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Silver Investment Demand Surges 30% As Silver ETF Holdings Robust
From GoldCore
Silver Investment Demand Surges 30% As Silver ETF Holdings Robust
Today’s AM fix was USD 1,577.00, EUR 1,049.10 and GBP 1,204.18 per ounce.
Yesterday’s AM fix was USD 1,580.50, EUR 1,213.25 and GBP 1,054.02 per ounce.
Silver is trading at $28.81/oz, €22.04/oz and £19.24/oz. Platinum is trading at $1,604.50/oz, palladium at $760.00/oz and rhodium at $1,200/oz.
Gold fell $5.70 or 0.36% closed at $1,577.70/oz. Silver slid $0.19 or 0.65% to $28.86.
Gold appears to be consolidating just below the $1,600/oz level. It is 0.3% higher in dollar terms for the week, 0.4% higher in pound terms and 2.3% higher against the yen which has fallen sharply this week.
While it is 5% lower YTD in dollar and euro terms, it has risen nearly 2% and 4% in pound and yen terms so far in 2013.
Cross Currency Table – (Bloomberg)
Physical demand continues to be supportive of gold according to UBS. In their note today they say that physical demand prospects out of China remain positive in the weeks ahead. UBS said Asia remains a net buyer and although premiums on the Shanghai Gold Exchange have fallen, volumes remain elevated.
Meanwhile Chinese banks are also buying gold in international markets. The spread between Shanghai and spot gold prices narrowed from about $20 an ounce over the past few days to below $15. Reuters reported that there was "strong buying from Chinese banks" in the overseas market which had helped push up the premium in onshore prices.
Silver is outshining gold in the market for exchange-traded products as global demand for the white metal gets a boost from industrial consumption amid signs of an economic recovery, CPM Group Inc. said.
The Bloomberg Chart of the Day shows silver tonnage in exchange- traded funds backed by the metal rose for four straight months, while holdings for gold ETPs dropped in January and February.
Silver futures may jump 20 percent this year to $34.50 an ounce from yesterday’s settlement of $28.808 in New York on investment demand and industrial use, said Rohit Savant, a senior commodity analyst at the New York-based research company.
“People have been buying silver both as a base and precious metal,” Savant said in a telephone interview with Bloomberg. “Economic demand will push prices higher.”
About 53% of silver is used in industrial products from televisions to batteries, according to the Silver Institute in Washington. Some investors may buy the metal as a “cheaper alternative to gold”, and investment demand has climbed 30% this year, Societe Generale said in a report on March 4.
Holdings in silver ETPs rose 3.6 percent in the two months ended Feb. 28, reaching a record 19,699 metric tons on Jan. 18, data compiled by Bloomberg show. Last month, assets in gold ETPs fell 4.1%.
Sales of American Eagle silver coins by the U.S. Mint jumped to a record in January and more than doubled in February from a year earlier, the Mint’s website showed. China’s imports of the metal surged 14% in January, the biggest monthly gain since July.
NEWS
Gold hovers near $1580/oz; US jobs data in focus - Reuters
Gold Swings Between Gains and Losses Before U.S. Employment Data - Bloomberg
ECB's Draghi: Systemic Risk From Cyprus Not Necessarily Small – Deutsche Börse Group
Fed 'stress test': banks would lose $460 Billion if crisis struck again – The Telegraph
Why you shouldn’t be selling gold – Market Watch
EU "doomed to decline until the boil of monetary union is lanced" – The Telegraph
Why Precious Metal’s Run Isn’t Finished Just Yet – Market Watch
Exchange Traded Funds 'Dumping Gold' – Does It Matter? – Zero Hedge
Silver & Gold To Spike As Oil To Surge A Stunning 63% - 82% - King World News
»
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If I could get Ron Paul to show Ben Shalom his magic silver coin one more time....I could buy it cheaper. That was one hell of a temper tantrum.
Along with another bubble in the making...
"the TBTF banks wanted all mortgages guaranteed going forward. Ben Bernanke has a plan to force this reality upon the American government."
http://seekingalpha.com/article/1256121-ben-bernanke-s-diabolical-plan-to-turn-mortgage-backed-securities-into-pristine-collateral
and yet, as if by magic, the price of silver drops.
and look, its almost 8:30, when another gust of pixie dust is going to cover silver.......
and again, the magic fingers of JPM will take the price lower......
but the humans at the CTFC, they can not see this. the magic continues......
Every good magic trick is like that. Everybody knows that they are being tricked, but nobody sees exactly how it's been done. You never see that card being pulled from the sleeve no matter how hard you look. We should stop visiting the circus.
which is exactly why we need a purely physical market index to counter and expose derivatives for what they are.
anyone, what's so fucking daunting about tracking representative aggregate data of physical investment and retail markets?
I will need to wait to an hour or so to buy some more silver. Need to go snow blow the driveway so the kiddies can get to school. All of this global warming is causing major snow in March here. You might think that running the snow blower will increase demand for gas but you would be wrong. I would be using way more gas if I could ride my motorcycle.
Good analysis on gas consumption! :-)
No magic, the paper game suppresses prices in order to buy physical at low prices. A physical plunder race played by many parties. The only magic is how easily miners are getting plundered. No wonder that miner stocks are down; I wouldn't give them a damn dime either.
I finally liquidated my miners, just couldn't take it any longer!
I wish I had ... last year.
I understand your sentiment entirely, however I think you just sold at or very near the bottom and will very much regret your decision. The miners are going to shine soon. Blood in the streets, capitulation everywhere, noise machine talking 99% negative. Time to BUY!
Can someone point a noob in the best direction to get some action in the miners. Looking for a something that has been beaten all to hell and is in the somewhat safe category.
Noob posted twice. Gave myself a thumbs down.
Drops until it can't. Blythe Masters and her hedgie robot army always run the risk of gaming too hard to the downside.
IMO, Blythe and the hedgies have unwittingly fueled the rocket. The evidence is the powerful physical demand. We shall see...
BTFD. Could be the last sale for a while.
"powerful paper demand" -fixed it. The physical demand while up is less robust
I don't know about you, Telly, but I'm buying as far down as it goes.
Twas only temporary. Look at it blast off after this morning's numbers:
http://www.pmbull.com/silver-price/
I'm still thinking this latest takedown was a headfake, and message board sentiment is the only clue I needed.
All the silver bullion available in world today is 870 million ounces, worth about $25 billion. US debts and unfunded liabiltiess increase by $22.5 billion a day. The Fed prints $3 billion a day. It is no surprise that silver investment demand should be up. But only 30%?
I know I've referred to this before, but there is definitely some interesting activity beginning to take place in the SLV jan 2014 40 calls. Open interest has doubled this week alone to over 100,000 contracts.
scary, that leaves roughly 360 million physical ounces available for manufacturing, jewlery and for trading, - oh wait I forgot the paper silver roughly ??? billion ounces. It just takes one billionaire to corner this market. Mr. Hunt where are you?
They'll never let a single billionaire do it. They locked that kind of thing down after it happened, or so I've read.
But a thousand millionaires, I'm not sure that can be prevented.
Even the average Sheeple is beginning to understand he is hemorrhaging losses in his purchasing power due to the flood of money from the Fed. Silver is "the poor man's gold." Doesn't preserve your wealth as good but does "ok" since it is half an industrial metal and half a PM by financial adviser says.
gold:silver ratio about to drop from 55:1 to 41:1. Gold will trade below 1200 by august 8 at the very latest. That is the TIME to buy gold.
Can I have your crystal ball when you are done with it? I need a good paper weight.
Why would you need a paper weight? You can not spell, suggesting you can or do not read,ergo probably not too many papers that need to be weighted down.
Help....I'm blinded by eloquence.
The grammar nazi, when there are absolutely no good arguments to be made.
Weight up...I mean, wait up...what spelling mistake was there in the original? The only grammatical faux pas I've seen so far was Mr Smarties' can not...most non-ESL users write cannot, in that chosen context, do they not?
http://www.alexfiles.com/cannot-vs-can-not/
Is the Golden Bear just unbearably toungesten underneath?
bye the bye....if you cannot spell, you must not read is a non sequitur.
It's the white mans version of calling someone racist when logic smacks them the fuck up.
Such a scathing retort! Too bad you don't back up your analysis with anything other than conjecture.
Goldbear1974
You seem to know it all. Please explain how and why gold will go to 1200 and the gold/silver ratio will tighten up. If you do it, please don't include mindless charts and regurgitated crap, I want original thought and research.
Show us how smart you are.
The last week of October 2008 a very experienced silver trader noticed December futures got pressed down to 8.43 while spot would not go below 8.80. This experienced trader went all in (90%) full margin with all customer money on spot silver. This position got pyramided 10 times by 13.00/oz.
When silver got to 48.00 and above,the bid/offer spread was .90, as opposed to usual .05. Trader knew that was the top. When trader was informed silver was not exempt from taxes in Singapore, as gold was exemp, trader switched into gold causing gold to go from 1550 to 1944. (while silver dropped sharply) Trader also switched into swiss francs triggering a huge run-up. Trader then dumps gold and leases to bank since lease rates were very high.
When you trade with a bank as opposed to through an exchange, it is harder for IRS to track you. That is why it is illegal to trade CFD's on US soil.
It was perfectly legal to trade off-shore spot in October 2011. Dodd Frank got passed in the middle of the move.
Gold will go to 1200 because all commodities return to blast-off pad/point. Look at $gold:$silver and charting 101 will make 41:1 an obvious target. Better proof is available with Esignal Advanced
GET.
now that was original thought and research, not.
trader=you?
My crystal ball is Esignal Advanced GET. The best $4,000.00 I ever spent. Paid for itself many times. Time cluster study is worth its weight in gold.
Cool. How much does a time cluster study weigh?
I pay a hooker $50 bucks to get the information I need from a lonely looking fellow that has a Esignal Advanced GET... The price may go up though because she tells me he's a lousy lay...
about the same as a flock of custer flucks...which is half as much again as a bevy of black swans...
in real time.
My crystal ball is the magic eight ball. And its cheap!
Definitely Yes
Ask Again Later.
My crystal ball was GETTING it in 2008.
Goldbear, hon, I'm with you. Netflix, you're going to the moon!
Gold:Silver ratio about to drop from 55:1 to 51:1.
Gold will trade above 1900 by august 8
(and silver ~ 37.50) at the very latest.
That is a time to start trading for gold. Fixed it.
It could test 1500, but 1200 is a bit low.
Physical forever... paper never.
Keep repeating it over and over.
"Sales of American Eagle silver coins by the U.S. Mint jumped to a record in January and more than doubled in February from a year earlier, the Mint’s website showed. China’s imports of the metal surged 14% in January, the biggest monthly gain since July."
Confucius says: "BTFD!"
February's numbers were a record too. If you compile the numbers yourself here
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sal...
You'll also find that the demand for physical (by this barometer) has quadrupled in the past five years, over 100 million silver eagles have been sold in the past three years, and demand continues to rise, perhaps to well over 40 million this year.
ALL COMEX gold closes in March were within a range of $2 so far (between 1574 and 1576). 5 days in a row...
it looks too flat to me, too. conspicous.
The question is: why does somebody need these precise COMEX closes so desperately? Must be some derivative arrangement tied to this price?
A great many things seem to be by arrangement these days, like "taking turns" debasing our currencies rather than an all out race to the bottom. Perhaps that is the cost of doing business in the East.
oh please. JPM games every jobs day. Why would today be diofferent. They will slammed it down hard in a blizzard of paper at 8:30......and we will all continue to play the game and pretend along with them that they have even a thousandth of the actual gold necessary to back up their paper.
Not that any of this matters. They have the CTFC firmly in their pocket.....not like anything is going to happen no matter how transparently fraudulent trading on the Comex is.
Rock on Jamie, Gary, Blythe and Bart!!! Rock on!
I'm still waiting for physical Silver premiums to climb. You can still buy Silver at 69 cents over spot from some of the bullion dealers. I was paying that 2 years ago. The supply chain is holding up. So there is still enough around to replenish the dealers.
Monthly Silver fell over 9% in February.
http://bullandbearmash.com/chart/monthly-silver-continues-trend-falling-9/
If the US Dollar continues to climb, it's likely that markets will fall....some haven't, but they should eventually.
I look for one more dip into the 26-28 range for silver, then to the mid to upper 30s by May. I base this on the way the dog hairs have been aligned on my pants after I pet the dog - using a rather complicated, althpugh arcane, algorithm to ascertain the outcomes.
Woof-woof-woof.
I look for one more dip into the 26-28 range for silver, then to the mid to upper 30s by May. I base this on the way the dog hairs have been aligned on my pants after I pet the dog - using a rather complicated, althpugh arcane, algorithm to ascertain the outcomes.
So does Louise Yamada.....................check out her latest Progno at KWN.
The Japs are probably buying as their yen crashes and burns.. and they have shit loads of money in Japan.
This aspect of the world always fucks with my head - someone can literally print magic money out of thin (although radioactive) air and then buy real shit with it. I know matter cannot be created or destroyed but this action seems to run countercurrent to this very fundemental law of thermodynamics.
I have slipped through a rip in space-time to an alternate universe.
Is there any way to find out how much silver there is in the 19,700 tons of 'silver' that the ETFs are holding?
I guess you coud ask, and then wait for the "what the fuck are you talking about" look you're going to get.
"Holding"?
By "holding" do you mean stored in the basement? Or by "holding" do you mean allocated in storage in some JPM vault wher we promise, cross our heart, it isn't concurrently held by 10 others and then re-re-r-e-re-hypothicated 100x's over?
From Ed Steer...
While on the subject of SLV....Joshua Gibbons, the "Guru of the SLV Bar List" updated his website with the internal goings-on in SLV for the week that was. The activity is posted on his about.ag/SLV/ website
Some Ass Clown handing out our daily negatives today I see.
The poor thing can't help it -- it's probably just a Perl script.
Maybe we should start saying "Argentum" and see if any of the High Frequency Commenters can read Latin.
gold as low as $1562 now. i say "nice opportunity" for those with dry powder.
Can you believe the amount of anti-gold news releases filling the MSM right now? CNBC ran 9 hit pieces in two days. WSJ, MSNBC, likewise. All perfectly coordinated and orchestrated by the big banks. Time to load up.
we few, we happy few, we band of silver holders . . .
The morning smackdown was at 8:30 ET. Heck, you can set your watch to it.
Let's see --
PM's down because of strong employment report which means Fed might end QE sooner - even though PM's are down since QEternity was announced late in 2012... So we can project this to conclude: Stocks are up because they think the Fed will end QE sooner?
Silver lease ratea are all NEGATIVE BIG TIME again except the 1 year lease.
Watch your asses or they will get blow torched.
PM Leases are corrupt and is one of the tools tools.
Ps....fuck YOU bernanke.
Silver is outshining gold in the market for exchange-traded products as global demand for the white metal gets a boost from industrial consumption amid signs of an economic recovery, CPM Group Inc. said
I can't believe that goldcore tells us CPM Groups thoughts. I am losing respect for this author quickly.
And why does goldcore not tell us more about the lease rates for the day.
Or lease rates don't mean anything..???
Sweet price action on silver today. It fell out of bed, and through the floor, then suddenly emerged from the basement and climbed back on the roof, for a net positive at this point of .02 - not bad for an hour or so. We know who makes money on volatility. The cock smoking asshole bleaching contingent who have their fat fingers in every corrupt pie in every market ( i.e. not us).
Is it too early to start drinking scotch? My quaaludes are due to kick in and they like company.
Can someone correctly answer a question?
Can physical silver held in custodial accounts backing ETF's be used as loan collateral?
Robin: Holy coat-tails,Batman....2492 april 1500 puts were purchased today.
Batman: Little Henry out of New Canaan,Ct. probably bought half of them.
http://www.bloomberg.com/news/2013-03-08/china-gold-imports-from-hong-ko...