Silver Seeker Report: This Week in Mining Issue #7 – Another Round of Suspended Mining Operations

4 hours 6 min ago

The Mexican federal government has mandated that all non-essential businesses, including mining, temporarily suspend operations until April 30 due to the COVID-19 virus. This will impact a number of operations (especially silver), although those with heap leach operations will continue, albeit at lower production rates. This could have material impacts (should the shutdown extend beyond end of April) on those companies without weaker balance sheets. As a result of this, a large number of companies will be coming out with announcements regarding this mandated suspension. Companies not discussed further below but have put out a news release regarding suspensions of mining activities include: Gold Resource Corp (Oaxaca mining unit), Endeavour Silver (all operations), Pan-American Silver (Dolores and La Colorada), Newmont (Penasquito), Torex (ELG complex), Great Panther (Guanajuato mine complex, Topia), First Majestic (La Encantada, Santa Elena, San Dimas), Americas Gold and Silver (Cosala operations), and Excellon (La Platosa).

Precious metals marketplace OneGold extends a rare offer of Gold and Silver at spot price

­­New, cutting-edge technologies often come at a high cost, but not this time. OneGold is extending an unprecedented offer of gold and silver at spot price for three months to help new buyers enjoy the financial benefits of owning precious metals. With a time-saving interface backed by the security of blockchain technology, investors can add gold and silver assets to their portfolios at a cost lower than that of traditional physical metals.

Silver – 1993 and 2001 Repeat

The M2 measure of money supply has increased about 6.7% per year since 1971 when President Nixon severed the last hint of gold backing the dollar. The subsequent deluge of digital dollars levitated prices for oil, trucks, hamburgers, the S&P 500 Index, silver and almost everything else. Examine the log scale graph of M2 and smoothed silver prices. M2 rises, while silver prices increase to unsustainable levels, fall too low and then rise again.

January 15: Gold and Silver End Slightly Lower in Mixed Trade

Gold dipped $4 to $1287.60 at about 5AM EST before it rose to as high as $1294.70 by midmorning in New York and then fell to a new session low of $1286.90 by early afternoon, but it then rallied back higher into the close and ended with a loss of just 0.19%. Silver chopped between $15.542 and $15.694 and ended with a loss of 0.38%.

Big Silver Move Foreshadowed as Industrial Panic Looms

David Jensen Explains the Recent Fireworks in Palladium & Why It Matters...

Silver: A Long Term Perspective

Lets start with a 16 year monthly chart for silver which seems like a long time but in the big picture it only shows us a small part of its history. The dominate chart pattern is the 2011 bear market downtrend channel which is almost perfectly parallel. I purposely left the top rail of the 2011 downtrend channel and the top rail of the 2016 triangle thin so you can see the critical area silver is now trading at, red circle. So far this month silver has traded as high as 15.95 which puts it right against the top rail of the 2011 bear market downtrend channel and the top rail of the 2016 triangle.

What’s the best speculative asset for 2019: silver or Bitcoin?

Silver is a somewhat comparable speculative alternative to Bitcoin. It has been used as money since the dawn of civilisation, albeit as monetary metal not computer code. In recent years silver has become more of a speculative asset than a currency, although it is also a very useful industrial metal. It’s vital for smartphones and other electronic products.

Surest Way to Overthrow Capitalism

As the price of silver rose over 2% this week, the cobasis basically held steady. There is some buying of metal here, and some speculation too. This is not exactly the picture of a feeding frenzy, with an outlook of silver-to-da-moon. But nor is it a sign of a speculative blip, with a prognosis of a crash. The Monetary Metals Silver Fundamental Price rose 12 cents, to $15.91. This week, of course, the stock market went up. Does the incredible bull market roar back to life? We are not stock market prognosticators, but we don’t think so if the Fed stays the course. As we’ve written, the discount on future earnings is higher now and therefore the present value is lower. Also, the interest expense is up and this will crush the marginal debtors.

January 4: Gold Gains and Silver Rises 2% on the Week

Gold edged up to $1298.40 in Asia before it fell back to $1277.30 by midmorning in New York and then bounced back higher into midday, but it still ended with a loss of 0.75%. Silver slipped to as low as $15.585 and ended with a loss of 0.32%.

January 3: Gold and Silver Gain About 1% While Stocks Drop Roughly 3%

Gold gained $9.30 to $1292.30 in Asia before it dropped back to $1284.80 just after 8:15AM EST, but it then climbed back higher in New York and ended near its new 6-1/2 month high of $1294.70 with a gain of 0.9%. Silver rose to as high as $15.751 and ended with a gain of 1.42%.

January 2: Gold and Silver End Higher in Mixed Trade

Gold gained $6.50 to $1288.70 in late Asian trade before it dropped back under unchanged at $1278.90 by early afternoon in New York, but it then bounced back higher into the close and ended with a gain of 0.06%. Silver rose to as high as $15.607 and ended with a gain of 0.26%.

Gold to Silver Ratio: So What?

Silver prices move up and down farther than gold prices. That pushes the gold-silver ratio too high, like now, when silver is inexpensive. Or it pushes the ratio too low, as in January 1980, when silver prices zoomed upward too far and too fast. When the gold to silver ratio exceeds 80, it is often a good time to buy silver.

December 31: Gold and Silver Gain with Stocks

Gold gained $4.10 to $1284.10 in London before it dipped back under unchanged a few times in New York, but it ultimately bounced back higher into the close and ended with a gain of 0.17%. Silver rose to as high as $15.51 and ended with a gain of 0.65%.

December 28: Gold and Silver Gain Roughly 2% and 5% on the Week

Gold gained $7.10 to $1282.00 in Asia before it pared back in London, but it then bounced back higher in New York and ended with a gain of 0.4%. Silver rose to as high as $15.389 and ended with a gain of 0.92%.

December 27: Gold and Silver Hold 1% Gains in Face of Stocks Reversal

Gold gained $12.70 to $1278.90 in early afternoon New York trade before it edged back lower into the close, but it still ended with a gain of 0.69%. Silver rose to as high as $15.267 and ended with a gain of 1.33%.

December 26: Gold and Silver Closed Mixed While Stocks Rebound

Gold gained $10 to a new 6-month high at $1279.00 by late morning in New York before it sold off in afternoon trade, but it ended with a loss of just 0.22%. Silver rose to as high as $15.17 and ended with a gain of 1.76%.

December 24: Gold and Silver Gain Over 1% While Stocks Drop Almost 3%

Gold gained nearly $10 in Asia before it halved its gains in London, but it then rose to new 6-month highs in New York and ended with a gain of 1.08%. Silver climbed to as high as $14.776 and ended with a gain of 1.03%.

December 21: Gold and Silver Gain on the Week While Stocks Fall the Most in 10 Years

Gold edged up to $1262.60 in Asia before it dropped back to $1256.20 in London and then bounced back above unchanged in early New York trade, but it then drifted back lower into the close and ended with a loss of 0.44%. Silver chopped between $14.777 and $14.606 and ended with a loss of 1.02%.

December 20: Gold and Silver Gain Over 1% While Stocks Drop Nearly 2%

Gold gained $24.30 to a new 5-month high at $1266.30 by early afternoon in New York before it chopped back lower into the close, but it still ended with a gain of 1.53%. Silver rose to as high as $14.841 and ended with a gain of 1.3%.

December 19: Gold and Silver Fall After Fed Tightens

Gold edged up to $1251.40 in Asia before it dropped back to $1246.80 in London and then jumped up to $1258.00 at about 10:30AM EST, but it then fell to as low as $1241.90 after today’s fed announcement and ended with a loss of 0.58%. Silver rose to as high as $14.821 before it fell back to $14.55, but it ended with a loss of just 0.41%.

December 18: Gold Gains While Stocks Struggle Higher

Gold erased early Asian gains and dipped to $1245.10 at about 2AM EST before it rallied up to $1250.30 in London and then fell to see slight losses by midmorning in New York, but it then climbed back higher into the close and ended with a gain of 0.24%. Silver chopped between $14.721 and $14.613 and ended with a loss of 0.2%.

December 17: Gold and Silver Gain Almost 1% While Stocks Drop Over 2%

Gold saw slight losses in Asia, but it then climbed steadily higher in London and New York and ended near its early afternoon high of $1248.10 with a gain of 0.65%. Silver rose to as high as $14.70 and ended with a gain of 0.62%.

December 14: Gold and Silver Fall Less Than 1% on the Week

Gold fell $9.90 to $1233.00 by a little after 9:30AM EST before it climbed back towards unchanged by midday, but it then drifted back lower into the close and ended with a loss of 0.37%. Silver slipped to as low as $14.493 and ended with a loss of 1.29%.

December 13: Gold and Silver Trade Mixed with Stocks

Gold held near unchanged in Asia before it dipped to $1240.30 in early New York trade and then bounced back higher at times, but it still ended with a loss of 0.24%. Silver chopped between $14.805 and $14.684 and ended with a gain of 0.2%.

December 12: Gold and Silver Gain with Stocks

Gold chopped up to $1247.10 at about 1PM EST before it fell back off into midafternoon, but it then rallied back higher into the close and ended with a gain of 0.23%. Silver rose to as high as $14.794 and ended with a gain of 1.31%.

Is the Buyer’s Market for Silver Coming to an End?

Few markets are as depressed – and, as many analysts argue, suppressed – as silver. Prices for the white metal continue to languish in a low-level trading range amidst lackluster demand. The upshot for investors is that they can now obtain silver bullion at both a low spot price and a low premium above spot. How long this buyer’s market will is unknowable last. But given silver’s manic-depressive personality, prices could launch explosively higher at any time.

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%.

First Majestic Reports First Quarter Financial Results

"After three years of aggressive capital spending to build and expand four of our silver operations, the Company is planning to take a short breather to focus on treasury growth and free cash flow. As the expansionary capital investments at both Del Toro and San Martin come to an end, we look forward to the increased production and improved efficiencies. We still have a lot of work ahead of us to accomplish our next goal of reaching 20 million ounces of production per year; however, given the low silver price environment focusing on further cost reductions and treasury growth continues to be management's top priority."

Silver Market Morning

The gold price closed at $1,293.30 down $3.40 on Tuesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,300.25 up $7.50 and in the euro at €948.326 up €8.418 while the euro stood at $1.3711 nearly half a cent weaker. Ahead of New York’s opening the gold price stood at $1,301.50 and in the euro at €948.89.

Silver Market Morning

The gold price closed at $1,306.10 up $12.80 on Wednesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,303.75 up $3.50 and in the euro at €953.731 up €5.405 while the euro stood at $1.3700 weaker again. Ahead of New York’s opening the gold price stood at $1,304.20 and in the euro at €955.00.

Market Report: Firmer tone for gold and silver

This week started with a severe markdown in gold and silver prices when markets opened in the Far East on Monday morning, taking gold down $12 to $1278 and silver only 12 cents to $19.03. The clue in this was the resilience of silver, which hardly moved: it was an attack on the gold price presumably designed to take out stop-losses.

Silver Market Morning

The gold price closed at $1,293.1 down $2.50 on Monday, in New York. In Asia the price dropped to $1,291 ahead of London’s opening, where London held it. The gold Fixing was set at $1,291.50 down $9.50 and in the euro at €943.458 down €5.208 while the euro stood at $1.3689. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €943.45.

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.