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Gold prices slump to 10-month low, silver prices rise

New Delhi: Gold prices fell Rs130 to hit a 10-month low of Rs28,580 per 10 grams on Friday amid a weakening global trend and considerable fall in demand from jewellers at the domestic spot market. Silver, however, firmed up further by Rs250 to Rs41,850 per kg due to increased offtake by industrial units and coin makers. Traders said sentiment was downbeat, largely in step with a subdued global trend, as a surging dollar somewhat took the sheen off the precious metals as a safe haven. Besides, a decline in demand from jewellers in view of the prevailing cash crunch weighed heavy on gold prices, they said. Globally, gold fell 0.15% to $1,168.60 an ounce in Singapore.

The government on 8 November had scrapped old series Rs500 and Rs1,000 notes to flush out black money, leading to a cash crunch in the market. In the national capital, gold of 99.9 % and 99.5% purity fell by Rs130 each to Rs28,580 and Rs28,430 per 10 grams, respectively—a level last seen on 9 February when it had closed at Rs28,585.

Sovereign, however, continued to be sought at the previous level of Rs24,200 per piece of eight grams. On the other hand, silver ready advanced by Rs250 to Rs41,850 per kg, but weekly-based delivery drifted lower by Rs320 to Rs41,460 for want of buying support.

On the other hand, silver coins remained steady at Rs73,000 for buying and Rs74,000 for selling of 100 pieces in scattered deals.

Article source: http://www.livemint.com/Money/jXdIcB8wIPnHePxYRjk7RL/Gold-prices-slump-to-10month-low-silver-prices-rise.html

Silver Price Outlook 2017 | Investing News Network

Silver Investing

What will happen to silver prices in 2017? Analysts predict a promising year for the precious metal.

silver price outlook

Silver prices have been surging in 2016 due to political concerns and uncertainty worldwide, including Brexit results and proposed policies from incoming US President Trump.

A weak US dollar also favored silver’s price that averaged $17.32/oz until November, which was 9.9 percent higher than the same period in 2015.

Silver hit its lowest price or $13.83/oz at the beginning of the year but then steadily increased until the end of July, reaching a high of $20.28/oz.  The silver market is expected to be in physical deficit for a fourth consecutive year in 2016 with a total annual shortfall of 52.2 Moz, the GFMS Silver Institute reports.

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Silver Demand Forecast And Silver Stocks To Buy

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What to watch for in 2017

Looking forward to 2017,

Article source: http://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-price-outlook-2017/

Gold prices remain steady, silver prices jump Rs650 on industrial demand

Mumbai: Gold prices ruled steady in a largely quiet trade at the bullion market here today on mute off-take by jewellers and investors as well as lack of local buying interest. Silver recovered however by Rs650 per kg on renewed speculative offtake and industrial demand. Standard gold (99.5 purity) closed its overnight level at Rs28,180 per 10 grams.

Pure gold (99.9 purity) also settled at its previous level of Rs28,330 per 10 grams. Silver (.999 fineness) climbed by Rs650 to finish at Rs41,750 per kg compared to Wednesday’s close of Rs 41,100. On the global front, the metal rose further from this week’s 10-month low on Wednesday, as the dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a US rate rise next week was already reflected in prices.

Article source: http://www.livemint.com/Money/S6mQIo6MNlwGnT6vDHAKWL/Gold-prices-remain-steady-silver-prices-jump-Rs650-on-indus.html

Don’t Fear The Silver and Gold Death Crosses – Lombardi Letter


Death Cross for Silver and Gold ETF Miners

After years of declines, silver and gold prices rebounded in 2016. But since the U.S. election, gold and silver prices have fallen hard. The one-time darlings of the stock market are now both heading toward ominous death crosses, a warning sign that precious metal mining exchange traded funds (ETFs) could experience a correction.

But there are a number of reasons why investors shouldn’t worry about falling gold and silver prices.

Silver and gold have been shining stars in 2016, at least until Donald Trump won the presidential election. Silver prices advanced 53% in the first three quarters of 2016 while gold prices were up roughly 30%.

It was an even better time for precious metal ETFs. The ETF Global X Silver Miners (NYSEARCA:SIL) soared 187% over the same time frame while the Market Vectors Gold Miners ETF (NYSEARCA:GDX) was up an impressive 125%.

Gold and silver ETFs and other precious metals soared for the better part of 2016, thanks in large part to ongoing fears about the stability of the United States and global economies. Since the U.S. election though, silver and gold prices and precious metal

Article source: https://www.lombardiletter.com/dont-fear-the-silver-and-gold-death-crosses/4085/

CASE CLOSED: The Fact of Bullion Bank Gold and Silver Price Manipulation

Back in April, the Cartel Shills and Apologists attempted to minimize the news that a settlement had been reached regarding a “nuisance lawsuit” alleging price rigging in gold and silver. As we told you at the time and on many occasions since, this case is instead quite significant and very important. The latest update on the case, released late yesterday, sheds more light upon what we’ve always known was taking place behind the scenes in the “free and fair precious metals markets”.

First, just another reminder of the two key points:

  1. Because of Deutschebank’s settlement offer and willingness to turn “state’s evidence” in the case, for the very first time a civil lawsuit regarding gold and/or silver price manipulation is being allowed to move forward into the legal discovery phase. This means depositions, affidavits and subpoenas. Never before has a case been allowed into this phase as all previous civil suits were thrown out by Bank-favored judges before discovery could begin.
  2. With Deutschebank now having agreed to nearly $100MM in settlements in the case, there is now the proverbial “blood in the water” for every class action attorney in the world. This current laswuit is just one case and this Deutschebank settlement is just one small part of it. There will now be countless new lawsuits filed, each of them seeking damages from The Bullion Banks for the now-discovered and proven collusion and manipulation of precious metals prices. Potential claimants range from mining companies to shareholders to day traders to

    Article source: http://www.silverseek.com/article/case-closed-fact-bullion-bank-gold-and-silver-price-manipulation-16161

Silver Prices Continue to Trade Above $17

Silver prices edged lower on Thursday, but continued to trade well above $17 after a solid rebound in the previous session.

March silver futures declined 8 cents, or 0.5%, to $17.20 a troy ounce at 6:54 am ET. The contract traded within a narrow range of $17.13 and $17.29 on Thursday.

slv

Prices rebounded nearly 3% on Wednesday in pre-positioning ahead of next week’s Federal Open Market Committee (FOMC) policy meeting. The grey metal settled above $17 a troy ounce on Wednesday for the first time since November 15.

February gold was up $1.30, or 0.1%, at $1,178.70 a troy ounce on Thursday.

In economic data, Chinese trade rebounded in November from a prolonged slump, as exports grew for the first time in nine months while imports also rose sharply. Exports rose 5.9% year-over-year in November, while imports spiked 13%, the General Administration of Customs reported Thursday.

Investors have learned this week that a slew of major financial companies were involved in manipulating gold and silver prices in 2014. Eight months after German lender Deutsche Bank AG settled a lawsuit over rigging precious metals prices, documents it disclosed as part of the process provided “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and others were also involved.

“Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across

Article source: http://www.economiccalendar.com/2016/12/08/silver-prices-continue-to-trade-above-17/

Deutsche Bank Records Said to Show Silver Rigging at Other Banks

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

The allegation came in a filing Wednesday in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.

According to the plaintiffs, records surrendered by Deutsche Bank show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

“Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing. The new scheme “far surpasses the conspiracy alleged earlier.”

New Complaint

The plaintiffs are seeking permission to file a new complaint with the additional allegations. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.

Representatives of UBS, BNP Paribas Fortis, HSBC, Standard Chartered and Scotiabank didn’t immediately respond to e-mails outside regular business hours seeking comment on the allegations. Barclays and Bank of America declined to immediately comment.

A judge dismissed the lawsuit against

Article source: https://www.bloomberg.com/news/articles/2016-12-08/deutsche-bank-records-alleged-to-show-banks-rigged-silver-prices

Buy Silver – May Replace Gold As Money In India

The Indian government has been trying to reduce its citizens’ demand for imported gold through a number of means over the last few years. This is part of a wider crackdown on currency used in the black market, that included the withdrawal and replacement of its two largest-denomination bank notes in early November. The strategy will likely have some unintended consequences if we take our cues from the events of 1910.

India-gold-silver

Growth in Indian gold and silver jewellery demand. Thomson Reuters GFMS Gold 2016 and Silver Survey 2016

Indians’ famous love for gold has created serious and ongoing economic issues for the nation. In 2011, Australian investment bank Macquarie estimated that 78% of India’s household savings were held in gold.

In effect, this means that India has a dual currency system where people choose to save mostly in gold rather than rupees. This is unlike any other major economy and begs the question: how do you wean a population off a precious metal?

Bling and buy sale

Building up savings in gold rather than deposits in a bank creates a permanent drag on India’s growth. This happens because the savings do not increase the available funds for lending within the banking system. One reason it is so difficult to put this gold to work as investment capital is that 79% of it is bought as jewellery, rather than bars or coins.

Australian 2017 Silver Bullion Coin (1oz) now in

Article source: http://www.silverseek.com/article/buy-silver-%E2%80%93-may-replace-gold-money-india-16154

Deutsche Bank Records Alleged to Show Silver-Price Rigging

Eight months after Deutsche Bank AG settled a lawsuit claiming it manipulated gold and silver prices, documents it disclosed as part of the accord provide “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market, plaintiffs claim.

The allegation came in a filing Wednesday in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.

According to the plaintiffs, records surrendered by Deutsche Bank show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

“Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing. The new scheme “far surpasses the conspiracy alleged earlier.”

New Complaint

The plaintiffs are seeking permission to file a new complaint with the additional allegations. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.

Representatives of UBS, BNP Paribas Fortis, HSBC, Standard Chartered and Scotiabank didn’t immediately respond to e-mails outside regular business hours seeking comment on the allegations. Barclays and Bank of America declined to immediately comment.

A judge dismissed the lawsuit against

Article source: https://www.bloomberg.com/news/articles/2016-12-08/deutsche-bank-records-alleged-to-show-banks-rigged-silver-prices

Silver Will Skyrocket If It Becomes India’s New Metal Of Choice …

First, let’s recap just how important gold is in Indian culture, and in the country’s economy as well. From The Conversation :

Indians’ famous love for gold has created serious and ongoing economic issues for the nation. In 2011, Australian investment bank Macquarie estimated that 78% of India’s household savings were held in gold.

This unique cultural norm means that India has, in essence, a dual currency system. On one hand, you have the official government-issued rupee, and on the other, gold. For many years, the yellow metal has been the preferred by the vast majority of people, and that’s unlikely to change any time soon.

If the Indian government decides to crack down on gold holdings – as some believe they will – silver could begin to take gold’s place. In fact, a trend toward silver has already begun taking hold:

india-silver
Growth in Indian Gold and Silver Jewellery Demand. Source: Thomson Reuters GFMS Gold 2016 and Silver Survey 2016

How big could India’s impact on silver prices be? Absolutely massive:

Even a small substitution from gold to silver would result in a

Article source: http://www.nasdaq.com/article/silver-will-skyrocket-if-it-becomes-indias-new-metal-of-choice-cm718142