precious vault operators in London that fall under its remit. This follows an announcement made by the LBMA on 8 May. There are seven commercial vault operators (custodians) in the LBMA custodian vault network namely, HSBC, JP Morgan, Brinks, Malca Amit, ICBC Standard Bank, Loomis (formerly Viamat), and G4S.

Silver Is Now Offered At a Discount

Have you ever been in a discussion about gold, when someone blurts out “we don’t have enough gold to operate a gold standard!” We have a standard retort. “Oh, that’s interesting. Please tell us how much gold you think would be necessary, and how you calculated it.” We have never heard a coherent answer to this question. Most people just don’t like gold, and will say whatever words they think will dismiss the monetary question entirely, without actually having to address the issues.

Silver Market Morning: July 3 2017 - Gold slipping before the holiday!

New York weakened on Friday after Shanghai and London weakened. This morning Shanghai weakened further setting the stage for London to fall. As you can see London is also seeing downward pressure as the U.S. dollar strengthened a little against all currencies bar the Pound Sterling.

June 30: Gold and Silver Fall Roughly 1% on the Week

Gold fell $4.70 to $1239.60 at about 8:45AM EST before it chopped back higher at times, but it still ended with a loss of 0.23%. Silver slipped to as low as $16.541 and ended with a loss of 0.06%.

Market Report: Half-year blues

Gold and silver prices were hit on Monday by a $2bn sale of Comex gold futures at about 0400 hrs EST, when US traders were not around to challenge it. Rumours of a “fat finger” appear wide of the mark. More likely it was a too-big-to-fail bank taking out all the stops to window-dress its books ahead of the half-year accounting deadline.

June 29: Gold and Silver Fall With Stocks and Bonds

Gold edged up to $1252.90 in Asia before it fell back to $1239.90 by a little after 9AM EST, but it then bounced back higher into the close and ended with a loss of just 0.47%. Silver slipped to as low as $16.609 and ended with a loss of 1.19%.

Silver Market Morning: June 29 2017 - Gold continues to consolidate!

Against yesterday’s Shanghai prices New York is now at a $8 discount to Shanghai and London opened at a $17.60 discount. Once again we will see where pricing power resides. We expect Shanghai will show itself as the price leader by lifting London and New York higher. But this sort of day clearly shows where the dominance lies.

June 28: Gold and Silver Gain Again

Gold gained $5.50 to $1254.60 in London before it fell back to $1247.90 in midmorning New York trade, but it then bounced back higher into the close and ended with a gain of 0.09%. Silver rose to as high as $16.859 and ended with a gain of 0.84%.

Silver Market Morning: June 28 2017 - Gold continues to recover from the massive [mistaken?] sale!

The three global gold markets are moving back into line today with London and New York rising to almost Shanghai’s level. New York rose to within $7.32 of Shanghai’s prices down from $16 lower than Shanghai, and London opened $7.42 lifting the discount to Shanghai, from $13.42. This is again, confirming Shanghai dominating pricing power.

June 27: Gold and Silver Gain While Stocks, Dollar, and Bonds Fall

Gold gained $8.60 to $1252.90 in Asia before it fell back towards unchanged in early afternoon New York trade, but it then bounced back higher into the close and ended with a gain of 0.39%. Silver climbed up to $16.70 before it fell back to $16.563, but it then jumped to a new session high of $17.747 in the last hour of trade and ended with a gain of 0.66%.

Silver Market Morning: June 27 2017 - Gold recovers very quickly from dubious sale!

Yesterday, we thought the sale at the open in London must have been a physical sale, but it wasn’t, it was a ‘paper’ sale, where it was thought that someone made a huge mistake selling ‘lots’ in the futures market instead of ounces. The deal was 56 tonnes of gold a massive amount that has not been seen since the gold price was crushed in 2013. Whatever it was, we learned a great deal about the behavior of markets then right up until now and likely tomorrow.

June 26: Gold and Silver Fall Almost 1%

Gold fell $19 to $1236.90 in London before it bounced back higher in New York, but it still ended with a loss of 0.92%. Silver slipped to as low as $16.437 and ended with a loss of 0.78%.

Silver Market Morning: June 26 2017 - Gold knocked back to $1,240 early after London’s opening!

Shanghai is leading the way up again as New York closed $2.60 lower than Shanghai’s close on Friday. This morning Shanghai started the week nearly $4 higher than New York’s Friday close as the Yuan weakened against a weakening dollar. We note that the P.B. of C. has stated it wants to trade against a basket of currencies not just the dollar but today while other currencies are stronger against the dollar the Yuan is weaker.

June 23: Gold and Silver End Slightly Higher on the Week

Gold gained $8.70 to $1258.80 in early New York trade before it drifted back lower into midday, but it still ended with a gain of 0.46%. Silver rose to as high as $16.788 and ended with a gain of 0.78%.

Left wing, right wing, and free markets

One of the saddest things about Britain’s recent general election was the level of ignorance displayed by all parties on the broad subject of political economics. I use the term to include both political philosophy and pure economic theory.

Silver Market Morning: June 23 2017 - Gold rising above $1,250!

Shanghai is leading the way up again, albeit the rises are not that significant except to give the next direction. The gold price appears to have bottomed in all three global gold markets. We therefore must adjust our assessment of the gold price’s direction accordingly. While the Technical picture still remains a guide, the gold price is showing it must wait for Shanghai to lead the way.

Silvercrest drills 7.6 m of 502 g/t AgEq at Las Chispas

Silvercrest Metals Inc. has released additional drill results for the Babicanora vein within the Las Chispas property located in Sonora, Mexico. These further drilling results, combined with results announced on March 2, 2017, show an increased high grade footprint within the Babicanora Vein (see attached Figures). The Babicanora Vein is one of 19 epithermal veins that have been identified to date on the Property, which historically was one of the largest silver-gold producers in Sonora. As part of the Company's ongoing Phase II exploration program, four drills are currently working at the Las Chispas, William Tell, Varela, Giovanni and Babicanora veins, with further results anticipated over the next several months.

Abraplata begins 2,000 m drill program at Diablillos

Abraplata Resource Corp. has started a 2,000-metre diamond drilling program on its Diablillos silver-gold project in southern Salta province of northwestern Argentina. The objective of the planned diamond drill program is to establish a resource within Fantasma Mineralized Zone with a view to further expanding the existing resources outlined at the Oculto Deposit, some 800m to the east of Fantasma. This will allow the Company to establish the parameters necessary for completing a Preliminary Economic Assessment study. Diablillos lies at an elevation of 4100m above sea level, and covers an area of some 79km 2 . The property hosts Ag-Au epithermal mineralization within a north-trending graben which traverses most of the property. This mineralization includes the Oculto deposit for which an indicated resource has been estimated consisting of 27.7m tonnes at 91.2g/t Ag and 0.85g/t Au and containing 81.3m oz Ag and 755k oz Au (135m oz AgEq or 1.9m oz AuEq). Reference is made to the Technical Report dated November 2, 2016 prepared by Roscoe Postle Associates Inc., a copy of which is filed under the Company's profile on SEDAR.

Silver Market Morning

The New York gold price rose slightly to $1,290.90 up $1.00 at the close on Wednesday. Asia held it there ahead of London’s opening. London held it there before Fixing the gold price at $1,290.25 up $3.75. In the euro, it Fixed at €943.648 up €0.812, while the dollar stood at $1.3673, almost unchanged. Ahead of the opening in New York gold stood at $1,292.50 and in the euro at €945.88.

Silver Market Morning

The New York gold price saw gold pause at $1,318 with Asia holding it there before London took it down steadily to $1,314 In London it Fixed at $1,314 down $12.00. In the euro, it Fixed at €957.586 down just over €10.00, while the dollar stood at $1.3722, weaker again. Ahead of the opening in New York gold stood at $1,313.75 and in the euro at €956.57.

SilverCrest Receives US$10 Million Commitment from Sandstorm Gold for Underground Mine Option at Santa Elena

SilverCrest Mines Inc. (TSX:SVL)(NYSE MKT:SVLC) ("SilverCrest" or "the Company") is pleased to announce it has received notice of exercise of the Underground Mine Option from Sandstorm Gold Ltd. ("Sandstorm") for the Santa Elena Mine, Sonora, Mexico. This Option allows Sandstorm to purchase 20% of the gold produced from underground operations at the Santa Elena. In consideration of exercise of the option, Sandstorm will make an additional upfront deposit of US$10 million to the Company on or before March 17, 2014 and will continue to make ongoing per ounce payments of US$350 until 50,000 ounces of gold have been delivered to Sandstorm, inclusive of 18,593 ounces already received from open-pit production, at which time the payments will increase to US$450 per ounce of gold.

February 27: Gold and Silver End Slightly Higher

Gold dropped $5.05 to $1323.95 in late Asian trade before it rebounded to $1335.36 at about 10:30AM EST and then drifted back to $1326.99 in the next four hours of trade, but it then rallied back higher in late trade and ended with a gain of 0.11%. Silver slipped to $21.002 in Asia before it bounced back to $21.485 in London and then chopped back lower in New York, but it still ended with a gain of 0.19%.

March 7: Gold and Silver End Mixed on the Week

Gold edged down to $1346.45 in Asia before it rebounded to $1352.69 at about 8:20AM EST and then dropped back to as low as $1329.28 after this morning’s jobs report was released, but it then rallied back higher in the last four and a half hours of trade and ended with a loss of just 0.82%. Silver slumped to as low $20.769 before it also rallied back higher, but is still ended with a loss of 2.7%.

Santacruz Silver Mining Ltd. (TSXV:SCZ) Follow-Up #3

In 2014, production at Rosario is targeted to be 500 tons/day. The Company plans exploration and additional geologic evaluation, including diamond drilling on its properties, to define and expand resources to NI43-101 compliance.

Santacruz Silver Provides Q4 2013 & January 2014 Operations Update for Rosario Mine

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to provide production results and an update of activities at its Rosario Mine located in San Luis Potosi, Mexico.

Silver Market Morning

The New York gold price closed at $1,280.50 down $2.80 on Tuesday, in New York. Asia lifted the price $4 on Wednesday morning. London held it there at the opening. The gold price was Fixed in London at $1,284.00 down $2.50. In the euro, it Fixed at €93o.907 down €1.542 as the dollar stood at $1.3793 up from $1.3797: €1. Ahead of the opening in New York gold stood at $1,283.70 and in the euro at €930.86.

Silver Market Morning

The New York gold price closed at $1,292 up $7.50 on Wednesday, in New York. Asia held the price there on Thursday morning. London took it down $5. The gold price was Fixed in London at $1,287.25 up $3.25. In the euro, it Fixed at €935.094 up €4.187 as the dollar stood at $1.3766 up from $1.3793: €1. Ahead of the opening in New York gold stood at $1,286.65 and in the euro at €934.79.

Silver Market Morning

The New York gold price closed at $1,286.30 down $5.70 on Thursday, in New York. Asia held the price there on Friday morning, before London lifted it over $1,290 ahead of the Fix. The gold price was Fixed in London at $1,293.50 up $6.25. In the euro, it Fixed at €943.747 up €8.653 as the euro was weaker at $1.3706 up from $1.3766: €1. Ahead of the opening in New York gold stood at $1,291.40 and in the euro at €941.97.

Silver Market Morning

The gold price closed at $1,318.00 up $6.90 on Thursday, in New York. Asia lifted it to $1,319.35 ahead of London’s opening. The gold price was Fixed in London at $1,317.25 down $4.25. In the euro, it Fixed at €948.617 down €4.571 as the euro was weaker at $1.3886 down from $1.3866: €1. Ahead of the opening in New York gold stood at $1,322.25 and in the euro at €951.53.

SilverCrest Announces Q1 Production; 201,101 Ounces Silver and 7,545 Ounces Gold

SilverCrest Mines Inc. (NYSE MKT:SVLC)(SVL.TO) (the "Company") is pleased to announce silver and gold production numbers for the first quarter of 2014 from its 100% owned Santa Elena Mine located in Sonora, Mexico.

Silver Market Morning

After Mario Draghi’s confirming that he wants to see a weaker euro, the market has obliged by pulling it back from its recent peak just under $1.40: €1 to $1.38: €1. If gold is moved in the same way as gold, we come to $1,307. This is where the gold price is now. We did not see selling of gold to press the gold price down, but dealer’s adjustment of prices in line with the dollar’s strength. Like the waves on the seashore the gold price fell but we believe this will bring in Asian buyers allowing the gold price to move higher after the current consolidation is complete.

Silver Market Morning

The gold price closed at $1,302.90 down $23.80 Tuesday, in New York. Asia pulled it down to $1,295 initially before lifting it back to $1,300 ahead of London’s opening, where it rose to $1,304. The gold price was then Fixed in London at $1,299.00 down $12.50, because of the stronger euro. In the euro, it Fixed at €938.584 down €11.847 as the euro was stronger at $1.3840 down from $1.3800: €1. Ahead of the opening in New York gold stood at $1,302.90 and in the euro at €941.40.

Santacruz Silver Announces First Quarter 2014 Production Results/ Ramp Up Program at Rosario Mine is on Schedule

Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) (the "Company" or "Santacruz") is pleased to announce first quarter 2014 production of 159,729 silver equivalent ounces from the Company's Rosario Mine in San Luis Potosi, Mexico. This production represents a 260% quarter over quarter increase as compared with Q4 2013 and demonstrates the Company is on schedule to meet its production target of between 850,000 to 1,100,000 silver equivalent ounces by the year-end 2014.

Excellon reports results of annual meeting of shareholders

Excellon Resources Inc. (TSX:EXN; OTC:EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to report that shareholders voted in favour of all items of business, including the election of each director at the 2014 Annual General Meeting (the "Meeting") held on April 29, 2014.

Silver Market Morning

The gold price closed at $1,290.4 down $5.70 on yesterday, in New York. In Asia it was being pulled back to $1,283. London is closed today. The dollar weakened to $1.3880 nearly half a cent lower. Ahead of the opening of New York, gold stood at $1,286.10 and in the euro at €926.65.

May Decline in Gold and Silver Stocks Would Create Opportunity

Last week we noted that the gold and silver shares had formed a short-term rebound in response to an oversold condition. Yet we felt that the downtrend that originated from the hard reversal in March was still in effect. As we go to publish, the rebound appears to be petering out. Be aware that there is more potential downside in May. The good news is a decline in May will likely create a great buying opportunity at the end of the month and in June.

Manipulation 101 ... The Pithy Version

The goal of The Powers That Be is to keep the grassroots masses from reaching an "orientation" that values precious metals over paper dollars that are backed only by the "full faith and credit" of U.S. Government.

Silver Market Morning

The gold price closed at $1,298.30 in a $13.40 rebound on Friday, in New York. In Asia and London it was being lifted strongly to $1315.00. London was closed so we watch to see just how New York will play gold. The euro stood at $1.3874. Ahead of the opening of New York, gold stood at $1,311.65 and in the euro at €945.65.

Silver Market Morning

The gold price closed at $1,289.20 down only $0.20 yesterday, in New York. In Asia and London the gold price lifted back to $1,291. The gold Fixing was set at $1,289.00 down $2.25 and in the euro at €933.246 up €7.22 while the euro stood at $1.3812 nearly 2 cents down from the week’s peak. Ahead of New York’s opening the gold price stood at $1,289.40 and in the euro at €933.33.

May 9: Gold and Silver End Slightly Lower on the Week

Gold climbed $5.04 to $1294.24 by a little before 8AM EST before it dropped back to $1285.54 in the next four and a half hours of trade, but it then bounced back higher into the close and ended with a loss of just 0.04%. Silver slipped to as low as $19.052 and ended with loss of 0.1%.

May 12: Gold Gains and Silver Surges

Gold dropped $8.73 to $1279.97 at the open of trade last night, but it then jumped to as high as $1302.77 at about 8:30AM EST today and ended with a gain of 0.62%. Silver surged to as high as $19.647 and ended with a gain of 2.09%.

Who should GAO believe - Ted Butler or Bart Chilton?

In a recent column, silver analyst Theodore Butler presented information that leaves him somewhat optimistic that the Government Accountability Office(GAO) is looking into the possibility that the silver markets might be rigged or manipulated.

May 13: Gold and Silver End Slightly Lower

Gold dropped down to $1289.16 by a little after 7AM EST before it spiked up to $1298.42 in the next hour and a half of trade, but it then drifted back lower into the close and ended with a loss of 0.26%. Silver slipped to $19.364 before it rebounded to $19.593 and then also fell back off, but it ended with a loss of just 0.1%.

Daily Silver Data

Statistics about silver that change every day.

Silver Market Morning

Silver Update

Here are a few patterns that might explain the current state of the silver price, as well as, provide the possible way forward. Below is a graphic which compares the current pattern on silver (from about the beginning of 2011 to present) to a 2007 pattern:

Dramatic Turnaround For Silver?

On the chart, I have indicated two similar patterns (marked 1 to 5).This comparison suggests that silver could rise significantly over the next couple of months. This would mean that a dramatic turnaround in the price of silver is coming (it might have started already).

Silver Market Update

The patterns forming in gold and silver are remarkably similar, and much of what has been written in the parallel Gold Market update applies equally to silver, so it will not be repeated here. The big question is "has silver finally bottomed?" - that is the question that we are going to attempt to answer in this update.

May 22: Gold and Silver End Over 1% Lower

Gold dropped $19.82 to $1573.18 by about 5AM EST before it climbed back above $1590 by late morning in New York, but it then fell back off into the close and ended with a loss of 1.64%. Silver slipped to $28.015 before it surged to as high as $28.804, but it also fell back off in late trade and ended with a loss of 1.26%.

Julian Phillips: Silver Price Falls with Euro; in hands of traders

Comment Wire: The fall in the silver price to current levels of $27.34 reflects the fall in the euro and not that rise of the dollar. Both gold and silver have for so long been treated as "counters to the dollar" to quote the Bundesbank's ex-President Herr Weber. But this does not mean, after market volatility says differently, that silver should move with the euro.

Ranting Andy on Silver

June 1, 2012 will be remembered as a watershed day. “Cartel Rule #1” was already broken on Wednesday – i.e., “thou shalt not let PMs rise when the Dow plunges,” and nearly was yesterday as well, until they viciously ATTACKED PMs and GOOSED the “Dow Jones Propaganda Average” at midday. But today – with European markets already in freefall, the BLS published its third straight catastrophic NFP employment report.

iShares Silver Trust: 9,643.17 tonnes

iShares Silver Trust: 9,643.17 tonnes

Silver Market Morning

Gold closed in New York at $1,620.40 and in London’s early morning fell to $1,615.75. There is no Fixing in London today due to the Jubilee celebrations. Ahead of New York’s opening gold stood at $1,618.22 and in the euro, €1,301.55 while the euro was at €1: $1.2433.

This Ain't The Bottom (But you can see it from here)

Wallace, Idaho – Bernard Baruch famously said: “Don't try to buy at the bottom and sell at the top. It can't be done except by liars.” Good advice. So many ersatz experts are calling this the bottom for silver and gold that it absolutely cannot be the actual bottom. It may be so close that we can see it, but we're willing to ride this elevator down a few more floors before we hit that big red STOP button.

June 6: Gold Gains While Silver Surges

Gold rose $22.40 to $1640.80 at about 8:30AM EST, but it then fell back off in early afternoon trade and ended with a gain of just 0.07%. Silver surged to as high as $29.895 before it also fell back off, but it still ended with a gain of 2.94%.

Silver Offers A Great Opportunity

For more silver and gold analysis and guidance, see my Long-term Silver Fractal Report & Long-term Gold Fractal Report or subscribe to my Premium Service.

COMEX Silver Inventory Update: -27,627.307 ounces

COMEX Silver Inventory Update: -27,627.307 ounces

CFTC Chairman Gary Gensler on C-SPAN

Gary Gensler talked about Commodity Futures Trading Commission oversight of commodity "futures," and he responded to telephone calls and electronic communications.

The Premier Safe Haven

Precious Metals are yet again asserting themselves following MULTIPLE attempts to push them down – first at the usual 12:00 PM EST with most markets flat, then late in the afternoon when the “DOW JONES PROPAGANDA AVERAGE” started plunging. TPTB are horrified that their pathetic “Spanish Bailout” ploy failed, with stock and markets plunging worldwide – notwithstanding yesterday’s blatant prop job. If gold remains positive by day’s close – and the Dow stays down – this will be the fourth such time in two weeks – SHOUTING to the world that gold is, indeed, the premier safe haven asset. With the potentially catastrophic Greek elections this weekend – and fears of an Italian contagion, be prepared for ANYTHING in the coming days.

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.

Vintage Gold Cartel

This week has been vintage Gold Cartel/JP Morgan in action. The gold/price action has been counterintuitive until today. Meanwhile, the silver open interest is near at its recent highs, as JPM has stopped all silver rallies whenever the price reached $29 per ounce. Take a look at the silver chart of late. Now they have made their move along with the rest of The Gold Cartel. Spec precious metals longs are terrified and many forced to exit their positions.

Silver coins hot up in India as gold sales weaken

With gold prices too hot for many in India, silver has regained its sheen. Sales of silver coins are soaring in India, with most consumers buying silver coins which herald good luck and prosperity. Gold, on the other hand, has hit several highs in the last couple of days, deterring buyers from the precious metal. Delayed monsoons in India have all but grounded sale of gold too. In rural India, sales of the yellow metal are closely linked to monsoon, since good rains that bring on a rich harvest will boost gold purchases by farmers.

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 $1,572. London opened at the same level, but as the euro slipped slightly it slipped marginally too, but then recovered ahead of the Fixing in London to Fix at $1,569.00 and in the euro at €1,256.406 almost the same as Friday’s level. Ahead of New York’s opening gold stood at $1,570.30and in the euro, €1,257.25 while the euro was at €1: $1.2490.

Perfect Storm Brewing

The markets are in turmoil for the same cadre of horrible trends as usual, starting with Spanish bond yield surging above 7%, uncertainty about the toothless European Summit, PLUNGING British bank stocks on the heels of “LIEBOR” fraud (Barclays, down 17% today alone) and unattainable ATM funds (RBS, down 13%). Throw in the Supreme Court’s insane upholding of Obamacare, in which the only justice to vote against his party was Chief Justice Roberts, and further weakness in jobless claims, and you have a perfect storm brewing.

July 16: Gold and Silver End With Slight Gains

Gold dropped down to as low as $1578.51 by a little after 8AM EST, but it then rose to as high as $1594.61 in late morning New York trade and ended with a gain of 0.09%. Silver surged to as high as $27.42 and ended with a gain of 0.22%.

First Majestic Produces 2.1 Million Silver Equivalent Ounces in Second Quarter

First Majestic Silver Corp. ("First Majestic" or the "Company") (FR.TO)(AG)(FMV.F) (WKN:A0LHKJ)is pleased to announce that total production at its three mines in Mexico for the second quarter ending June 30, 2012 reached 2,102,222 equivalent ounces of silver, representing a 14% increase compared to the same quarter in 2011.

Silver Market Morning

Gold closed in New York at $1,581.70 yesterday down $7.80. Asia took it to $1,582 ahead of London’s opening. London’s morning Fix today was set at $1,579.50 down $6 on yesterday and in the euro at €1,298.651, while the euro stood at €1: $1.2257 down half a cent on the dollar. Ahead of New York’s opening gold stood at $1,579.32 in the middle and in the euro at €1,290.66.