Silver Surges 4.5% To Over $37/Oz On "Massive Fund Buying"

Tyler Durden's picture

From GoldCore

Silver Surges 4.5% To Over $37/Oz On "Massive Fund Buying"

Gold’s London AM fix this morning was USD 1,788.00, EUR 1,329.96, and GBP 1,120.79 per ounce..

Yesterday's AM fix was USD 1,774.75, EUR 1,321.48, and GBP 1,120.42 per ounce.


Cross Currency Table – (Bloomberg)

Gold rose 1% in New York yesterday and closed at $1,783.90/oz. Gold rose in Asia to a high of $1,790.16 it’s highest since mid November then edged down.  Europe this morning saw sideways trading until unusually volatile trading around the London AM fix saw gold rise from $1785.oz to over $1790/oz at 1030 GMT and then fall quickly to $1783/oz. 

Spot silver has gained another 0.5% to $37.05 an ounce, after surging 4.5% yesterday once it rose above resistance at $35.50/oz. Silver reached a 5 month high of $37.21 but remains more than 30% below its nominal high in of April last year of $48.44. 


Silver Spot $/oz – (Bloomberg)

Over 800 European banks have taken €529.5 billion from the ECB today after taking €489 billion euros at the first tender in December. The ECB’s 3 year lending is now near 1 trillion euros ($1.35 trillion) and the ECB’s balance sheet looks increasingly precarious.

Although the flood of paper has been credited with fuelling a rally on Europe’s distraught bond markets and safeguarding the region’s banks, it is another exercise in kicking the beer keg down the road as it fails to address the fundamental issue which is the insolvency of many European banks and many European nations and the obvious risk of contagion from that. 

The continuation of ultra loose monetary policies increases the risk of inflation which will benefit gold which is an excellent inflation hedge. Extremely low yields on deposits and “risk free” sovereign debt means the opportunity cost of carrying non yielding bullion remains very low.

Spot silver gained 0.4% to $37.05 an ounce, after surging 4% and hitting a 5 month high of $37.21 in the previous session.

Silver as ever outperformed gold yesterday and traders attributed the surge to “massive fund buying” and to “panic” short covering. Some of the bullion banks with large concentrated short positions covered short positions after the technical level of $35.50/oz was breached easily.

Massive liquidity injections and ultra loose monetary policies make silver increasingly attractive for hedge funds, institutions and investors.

This time last year (February 28th 2011) silver was at $36.67/oz. Two months later on April 28th it had risen to $48.44/oz for a gain of 32% in 2 months.

There then came a very sharp correction and a period of consolidation in recent months. Silver’s fundamentals remain as bullish as ever and the technicals look increasingly bullish with strong gains seen in January and February.

Very bullish is the fact that silver also remains more than 30% below its record nominal high 32 years ago in 1980 and more than 75% below its inflation adjusted high of $140/oz in 1980.

The gold-silver ratio dropped to its lowest level in 5 months, after silver rose more than 12% so far this month and an enormous 34% this year, outperforming other precious metals.

Rising holdings of silver-backed ETF’s also indicated growing investor interest in the metal. The overall silver Exchange Traded Funds holdings rose to 491.079 million ounces, the highest since last May.

Spot platinum gained nearly 0.5% to $1,722.24, as investors await the latest in Impala Platinum's dealing with an illegal strike that has disrupted production at Rustenburg, the world's largest platinum mine.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

OTHER NEWS 
(AP) -- Silver Prices Jump, Playing Catch-up to Gold
Silver prices shot up 4.5 percent Tuesday, playing catch-up to gold.

Silver is both a precious and an industrial metal. Traders can buy it to hedge against a volatile stock market, as they do with gold. But it can also be used to make products like computer chips, meaning prices can rise when traders expect demand from manufacturers to go up.

In March contracts, silver rose $1.616 to $37.14 per ounce. It's up roughly 10 percent from where it was a year ago. Sterling Smith, senior market analyst at Country Hedging in St. Paul, Minn., said part of the reason silver is surging is that traders believe it's undervalued compared to gold. Gold closed at $1,788.40 an ounce, up $13.50 for the day. It's up about 26 percent compared to a year ago.

Copper rose 3.15 cents to $3.912 per pound, and platinum rose $9.20 to $1,723.50.

Energy contracts fell, partly because investors were pulling back after price gains last week. Oil prices remain close to nine-month highs because of concerns that Iran could cut shipments of crude to Europe and interfere with supplies elsewhere. The European Union and the U.S. are using sanctions against Iran because they fear the country is developing a nuclear weapon.

Benchmark oil fell $2.01 to finish at $106.55 per barrel on the New York Mercantile Exchange. Natural gas prices fell 8.5 cents to end at $2.627 per 1,000 cubic feet. Heating oil fell 6.28 cents to $3.2201 per gallon.

Smith said grains and other agricultural products have been enjoying a "winning streak" for the past week. Those movements are especially important now as farmers decide what to plant this year.

Soybean prices on Monday topped $13 a bushel for the first time in five months. That's because traders think there will be greater demand for U.S. exports of the protein-rich beans because smaller harvests from South America are expected.

On Tuesday, soybeans for March delivery rose less than 1 percent, to $13.125 per bushel from $13.025. March wheat rose 15.5 cents to finish at $6.6825 per bushel. Corn ended up 8.75 cents to $6.5725 per bushel.

The price of orange juice also rose. Cocoa and sugar fell.

(Bloomberg) -- Gold-Oil Correlation Rises to Eight-Month High 
Gold’s strengthening correlation with oil means more gains for the metal as Brent near a nine- month high spurs demand for an inflation hedge, UBS AG said.

The CHART OF THE DAY shows Brent prices reached $125.55 a barrel in London on Feb. 24, the highest since early May, and are up 15 percent this year. Bullion has gained 14 percent in the period and reached $1,787.55 an ounce last week, the highest since Nov. 14. The 30-week correlation coefficient between the commodities rose to 0.61 today, the most since June. A figure of 1 means the two always move in the same direction.

Gold’s “rolling correlation with oil is slowly inching higher and we think this signals that some catching up lies ahead,” Edel Tully, an analyst at UBS in London, wrote today in a report. “To the extent that rising oil prices feed into higher inflation expectations, gold is bound to reap benefits.”

Some investors buy gold to hedge against accelerating consumer prices and as a protection from slowing growth and geopolitical risk. The metal, which generally earns holders returns only through price gains, rallied for an 11th year in 2011 as central banks in Europe and the U.S. kept interest rates near record lows. Oil advanced this year on concern the west’s dispute with Iran over the Islamic republic’s nuclear program may lead to a disruption in exports from the Middle East.

Investors are holding a record 2,398.2 metric tons of gold in exchange-traded products backed by the metal, valued at about $137.1 billion, according to data compiled by Bloomberg. The tonnage exceeds the holdings of all but four central banks, which are expanding reserves for the first time in a generation.

The Islamic republic has threatened to close the Strait of Hormuz, a transit point for about 20 percent of globally traded crude oil, if its exports are banned in sanctions. While UBS forecasts Brent at $110 a barrel in the second quarter, “any Iran-related headlines, military threats or small incidents in the Persian Gulf are likely to push oil prices sharply higher and potentially boost gold in turn,” Tully said.

(Bloomberg) -- Oil Set for Best Month Since October on Recovery Signs, Iran
Oil rose, heading for its best month since October in New York, amid signs of economic recovery and concern that tension with Iran threatens global crude supplies.

West Texas Intermediate futures climbed as much as 0.6 percent after sliding yesterday the most in five weeks. Industrial output in Japan and South Korea beat estimates and U.S. consumer confidence rose to the highest level in a year. Oil has advanced 8.8 percent in February, its first monthly gain in three, as sanctions tighten against Iran, OPEC’s second- biggest producer.

(Bloomberg) -- Impala Says Strike Halts 2 Billion Rand of Platinum Output
Impala Platinum Holdings Ltd. said 100,000 ounces of output, equivalent to sales of 2 billion rand ($265 million), was halted by a strike at its Rustenburg mine.

The company, based in Johannesburg, is working to resume output at the world’s biggest platinum mine after bringing back 9,800 of 17,200 staff fired during the illegal strike, Impala said today in a statement. About 15,800 didn’t join the strike.

“It is dependent on operational turnout of staff,” Impala said. Fired workers have until tomorrow to return on their prior terms after the walkout, which has entered a sixth week.

SILVER 
Silver is trading at $37.14/oz, €27.64/oz and £23.30/oz. 

PLATINUM GROUP METALS 
Platinum is trading at $1,723.00/oz, palladium at $710.00/oz and rhodium at $1,475/oz. 

NEWS

(Reuters)
Gold edges up ahead of ECB loan offer‎

(Reuters)
Silver up 4 percent, gold races toward $1800 on ECB

(Reuters)
Iran to accept payment in gold from trading partners

(The Financial Times)
Tehran considers trade payments in gold

COMMENTARY

(The Globe and Mail)
Don Coxe on Why Buffett Has Gold All Wrong

(MarketWatch)
Buffett rebuffs gold, but inflation says 'buy'‎

(Chatham House)
Gold and the International Monetary System

(The Washington Post)
UBS's Hickson Expects Gold Will Rise to $2025 in 2012‎

(Zero Hedge)
Silver Explodes As DJIA Closes Above 13,000

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SilverIsKing's picture

They don't call me the king for nothing!

Buckaroo Banzai's picture

Ahem. Your attention, please.

SILVER, BITCHEZ!!

That is all.

resurger's picture

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Long Silver

GetZeeGold's picture

 

 

That makes perfect sense.

 

 

 

resurger's picture

Zoom out a bit you Terrorist...

GetZeeGold's picture

 

 

We're commenting on a precious metal topic.....doesn't that make us all terrorists?

 

 

resurger's picture

Easy! Am a terrorist like you ..

fuu's picture

You couldn't just post a picture of trav's avatar?

resurger's picture

the one above just FAILED

 

GetZeeGold's picture

 

 

Twice for emphasis...........hit the save key one time dammit.

 

 

 

battle axe's picture

Good bet with war on the horizon, economic collapse, etc etc etc

BW's picture

Those are massive buys by the Elite to settle their losses to other Elites, in real money.

Max Hunter's picture

I got 100 oz from my coin dealer this past weekend for 36 each.. Beautiful Liberty coins..

BudFox2012's picture

Its a bubble, nothing more.  No, silver and gold aren't the bubble, the dollar and euro are...

advill's picture

Agree with your comment, printed paper is "ad infinitum" so metals (all of them goes up), there is a point in the market that chinese will be allowed to buy silver in Yuangs in 3 months...perhaps is what is moving the market.

 

Rgds.

 

Atlas Shrugs's picture

Hail to the king baby!

ArkansasAngie's picture

I go to auctions and buy morgans, peace dollars, walking liberties and such.  I've been able to acquire quite a bit at good prices.  And ... I take them home with me right then and there. 

 

johnQpublic's picture

i've been getting below spot deals on craigslist for a few years now

pay just a bit better than the pawn shops , and or put up adds offering 20x face and you get lots of sellers attention

i'm dollar cost averaging 17.50 since '09

youngman's picture

as soon as the 2nd LTRO gets paid out to the bankers...they will slip some into PM´s.....you can´t have all your eggs in the EU bonds....

eddiebe's picture

Short covering, bitcheez.

Pinch's picture

USGS says silver is running out; supply will dry up after about 2020.

GetZeeGold's picture

 

 

 

Peak silver.........crap!

 

 

 

Sudden Debt's picture

I don't really believe that.

 

Rumor has it that NASA has some promissing claims on Mars that could claim a nice return once they got the fuel cost thing under control....

 

 

thatthingcanfly's picture

But there are these 8-foot-tall blue creatures who live in a big tree right on top of the motherlode we need to get to. I think if we just send in a flotilla of ships with unguided missiles, we can probably blast them out of there. Should work.

Grinder74's picture

Stop!  You're making my creepy little tail want to merge with your creepy little tail.

XenoFrog's picture

Only $5 to dig it out of the ground. $5,000 an oz to get it home.

Robslob's picture

How can inflation NOT kill housing:

My insurance costs have increased 40% over the last 3 years

My property taxes have remained steady

My home has only lost 10% of its value from peak

Insurance and property taxes are the equivalent of 5 Months of Rent???

You never truly own your home!!!

tocointhephrase's picture

And you can take that to the bank!

Gringo Viejo's picture

Rob.......that's the whole premise. It's all about the "vig". Think of banks as government sanctioned loansharks.

tradewithdave's picture

Is silver a barbarous relic too?  FOFOA says gold will collapse to zero $USD when it stops bidding for dollars.  Who is stupid?  Charlie Munger or gold.  Vote here.  

http://tradewithdave.com/?p=9457

niktamere's picture

A post about silver on ZH

here we go...

TradingJoe's picture

Watch them "margin calls" folks!

mayhem_korner's picture

 

 

Think of them as "sales announcements"

tocointhephrase's picture

why? I have physical, you cant shake that but there is somthing else you can shake 

Dr. Richard Head's picture

Shaking it more than twice is considered playing with it.

Grinder74's picture

<Obama> Reggie?!?  Is that you?  I miss you man! </Obama>

mayhem_korner's picture

 

 

Sometime late afternoon, then, I suppose...  :D

disabledvet's picture

nothing soars like silver. "the bi-polar metal." and while "fundamentals" don't justify it's explosion in price...it's "fundamentalism" sure does. Silver is the ULTIMATE currency because it is the only widely availible precious metal...and therefore "doable" in a time of total debt annihilat...i'm sorry..."de-leveraging." Now say hello to General Creighton Abrams.

mayhem_korner's picture

 

 

What do "fundamentals" say the value of fiat should be?

Sudden Debt's picture

value of fiat... hehehehehe :)

 

Ghordius's picture

whatever the government is willing to give or do for it? if you want to buy - sorry, influence - politicians for changes of policy at a global level you currently need dollars, for example...

Flakmeister's picture

Check out the recent action in USSIF....

 

trav7777's picture

been idiotically missing good entries on Fortuna for a couple years...originally looked in the high 2s