Gold Price at 3-Month High

Gold Climbs to 3-Month High, Euro Leaders “Getting Benefit of Doubt”, Republicans Call for Fed Audit

SPOT MARKET gold prices hit their highest level since early May Wednesday, rising to $1645 an ounce during this morning’s London trading.

Silver prices also gained, rising to $29.70 per ounce – their highest level since early June.

By contrast, European stock markets ticked lower, while commodities were broadly flat and US Treasuries gained, ahead of the publication of Federal Reserve policy meeting minutes later today.

A day earlier, gold prices jumped 1% in less than three hours Tuesday, hitting the top of the trading range that stretches back to May.

“The break above resistance from $1624 to $1629 is bullish,” say technical analysts at bullion bank Scotia Mocatta.

“This area should now provide some support.”

“There is a stimulus premium built into gold of $30-$40, we believe,” adds a note from ANZ.

“If the Fed minutes prove more hawkish than market expectations, some of that premium could evaporate.”

In India, which reclaimed its traditional position as the world’s biggest gold buyer in the second quarter, Rupee gold prices rose to near record highs Wednesday, with increased buying reported from retailers and investors.

On the currency markets this morning, the Euro rose to its highest level against the Dollar since July 5, following reports earlier in the week that suggested the European Central Bank will discuss a policy of intervention in bond markets when it meets next month.

“For the time being, it looks like investors are giving the Europeans the benefit of the doubt that they will indeed pull the proverbial rabbit out of the hat,” says INTL FCStone analyst Ed Meir.

Greece will need to find an extra €2 billion in austerity savings over the next two years, taking the total needed to €13.5 billion, if it is to meet its current bailout conditions, a senior Greek finance ministry official told newswire Reuters Tuesday.

Jean-Claude Juncker, head of the Eurogroup of single currency finance ministers, is visiting Athens today to hold talks with Greek prime minister Antonis Samaras. Samaras will then visit Berlin and Paris to meet German and French leaders later in the week.

“We are not asking for extra money,” Samaras says in an interview published in Wednesday’s addition of German tabloid Bild.

“All we want is a little ‘air to breathe’ to get the economy going and increase state income…more time does not automatically mean more money.”

In the US meantime, the Republican Party has said it will include language calling for an annual audit of the Federal Reserve as part of its Mitt Romney’s presidential campaign.

“Add this to Romney’s claim that he would not reappoint [Fed chairman] Bernanke after his current term expires in January 2014 and we can see that a Republican victory could give the market some reasons for concern,” says Steve Barrow, head of G10 research at Standard Bank.

Europe’s major clearing house LCH.Clearnet has said it will start accepting unallocated gold bullion as collateral to cover traders’ margins from next Tuesday. An initial haircut of 14% will be applied. The move follows a similar announcement by CME Clearing Europe last week.

The difference between gold prices and platinum prices continued to narrow this morning, after hitting an all-time high last week. Platinum rallied above $1520 per ounce Wednesday, following news that the world’s biggest producer, Anglo American Platinum, has received higher wage demands from its South African workers.

Source:http://www.livetradingnews.com/gold-price-at-3-month-high-83149.htm#.UDTbDqAkrbU

Gold prices gain Rs 60, silver prices Rs 650

Both gold and silver rose for the second day in a row in the bullion market here today on sustained buying supported by a firming global trend.

While gold added Rs 60 to Rs 30,510 per 10 grams, silver surged by Rs 650 to Rs 55,050 per kg.

Silver coins followed suit and surged by Rs 3,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.

Marketmen said sustained buying by stockists and investors helped the precious metals to rise.

They said a firming trend in the global markets, where gold gained as a weaker dollar increased the metal's appeal as an alternative investment, also influenced the sentiment.

In London, gold rose 0.3 per cent to USD 1,624.95 an ounce and silver by 0.4 per cent to USD 28.90 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 60 each to Rs 30,510 and Rs 30,310 per 10 grams, respectively. It had gained Rs 10 yesterday.

Sovereign held steady at Rs 24,500 per piece of eight grams.

Silver ready rose by Rs 650 to Rs 55,050 per kg and weekly-based delivery by Rs 780 to Rs 54,400 per kg.

Source:http://www.indianexpress.com/news/gold-prices-gain-rs-60-silver-prices-rs-650/991091/

Today’s Gold price per ounce Spot gold price per gram, Silver price per ounce, Market Price review August 20, 2012

Closing floor prices for precious metals gold and silver finished the last full trading session on opposite sides of break-even. Silver contract for September delivery closed lower by .74 percent at 28.00 per troy ounce. Gold contract for December delivery closed at about break-even up by just .01 percent at 1,619.40 per troy ounce. Gold price trend-line tracked lower over the course of the last five trading sessions by approximately .2 percent. Silver price trend-line tracked negatively by approximately .7 percent during the last whole week. Better than expected economic reports helped boost market confidence and diminished safe haven appeal. When viewed from a broader perspective though, gold and silver prices have tracked higher month to month. Respectively, gold and silver price trend-lines are positive during this time frame by approximately .5 and .3 percent.
Spot gold price and spot silver price trend review today August 20, 2012:
After last session close and prior to today’s opening bell, price trends for spot gold and spot silver were tracking higher. Spot gold price was higher at 52.03 per gram. Spot silver was up at 28.14 per ounce.

Source:http://www.learningandfinance.com/2012/08/20/todays-gold-price-per-ounce-spot-gold-price-per-gram-silver-price-per-ounce-market-price-review-august-20-2012/

Gold, silver down on poor demand

Both the precious metals, gold and silver, declined today on reduced offtake at prevailing higher levels. While gold fell by Rs 10 to Rs 30,440 per 10 grams, silver shed Rs 200 to Rs 54,100 per kg. Traders said fall in demand at prevailing higher levels mainly led to decline in gold and silver prices.

Gold of 99.9 and 99.5 per cent purity declined by Rs 10 each to Rs 30,440 and Rs 30,240 per 10 grams, respectively, while sovereigns held steady at Rs 24,500 per piece of eight grams. In line with a general weakening trend, silver ready fell by Rs 200 to Rs 54,100 per kg and weekly-based delivery by Rs 160 to Rs 53,640 per kg. Silver coins also moved down by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

Source:http://www.dayandnightnews.com/2012/08/gold-silver-down-on-poor-demand/

Gold prices gain Rs 80, silver prices Rs 300

Both gold and silver rose in the bullion market here today on fresh buying by stockists and investors amid a firming global trend.

While gold gained Rs 80 to Rs 30,450 per 10 grams, silver added Rs 300 to Rs 54,300 per kg.

Silver coins also spurted by Rs 2,000 to Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.

Traders said besides fresh buying, strong cues from overseas markets on speculation that governments from China to the US may take steps to spur growth, also influenced the trading sentiment.

In Singapore, gold rose 0.2 per cent to USD 1,618.52 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by 80 each to Rs 30,450 and Rs 30,250 per 10 grams, respectively.

Sovereign moved up by Rs 50 to Rs 24,500 per piece of eight grams.

Silver ready moved up by Rs 300 to Rs 54,300 per kg and weekly-based delivery by Rs 275 to Rs 53,800 per kg.

Source:http://www.indianexpress.com/news/gold-prices-gain-rs-80-silver-prices-rs-300/989571/

Gold sheds Rs 30, silver gains Rs 100 on sluggish demand

Gold prices declined by Rs 30 to Rs 30,370 per 10 grams in the bullion market here today due to sluggish demand, while silver rose by Rs 100 to Rs 54,000 on increased offtake.

Traders said subdued demand at prevailing higher levels amid a weak global trend where strengthening dollar curbed demand for the precious metal as an alternate investment.

In London, gold fell by 0.1 per cent to $1,601.75 an ounce.

Silver prices increased on rise in offtake by industrial units, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 30,370 and Rs 30,170 per 10 grams, respectively.

Sovereign remained steady at Rs 24,450 per piece of eight grams.

Silver ready rose by Rs 100 to Rs 54,000 per kg and weekly-based delivery traded marginally higher by Rs 10 to Rs 53,525 per kg.

Silver coins continued to be asked around previous level of Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

Source:http://economictimes.indiatimes.com/markets/commodities/gold-sheds-rs-30-silver-gains-rs-100-on-sluggish-demand/articleshow/15516496.cms

Gold sheds Rs 30, silver gains Rs 100

Gold prices declined by Rs 30 to Rs 30,370 per 10 grams in the bullion market here today due to sluggish demand, while silver rose by Rs 100 to Rs 54,000 on increased offtake.

Traders said subdued demand at prevailing higher levels amid a weak global trend where strengthening dollar curbed demand for the precious metal as an alternate investment.

In London, gold fell by 0.1 per cent to USD 1,601.75 an ounce.

Silver prices increased on rise in offtake by industrial units, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 30,370 and Rs 30,170 per 10 grams, respectively.

Sovereign remained steady at Rs 24,450 per piece of eight grams.

Silver ready rose by Rs 100 to Rs 54,000 per kg and weekly-based delivery traded marginally higher by Rs 10 to Rs 53,525 per kg.

Silver coins continued to be asked around previous level of Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-sheds-rs-30-silver-gains-rs-100/989069/

Silver hoard nears record but speculative bulls recoil

At a time when hedge funds are the least bullish on silver in almost four years, investors' holdings are near a record, siding with the analysts predicting a rally as central banks move to bolster growth.

Speculators cut bets on higher prices by 72 percent since the end of February, mirroring changes in their copper wagers, which turned bearish in May, U.S. Commodity Futures Trading Commission data show. Silver held in exchange-traded products climbed for three months and is now valued at $16.2 billion, according to data compiled by Bloomberg. Prices will average $33.02 an ounce in the fourth quarter, 18 percent more than now, the median of 13 analyst estimates compiled by Bloomberg show.

Hedge funds anticipate slowing growth will curb demand for silver, 53 percent of which is used in products from televisions to batteries. Investors and analysts are bullish on expectations central banks will do more to stimulate economies, expanding consumption and increasing the allure of precious metals as a store of value. Prices tripled as the Federal Reserve bought $2.3 trillion of debt in two rounds of so-called quantitative easing from December 2008 to June 2011.

"Since the beginning of the year it has reacted more like a base metal than a precious one," said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. "The main negatives are still in industry. We're waiting for more quantitative easing, and that would be really positive."

Comex Bourse

After tumbling 29 percent in the four months to the end of June, silver is now little changed for the year at $27.90 on the Comex bourse in New York. The LMEX index of six industrial metals from aluminum to zinc fell 5.5 percent as gold advanced 3.2 percent. The Standard & Poor's GSCI gauge of 24 commodities rose 1.9 percent since the start of January and the MSCI (MXWD) All- Country World Index of equities gained 7.9 percent. Treasuries returned 2.1 percent, a Bank of America Corp. index shows.

Silver is the most volatile metal tracked by Bloomberg and the price swings are masking what are already historically high prices. While the metal is trading 44 percent below the 31-year high of $49.845 set in April 2011, it averaged $30.37 since the start of January, on track for the second-highest annual level after last year's $35.27. The two-decade average is $9.97.

For Coeur d'Alene Mines Corp., which gets about 65 percent of its revenue from extracting the metal, that will mean a 35 percent jump in profit to a record in 2012, according to the mean of six analyst estimates compiled by Bloomberg.

Interest Rates

Industrial demand for silver may strengthen as economic growth accelerates. The International Monetary Fund said July 16 it expects the global economy to expand 3.9 percent next year, from 3.5 percent in 2012. The European Central Bank and the Federal Reserve are already holding interest rates at record lows and the People's Bank of China cut rates in June and July, the first reductions since 2008.

They may need to do more to bolster growth because U.S. factory output contracted in July for a second month, the Institute for Supply Management said Aug. 1. Manufacturing in the euro area shrank for a 12th consecutive month, a Markit Economics report showed the same day. China's industrial-output growth was the slowest in three years in July, according to government data released Aug. 9.

Silver imports by China, the second-biggest user after the U.S., declined for three consecutive months through June, customs data show. Global fabrication demand, a measure that includes coins, jewelry and photographic film, will be little changed in 2013, Barclays Plc estimates. The bank expects supply to beat consumption for a fifth year, leaving a glut of 4,148 tons as mine production expands to a record 25,835 tons.

‘The Gap'

"Industrial demand may remain weak at least for another six months," said Jochen Hitzfeld from UniCredit SpA in Munich, the fourth most-accurate precious metals forecaster tracked by Bloomberg in the past two years. "This makes the gap that investors have to absorb even higher," said the analyst, who anticipates a fourth-quarter average of $28.

Investors bought 797 tons through silver-backed ETPs this year and now hold 18,093 tons, equal to more than eight months of global mine output, data compiled by Bloomberg show. They sold a net 812 tons from ETPs last year. Total assets are now 2.9 percent below the record 18,639 tons reached in April 2011. Investors probably will buy another 500 tons in 2013, Barclays and Morgan Stanley predict.

There are also signs that industrial demand is improving. Stockpiles in warehouses monitored by Comex fell 6.5 percent since July 3, reaching a four-month low on Aug. 8, bourse data show. Inventories had expanded every month since November to 147.1 million ounces (4,575 tons), the most since 1997.

More Bullish

Hedge funds may be getting more bullish, more than doubling their net-long position, or bet on higher prices, to 9,323 futures and options in the two weeks to Aug. 7, CFTC data show. That's still 58 percent below the five-year average. Wagers fell to 2,888 contracts on June 26, the lowest since October 2008.

Options traders are divided. The most widely held contract confers the right to buy silver at $50 by November 2013 and the next two biggest allow holders to sell metal at $20 by the same time and November 2012, Comex data show. The five biggest gold options are all for purchases at prices higher than today.

Some investors may be deterred by silver's price swings. The 100-day historical volatility for futures is at 30.8 percent, more than in gold, platinum, palladium and the main industrial metals traded on the London Metal Exchange, data compiled by Bloomberg show.

Analyst Forecasts

Coeur d'Alene will report net income of $126.6 million this year, from $93.5 million in 2011, the analyst estimates show. Shares of the Coeur d'Alene, Idaho-based company slid 18 percent to $19.80 this year. They will rally 35 percent to $26.74 in 12 months, according to the average of seven analyst forecasts.

Source:http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=156959&sn=Detail

Silver moves up in futures trade on global cues

Silver prices moved up by Rs 145 to Rs 53,645 per kg in futures trade today as speculators created fresh positions in line with a firming trend overseas.

At the Multi Commodity Exchange, silver for delivery in September moved up by Rs 145, or 0.29 per cent, to Rs 53,645 per kg, with a business turnover of 3,429 lots.

Likewise, the white metal for delivery in December traded higher by Rs 143, or 0.26 per cent, to Rs 55,399 per kg in 169 lots.

Marketmen said fresh buying by speculators on the back of a firm global trend mainly led to a rise in silver prices at futures market.

Meanwhile, silver rose 0.3 per cent to USD 28.21 an ounce in Singapore.

Source:http://www.indianexpress.com/news/silver-moves-up-in-futures-trade-on-global-cues/987714/

Gold, silver vault on buoyant demand, global cues

Gold prices strengthened further at the domestic bullion market today on consistent buying by stockists and jewellery retailers on the back of ongoing festival season demand.

Silver also maintained its strong momentum owing to steady speculative off-take amid firm industrial demand.

Standard gold (99.5 purity) surged by Rs 115 to end at Rs 29,880 per 10 grams from Thursday's closing level of Rs 29,765.

Pure gold (99.9 purity) spurted by Rs 120 to finish at Rs 30,020 per 10 grams from Rs 29,900.

Silver ready (.999 fineness) rose by Rs 105 per kg to close at Rs 54,140 from Rs 54,035 previously.

On the global side, gold moved higher on weak dollar valuation supported by optimism over stimulus.

Gold for December delivery advanced by USD 2.60 to settle at USD 1,622.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver for September contract eased to USD 28.06 an ounce.

Source:http://www.indianexpress.com/news/gold-silver-vault-on-buoyant-demand-global-cues/987033/

Silver futures fall 0.10 pc on profit-bookings, global cues

Silver prices fell by Rs 52 to Rs 53,460 per kg in futures trade today as speculators booked-profits at prevailing higher levels, driven by subdued demand in the spot market.

Weak trend in global markets also influenced the trading sentiment.

At the Multi Commodity Exchange, silver for delivery in September fell by Rs 52, or 0.10 per cent, to Rs 53,460 per kg, with a business turnover of 2,388 lots.

Similarly, the white metal for delivery in December shed Rs 38, or 0.07 per cent, to Rs 55,235 per kg in 85 lots.

Marketmen said speculators booked profits at prevailing higher levels and weak trend in overseas market mainly kept pressure on silver futures.

Meanwhile, silver fell 0.7 per cent to USD 27.95 an ounce in Singapore.

Source:http://economictimes.indiatimes.com/markets/commodities/silver-futures-fall-0-10-pc-on-profit-bookings-global-cues/articleshow/15434136.cms

Gold price rebounds on good retail buying, silver surges

Gold prices rose at the domestic bullion market today due to renewed interest from retailers and jewellery traders amid firm overseas trend.

Silver continued to surge on heavy speculative off-take coupled with strong industrial demand.

Standard gold (99.5 purity) spurted by Rs 105 to finish at Rs 29,765 per 10 grams from overnight closing level of Rs 29,660.

Pure gold (99.9 purity) went up by Rs 110 to end at Rs 29,900 per 10 grams from Rs 29,790 yesterday.

Silver ready (.999 fineness) strengthened by Rs 285 per kg to settle at Rs 54,035 over its Wednesday's close of Rs 53,750.

On the global front, gold advanced on positive US economic data amid stimulus hopes.

Gold for December delivery gained USD 3.20 to settle at USD 1,616 an ounce on the Comex division of the NYMEX late yesterday, while silver for September contract eased to USD 28.08 an ounce.

Source:http://www.indianexpress.com/news/gold-price-rebounds-on-good-retail-buying-silver-surges/986126/

Gold price loses 120 on fall in demand, weak global cues, silver flat

Gold declined by Rs 120 to Rs 30,080 per 10 grams in the bullion market here today on fall in demand at existing higher levels amid a weak global trend, while silver held steady at Rs 53,500 per kg.

Traders said sentiment in gold turned bearish as investors diverted funds to rising equity markets.

A weak global trend where the precious metal fell as stronger dollar curbed demand for the metal as an alternative investment also influenced the prices, they added.

In London, gold fell 0.3 per cent to USD 1,607.95 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 120 each to Rs 30,080 and Rs 29,880 per 10 grams, respectively.

Sovereign remained steady at Rs 24,450 per piece of eight grams.

Silver ready also closed flat at Rs 53,500 per kg, while weekly-based delivery lost Rs 125 at Rs 53,245 per kg on lack of buying support from speculators.

Silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-price-loses-120-on-fall-in-demand-weak-global-cues-silver-flat/985521/

Gold prices flat, silver slips

Gold stayed flat as a weaker rupee outweighed leads from overseas markets, with traders seeking direction in prices before booking deals to stock for festival season.

The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was at Rs. 29,802 per 10 grams, up 0.12% at 2:16pm, still near the previous session’s low of Rs. 29,756, a level last seen on 24 July.

Global gold was little changed on Wednesday after climbing for three days, supported by hopes that Europe and the United States would launch more stimulus measures to help shore up their faltering economies.

The rupee, which weakened on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Physical buying still remained low as prices stayed near the keenly watched Rs. 30,000 mark, with traders bracing for a bad season after expectations of deficient monsoon rains.

“Festival demand is not materialising yet. Prices are consolidating and not giving clear direction,” said an official from a private bullion importing bank.

Rural areas, which depend on monsoons for yields and income, contribute to about 60% of the country’s demand.

Silver traded lower following global leads.

Source:http://www.livemint.com/2012/08/08154300/Gold-prices-flat-silver-slips.html?h=B

Gold steady at Rs 30,200; silver gains Rs 200

Gold prices remained unchanged at Rs 30,200 per 10 grams on reduced offtake in the bullion market today, while silver rose by Rs 200 to Rs 53,500 per kg on fresh buying.

Traders said fresh buying by stockists and jewellers for the coming festival and a firm global trend led to a rise in silver prices, while sluggish demand at prevailing higher levels kept gold prices flat.

In London, silver rose by 0.5 per cent to USD 28.02 an ounce.On the domestic front, silver ready rose by Rs 200 to Rs 53,500 per kg and weekly-based delivery by Rs 100 to Rs 53,370 per kg.

Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.Gold of 99.9 and 99.5 per cent purity ruled steady at Rs 30,200 and Rs 30,000 per 10 grams, respectively.Sovereigns traded at last level of Rs 24,450 per piece of eight grams.

Source:http://www.dayandnightnews.com/2012/08/gold-steady-at-rs-30200-silver-gains-rs-200/

Gold price gains Rs 100 on seasonal demand; silver steady

Gold prices recovered by Rs 100 to Rs 30,200 per 10 grams, after three days of losses, in the bullion market here today on festive season buying amid firm global trend, while silver held steady at Rs 53,300 per kg on reduced offtake.

Traders said sentiment in gold turned better after the metal gained in global markets on speculation the Federal Reserve will do more to support growth.

In London, gold rose by 0.1 per cent to USD 1,605.70 an ounce.

Local buying for the upcoming festive season further supported the recovery move in gold, they added.

Back home, gold of 99.9 and 99.5 per cent purity rose by Rs 100 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively. The metal had lost Rs 420 in last three sessions.

Sovereign gained Rs 50 to Rs 24,450 per piece of eight grams.

On the other hand, silver ready remained steady at Rs 53,300 per kg, while weekly-based trader marginally lower by Rs 10 to Rs 53,270 per kg for want of support.

Silver coins also met with resistance at prevailing higher levels and plunged by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-price-gains-rs-100-on-seasonal-demand;-silver-steady/984576/

Today’s Spot gold price per gram, gold price per ounce; Silver price per ounce; Market Trend Review August 5, 2012

Precious metal prices for gold and silver pushed higher during the last full trading session of the week. The potential for additional stimulus measures remains on the table in the U.S. after the national unemployment rate ticked higher to 8.3 percent. Precious metals remain on the radar for those looking to diversify with perceived safe havens. Gold and silver tracked higher last session as a result.
Gold price per ounce and silver price per ounce close review today:
December contract gold tracked higher last session by 1.17 percent at 1,609.30 per troy ounce. September contract silver finished the last session higher by 1.28 percent at 27.80 per troy ounce.
Although both gold and silver both finished with close prices above break-even last session, price trend-lines are mixed according to one month change review. One month price change for gold is currently negative by approximately .22 percent. Silver price change is currently positive by about .36 percent according to one month price change analysis.
Price review for spot gold per gram and spot silver per ounce:
Recent price trends for spot gold per gram and spot silver per ounce were positive. Spot gold per gram was higher at 51.47 and spot silver per ounce was higher at 27.73.

Source:http://www.learningandfinance.com/2012/08/05/todays-spot-gold-price-per-gram-gold-price-per-ounce-silver-price-per-ounce-market-trend-review-august-5-2012/

Gold and Silver Prices Regaining Footing As Treasuries Make Bearish Reversal (GLD, SLV, UUP, GDX, EUO)

We have always regarded the markets as a grand casino subject to the manipulations of the Croupier and the House. This being said it is only rational to react in the face of the irrational. I remember speaking to a floor specialist who informed me that he reads the same price charts that most technicians do. This means we should be careful of any traps or head-feints at this critical juncture.

No doubt the patterns tell us that we are testing support levels and that technical damage has been inflicted on most stocks including the precious metals. The weak hands inform that the golden bubble may have been broken and the warning inscription written on the entrance to hell “abandon all hope, yea who enter here” may be applicable. We do not agree and may be considering this recent downward move in response to Bernanke and Draghi a fake out and that we may witness a reversal sooner rather than later.

Observe that in the midst of the carnage some positive notes are beginning to appear. We feel that this is a classical panic with all of the textbook characteristics of a selling capitulation. Bullish reversals may soon occur at oversold conditions and is providing long term gold and silver investors additional secondary buypoints.

Be not dismayed! The long range upward trajectory of the precious metals particularly gold is continuing higher and has considerably more to go. Factoring in inflation, gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV) have yet to challenge inflation adjusted all time highs. Most industrial countries are trying to stimulate growth through accommodative easing and through record negative interest rates. Investors in five countries in Europe now face negative real rates. This means they are losing money with their savings in the bank. Many investors are holding the U.S. dollar (NYSEARCA:UUP) which has one of the worst real interest rates. Do not forget behind the scenes M2 money supply has reached record levels. This historically leads to hyperinflation.

Be not dismayed! The long range upward trajectory of the precious metals particularly gold is continuing higher and has considerably more to go. Factoring in inflation, gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV) have yet to challenge inflation adjusted all time highs. Most industrial countries are trying to stimulate growth through accommodative easing and through record negative interest rates. Investors in five countries in Europe now face negative real rates. This means they are losing money with their savings in the bank. Many investors are holding the U.S. dollar (NYSEARCA:UUP) which has one of the worst real interest rates. Do not forget behind the scenes M2 money supply has reached record levels. This historically leads to hyperinflation.

While the amount of money in the economy has grown, the velocity is still weak as institutions are hoarding cash. One method to discourage this is through a devaluation or quantitative easing. Where will the cash go on the sidelines as investors try to exit? Just like in 2009 and 2010, cash went into precious metals and mining stocks. Gold Stock Trades believes that this may occur again in the second half of 2012.

That is why we are not encouraging investors to panic into the U.S. dollar at this time and sell their mining stocks (NYSEARCA:GDX) and precious metals for pennies on the dollar. The media is trumpeting any bad news on precious metals that is fit to print. Let us take a deep breath and consider the long term picture before making any irrational moves.

The picture of gold and miners versus global currencies especially the Euro show that the long multi-year trends are still higher.

We have been told by some eminent pundits that there has been a meltdown below the 200 day moving average for the first time since early 2009 and that they are selling everything and are going short. We do not adhere to such actions. We believe the long term trend is being tested but we may find support for a reversal move higher.

Instead, we note that investors are rattled and are raising cash, fleeing to U.S. dollars and treasuries, despite knowing that their investments will receive negative returns. Moreover, at times such as these, many nightmarish scenarios begin to haunt the markets. One is that European sovereign nations may sell their surprisingly substantial official gold holdings.

See the list published by the World Gold Council/International Monetary Fund above. Astonishingly, Spain has approximately four times the gold holdings as a share of GDP as the United States. Spain has 11.2% vs. The U.S. with 3.1%. The U.S. government debt is 94%, while Spain’s government debt is 60%. Germany and France clock in at 5.8% and 5.3%. Are the dollar and U.S. treasuries such safe havens when looking at this table above?

This data may infer that gold may not be dumped by these countries helter-skelter, although investors may be led to believe that the sovereigns are selling. However, the troubled Eurozone nations may have been steadfast in not selling their gold holdings at this juncture.

We may doubt that the European’s would resist pulling down the pillars of the temple and that Armageddon has not quite arrived. The Eurozone nations realize they are in need of cash, but still have not touched their precious metals. They realize just like we do that it is their only protection from the printing press. It is inevitable that the European nations and the U.S. will be forced to print to stimulate economic growth.

Source:http://etfdailynews.com/2012/08/03/gold-and-silver-prices-regaining-footing-as-treasuries-make-bearish-reversal-gld-slv-uup-gdx-euo/

Gold, silver prices extend losses on poor demand, weak global cues

Both the precious metals, gold and silver, extended losses for the second straight day in the national capital today, following poor demand at prevailing higher levels coupled with a weak global trend.

While gold fell further by Rs 100 to Rs 30,200 per 10 grams, silver plunged by Rs 800 to Rs 53,000 per kg on lack of buying support from jewellers and industrial units.

Sentiment remained bearish on poor domestic demand at existing higher levels, trader said.

Weakening global trend where gold fell the most in two weeks amid investor disappointment with European Central Bank President Mario Draghi's comments on efforts to fight the debt crisis, they said.

In New York last night, gold fell by USD 11.80 to USD 1,588.30 an ounce and silver by 1.13 per cent to USD 27.13 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 30,200 and Rs 30,000 per 10 grams, respectively. The metal had lost Rs 220 in the previous session. Sovereigns followed suit and shed Rs 50 to Rs 24,450 per piece of eight grams.

Similarly, silver ready dropped by Rs 800 to Rs 53,000 and weekly-based delivery lost Rs 785 at Rs 53,000 per kg. It had lost Rs 200 in last trading session.

Silver coins also plunged by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-silver-prices-extend-losses-on-poor-demand-weak-global-cues/983335/

Expect precious metal to trade sideways today: Angel

Angel Commodities has come out with its report on metals and energy. According to the research firm, precious metals are expected to trade sideways on account bearish global market sentiments due to disappointment that Federal Reserve policy makers did not adopted monetary easing yesterday along with strength in the DX.


Gold: Spot gold prices declined around 1 percent yesterday taking cues from rise in risk aversion in the global markets. Additionally a stronger US Dollar index (DX) also exerted downside pressure on the prices. The yellow metal touched an intra-day low of $1591.74/oz and closed at $1,598.60/oz on Wednesday. On the MCX, Gold October contract declined by 0.5 percent and closed at Rs.29,607/10 gms in yesterday’s trading session. India raises gold import prices by $20/10 gms from $506/10 gms to $526/10 gms. The increase in gold import prices is in tandem with rise in global yellow metal prices.

Silver: Taking cues from the fall in the gold along with downside in base metals pack, Spot Silver prices declined around 1.8 percent in yesterday’s session. Additionally, a stronger DX also acted as a negative factor for the commodity. The white metal touched an intra-day low of $27.11/oz and closed at $27.40/oz in yesterday’s trading session. In the domestic markets prices fell by 1.5 percent after touching low of Rs. 52,662/kg and closed at Rs. 53,172/kg on Wednesday. India’s silver import prices have also rose by $32/kg to $898/kg from $866/kg as per the statement from Central Board of Excise and Customs.

Outlook: In today’s session we expect precious metal to trade sideways on account bearish global market sentiments due to disappointment that Federal Reserve policy makers did not adopted monetary easing yesterday along with strength in the DX. On the other hand positive expectation that European Central Bank might decide on stimulus measures today might support an upside. However, depreciation in Indian Rupee might cushion sharp fall.


Source:http://www.moneycontrol.com/news/brokerage-recos-commodities/expect-precious-metal-to-trade-sideways-today-angel_739185.html

Hecla Reminds U.S. Silver Shareholders To Take Action Before 5:00 P.M. ET Today To Stop The Proposed Transaction With RX Gold & Sil

Hecla Mining Company ( NYSE:HL) (“Hecla”) today reminded common shareholders of U.S. Silver Corporation (TSX:USA) (“U.S. Silver”) that, in order to take advantage of Hecla’s offers to acquire all of the outstanding common shares of U.S. Silver for CDN$1.80 per common share in cash and to acquire each outstanding common share purchase warrant for CDN$0.205 (its “in the money” amount based on such price per common share) (together, the “Hecla Offer”), they must act TODAY before 5:00 p.m. ET to stop U.S. Silver’s proposed transaction with RX Gold & Silver (the “RX Proposal”)

The Hecla Offer is conditional upon the RX Proposal not proceeding or such transaction otherwise terminating; U.S. Silver shareholders need to REVOKE proxies voted for the RX Proposal (if your shares have been previously voted for it) and vote AGAINST it immediately, before the August 2, 2012 proxy submission deadline.

“We are encouraged by the support we have received so far from U.S. Silver shareholders,” said Hecla’s President and Chief Executive Officer, Phillips S. Baker, Jr. “That being said, it is important that as many U.S. Silver shareholders as possible take action before today’s deadline to stop the RX proposal and put themselves in a position to take advantage of Hecla’s superior offer. Every vote counts.”

Instructions for Beneficial U.S. Silver Shareholders

If you are a beneficial U.S. Silver Shareholder, call your investment advisor, stockbroker, bank, trust company, other nominee or intermediary through which you hold your U.S. Silver shares immediately and instruct them to vote AGAINST the proposed RX transaction. Brokers and other intermediaries each have their own voting instructions, which need to be carefully followed to ensure that your instructions are counted. It is also important to note that your broker or other intermediary may have a deadline that falls before August 2, 2012. Therefore, it is imperative that you act immediately.

Instructions for Registered U.S. Silver Shareholders

If you are voting your Shares by proxy, U.S. Silver’s Transfer Agent, Valiant Trust Company, must receive your signed proxy by mail at 310-606 4 Street SW, Calgary, Alberta, T2P 9Z9, or by facsimile at 1-855-375-6916, not later than 5:00 p.m. (Toronto time) on August 2, 2012.

Source:http://www.thestreet.com/story/11649455/1/hecla-reminds-us-silver-shareholders-to-take-action-before-500-pm-et-today-to-stop-the-proposed-transaction-with-rx-gold-amp-silver.html

Gold “Tied to Central Bank Moves” as Federal Reserve “Inching” Towards More Quantitative Easing

U.S. DOLLAR gold prices traded around $1615 an ounce during Wednesday morning’s London session – 0.8% off this week’s high – while European stock markets were also broadly flat and US Treasuries dipped, ahead of the Federal Reserve’s latest monetary policy announcement later today.

Silver prices dropped below $28 an ounce – though they remained up on the week so far – while other commodities were broadly flat, with the exception of copper which fell following disappointing global manufacturing data.

“Investors [are] continuing to favor the US Dollar over bullion as the key safe-haven trade,” says a note from ANZ Bank.

“However we see this changing in the next six months as heightened negative sentiment surrounding Europe eases and the US Dollar loses some ground to a cheap Euro.”

“Gold’s near-term fortunes are tied to central banks’ actions,” adds Sun Yonggang, macroeconomic strategist at Everbright Futures, a division of China’s largest state-owned investment firm.

“As long as investors hold on to the possibility of further monetary easing, whether in the US or Europe or China, any decline in [gold prices] will be limited.”

Following two days of meetings, the Federal Open Market Committee is due to make its latest monetary policy announcement later today.

“I think they are inching towards another round of quantitative easing, but I am not convinced they will get there at this meeting,” says Paul Edelstein, director of financial economics at consultants IHS Global Insight.

“We do not expect any new initiative from the Fed,” agrees Eric Green, economist at TD Securities in New York.

In addition to action from the Fed, “there’s a lot of things Congress can do…to make growth stronger,” said US Treasury secretary Timothy Geithner on Tuesday.

“We pay about 1 1/2 percent for a 10-year Treasury now…because fundamentally people have faith in the ability of the US to solve its problems…It’s sensible for us to take advantage of this moment to do things that will make the economy stronger.”

Geithner also said that leaders in Europe “have to do some more things to help support growth in the near term”.

European Central Bank president Mario Draghi last week said the ECB is “ready to do whatever it takes to preserve the Euro”, a statement which led to speculation that the ECB could intervene in government bonds markets.

“We are skeptical that such intervention will come as soon as this week,” says Slavena Nazarova, economist at Credit Agricole.

“So there is quite a big risk of disappointment for the markets.”

The ECB is due to announce its latest monetary policy decisions on Thursday.

“The ECB has become more pragmatic under Draghi,” notes Berenberg Bank economist Christian Schultz, who used to work at the ECB.

“Many taboos have been shed and precedents set…the crisis has escalated to the level that the tools devised under Trichet are just not sufficient anymore, and a less dogmatic board also helps.”

“Some light is appearing at the end of the tunnel,” said Italian prime minister Mario Monti Tuesday, following a meeting with French president Francois Hollande.

“We are now seeing the results both in the willingness of European institutions as well as from the governments of individual countries, including Germany.”

Monti, who issued a joint statement with Hollande saying they will “do everything” to save the Euro, was due to fly to Helsinki today for talks with Finnish prime minister Jyrki Katainen.

“The question is whether the Germans and the Finns have the stomach for a much looser ECB policy that is more suited to the south [of Europe],” says Jonthan Tepper, partner at economic research firm Variant Perception in London.

“So far we haven’t seen much appetite for that.”

German manufacturing activity continued to contract last month, according to purchasing managers index data published Wednesday. Germany’s manufacturing PMI fell from 43.3 in June to 43.0, with a figure below 50 indicating sector contraction.

The overall Eurozone manufacturing sector also shrank at an accelerated rate, as did that of the UK, PMI figures show.

Over in China, official PMI data show manufacturing growth continued to slow, with the PMI falling from 50.2 in June to 50.1.

“The data flies in the face of assumptions that Beijing can simply place a floor under short term demand by pushing through approvals of scores of domestic projects,” says today’s currency note from Standard Bank researchers.

“Asia is finally getting caught up in the European mess with trade finally starting to buckle,” adds HSBC economist Frederic Neumann.

Sales of American Eagle gold coins by the US Mint meantime fell by nearly 50% in July compared to the previous month. Sales of American Eagles, which are specifically minted for gold investment purposes, totaled 30,500 ounces last month, the lowest July total since 2007.

Sales of silver American Eagles were down 20% month-on-month, falling to just under 2.3 million ounces, the lowest July total since 2008.

Gold ETFs meantime saw a third straight monthly decline in July, losing 3 tonnes overall, according to figures from newswire Reuters. The world’s biggest gold ETF, the SPDR Gold Shares (GLD), saw outflows of 27.6 tonnes in July, a drop of 2.2%.

Silver bullion held by the world’s largest silver ETF, the iShares Silver Trust (SLV), fell 1.4% to 9687.7 tonnes.

Source:http://countingpips.com/forex-news/2012/08/gold-tied-to-central-bank-moves-as-federal-reserve-inching-towards-more-quantitative-easing/

Gold price rebounds on renewed demand, silver also surges

Gold prices recovered smartly at the domestic bullion market today on renewed off-take from stockists and investors as well as pick up in demand from from jewellery traders ahead of festival season.

Silver also surged on higher speculative off-take amidst industrial demand.

Standard gold (99.5 purity) rose by Rs 100 to end at Rs 29,980 per 10 grams from Tuesday\'s closing level of Rs 29,880.

Pure gold (99.9 purity) gained Rs 105 to conclude at Rs 30,115 per 10 grams from Rs 30,010 yesterday.

Silver ready (.999 fineness) zoomed by Rs 955 per kg to finish at Rs 54,370 as compared to Rs 53,415 previously.

In Europe, gold moved up in a listless trade amidst steady euro against the dollar on the back of investor cautiousness ahead of this week\'s European Central Bank meeting for further measures to tackle eurozone debt crisis.

Spot gold was bid up at USD 1,623.31 an ounce in early trade and silver was bid higher at USD 28.30 an ounce.

Source:http://www.indianexpress.com/news/gold-price-rebounds-on-renewed-demand-silver-also-surges/981964/

Gold, silver prices hold steady in thin trade

Both the precious metals, gold and silver, today held steady on restricted buying activity at prevailing higher price levels.

While gold closed flat at Rs 30,300 per 10 grams, silver traded at last close of Rs 53,000 per kg on reduced offtake by jewellers and industrial units at prevailing higher levels.

Traders said restricted buying activity at prevailing costly levels mainly kept the precious metals steady.

In the national capital, gold of 99.9 and 99.5 per centpurity remained steady at Rs 30,300 and Rs 30,100 per 10 grams, respectively. Sovereigns followed suit and ended unchanged at Rs 24,450 per piece of eight grams.

Similarly, silver-ready ruled steady at Rs 53,000 per kg, while weekly-based delivery declined by Rs 15 to Rs 53,235 per kg on lack of buying support.

Silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-silver-prices-hold-steady-in-thin-trade/981422/

Gold, silver prices fall on lower offtake

Gold prices declined modestly after witnessing a six-session uptrend at the domestic bullion market today due to reduced buying from retailers and investors.

Silver also slipped further on poor speculative interest amid subdued industrial demand.

Standard gold (99.5 purity) moved down by Rs 20 to end at Rs 29,890 per 10 grams from the overnight closing level of Rs 29,910.

Pure gold (99.9 purity) lost Rs 30 to close at Rs 30,030 per 10 grams from Rs 30,060.

Silver ready (.999 fineness) edged down by Rs 70 per kg to finish at Rs 53,330 compared to Friday’s close of Rs 53,400.

Meanwhile, gold continued to gain strength in overseas trade on expectations that central banks in the US and Europe will announce some stimulus measures at their meet next week.

Gold for August delivery gained $2.90 to settle at $1,618 an ounce on the Comex division of the NYMEX late yesterday.

September silver contract inched up marginally by 5 cents to $27.50 an ounce.

Source:http://www.thehindubusinessline.com/markets/commodities/article3696355.ece

Gold Prices Settle Higher on Comments from ECB President; Silver Prices also Gain Read more: http://fyxnews.com/smw/31343/Gold-Prices-Settle-Higher-o

Gold prices edged higher in trading on Thursday as comments from European Central Bank (ECB) President Mario Draghi lifted sentiments. Silver prices also edged higher on Thursday.

Speaking at an investment conference in London, Draghi said that the ECB was ready to do whatever it takes to protect the euro. Draghi said that the single currency was “irreversible”, and that the euro zone was much stronger than many acknowledged.

Spot gold prices rose 0.7% to $1,616 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange rose $7 to settle at $1,615.10 an ounce.

Gold prices had posted their biggest one-day gain since late June in Wednesday’s trading session. The precious metal had risen on speculation that the ECB would lend directly to the euro zone’s rescue funds.

Gold has also gained on hopes that the Federal Reserve will implement additional easing measures to boost the U.S. economy.

In other precious metals, silver also rose on Thursday. At last check, spot silver was up 0.1% to $27 an ounce.

In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.60%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.07%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.37%.

Platinum and palladium also rose on Thursday. At last check, spot platinum was trading 0.7% higher at $1,401 an ounce, while spot palladium was trading 1.2% higher at $569 an ounce.

Source: http://fyxnews.com/smw/31343/Gold-Prices-Settle-Higher-on-Comments-from-ECB-President-Silver-Prices-also-Gain-#ixzz21pDMBP24

Gold prices slip by Rs 10, silver prices up Rs 50

After a six-day rally, gold prices declined marginally by Rs 10 to Rs 30,300 per 10 grams in the bullion market here today on fall in demand, while silver rose by Rs 50 to Rs 53,100 per kg on buying support.

Traders said gold fell due to reduced offtake at existing higher levels, while silver rose on sustained buying by industrial units.

On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 10 each to Rs 30,300 and Rs 30,100 per 10 grams, respectively. The metal had gained Rs 680 in last six days.

Sovereign also declined by Rs 50 to Rs 24,450 per piece of eight grams.

Silver ready strengthened by Rs 50 to Rs 53,100 per kg, while weekly-based delivery fell by Rs 70 to Rs 53,280 per kg on lack of buying support.

Silver coins lost Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces on fall in demand.

Source:http://www.indianexpress.com/news/gold-prices-slip-by-rs-10-silver-prices-up-rs-50/980273/

Spot Silver Hits Intraday High Of $27.10, Nymex Crude Declines

European equities are trading on a positive note due to favourable data from the economy. Asian markets although closed on the bearish note and US stock Futures are trading with a positive bias ahead of favourable economic data from the economy in the evening. German Ifo Business Climate decline to 103.3 Mark in the month of July from previous rise of 105.3 level in June. While, UK’s preliminary Gross Domestic Product declined to 0.7 percent in Q2 as compared to 0.3 percent in Q1.

Spot gold prices increased by 0.5 percent today on account of mixed global market sentiments along with weakness in the dollar index (DX). The gold prices touched an intra-day high of $1589.86/oz and hovered around $1588.40/oz till 4:30pm IST today. On the MCX, Gold August contract gained by 0.5 percent after touching a high of Rs.29,729/10 gm and were trading around Rs.29,707/10 gms till 4:30 p.m today. In the Indian markets appreciation in the Indian rupee capped sharp gains.

Taking cues from firmness in gold and base metals prices, Spot silver prices gained by around 1 percent till 4:30 p.m today. Additionally, weakness in the DX also acted as a supportive factor for upside in the silver prices. In the Indian markets sharp gains were capped on the back of appreciation in the Indian rupee. The white metal touched an intraday high of $27.10/oz and hovered around $27.03/oz till 4:30p.m today. In the domestic markets prices improved by 0.27 percent and was trading around Rs.52,973/kg after touching a high of Rs.53,050/kg till 4:30 p.m in today’s trade.

The base metals pack traded on mixed note eyeing weakness in the DX along with decline in LME inventories. Copper, the leader of the base metals group increased 0.3 percent on the LME and hovered around $7,414/tonne today till 4:30pm IST. On the domestic front, prices improved by less than 1 percent and were trading around Rs.419.25/kg after touching an intraday high of Rs.421.20/kg today.

However, appreciation in the Indian rupee restricted sharp rise in prices on the MCX. Nymex crude oil prices declined around 0.03 percent today on the back of rising concerns of eurozone debt concerns will curb demand for fuel. However, weakness in the DX along with expected decline in the crude oil inventories cushioned sharp fall in the prices.

In the evening session, we expect precious metals, base metals and crude oil prices to trade with sideways with upward bias on the back of rise in the risk appetite in the global markets which will lead decline in demand for low yielding currency like DX and support upside in the commodities. Additionally, expected decline in the crude oil inventories might add to the gains of the commodity. However, if crude oil inventories come on the higher side prices might see a reversal on the downside.

Source:http://www.forexpros.com/analysis/spot-silver-hits-intraday-high-of-$27.10,-nymex-crude-declines-130937

Gold prices rise further; up Rs 150

Gold today rose for the sixth straight session and gained Rs 150 to Rs 30,310 per 10 grams on sustained buying ahead of the festive and marriage season amid a firming global trend.

Silver followed suit and extended gains for the second day by adding Rs 400 to Rs 53,050 per kg on increased offtake by industrial units and coin makers.

The trading sentiment in precious metals remained bullish as stockists and jewellers remained net buyers for the metal to meet the upcoming festive and marriage season demand, traders said.

They said in the global markets, gold gained the most in more than three weeks on speculation that European leaders may take further steps to tame the debt crisis also bolstered the sentiment.

In New York, gold shot up by USD 23.70 to USD 1,604.80 an ounce and silver by 1.41 per cent to USD 27.34 an ounce.

Some funds seen shifting from weakening equities to firming bullion was another supporting factor for the bullion.in the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 150 to Rs 30,310 and Rs 30,110 per 10 grams, respectively. The metal had gained Rs 530 in last five trading sessions. Sovereigns rose by Rs 50 to Rs 24,500 per piece of eight grams.

Similarly, silver ready surged by Rs 400 to Rs 53,050 per kg and weekly-based delivery by Rs 380 to Rs 53,350 per kg. It had gained Rs 100 yesterday.

Silver coins also spurted by Rs 1,000 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces on upsurge in festive demand.

Source:http://www.indianexpress.com/news/gold-prices-rise-further;-up-rs-150/979802/

Silver future prices up on spot demand

Silver futures prices today rose by Rs 152 to Rs 52,980 per kg on pick-up in demand in the spot market supported by festive season amid a firm global trend.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 152, or 0.29 per cent to Rs 52,980 per kg in business turnover of 5,843 lots.

Similarly, the white metal for delivery in December gained Rs 147, or 0.27 per cent, to Rs 54,695 per kg in 237 lots.

Analysts said besides pick up in demand in the spot market following festive season, a firm global trend mainly led to rise in silver futures.

Meanwhile, silver rose 0.3 per cent to USD 27.06 an ounce in Singapore.

Source:http://www.indianexpress.com/news/silver-future-prices-up-on-spot-demand/979247/

Silver futures up on spot demand, global cues

Silver futures prices today rose by Rs 152 to Rs 52,980 per kg on pick-up in demand in the spot market supported by festive season amid a firm global trend.

At the Multi Commodity Exchange, silver for delivery in September rose by Rs 152, or 0.29 per cent to Rs 52,980 per kg in business turnover of 5,843 lots.

Similarly, the white metal for delivery in December gained Rs 147, or 0.27 per cent, to Rs 54,695 per kg in 237 lots.

Analysts said besides pick up in demand in the spot market following festive season, a firm global trend mainly led to rise in silver futures.

Meanwhile, silver rose 0.3 per cent to USD 27.06 an ounce in Singapore.

Source:http://economictimes.indiatimes.com/markets/commodities/silver-futures-up-on-spot-demand-global-cues/articleshow/15140779.cms

Gold prices rise on festive demand

Gold prices continued to rise for the fourth-straight day by gaining Rs 100 to Rs 29,900 per 10 gm in the national capital today on increased buying by stockists and jewellers to meet the ongoing festival season demand amid a firming global trend.

Silver followed suit and recovered by Rs 250 to Rs 52,550 per kg on increased offtake by industrial units and coin makers.

Market analysts said increased buying by stockists and jewellers to meet the festive season demand mainly led to rise in both gold and silver prices.

Firming global trend where gold advances on deepening euro zone debt crisis after Moody's Investors Service cut the outlooks for Germany, Netherlands and Luxembourg to negative, boosted demand for the metal as a safe haven, they said.

Gold in global markets, which normally set price trend on the domestic front, rose 0.2 per cent to USD 1,579.73 an ounce and silver by 0.3 per cent to USD 27.11 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 29,900 and Rs 29,700 per 10 gm, respectively. The metal had gained Rs 170 in the previous three sessions. Sovereign rose by Rs 50 to Rs 24,400 per piece of eight gram.

In line with the general firming trend, silver ready recovered by Rs 250 to Rs 52,550 per kg while weekly-based delivery by Rs 70 to Rs 52,785 per kg. It had lost Rs 150 yesterday.

However, silver coin remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Source:http://www.business-standard.com/generalnews/news/gold-prices-risefestive-demand/36069/

Silver Stocks Look to Rebound as Silver Prices Benefiting From Increased Demand

Silver Stocks Look to Rebound as Silver Prices Benefiting From Increased Demand
http://media.marketwire.com/attachments/201203/31465_38273_FiveStar_logo-colour.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=911656&ProfileId=051205&sourceType=1

NEW YORK, NY -- (Marketwire) -- 07/23/12 -- After a strong start to the year, silver stocks have faltered in recent months as prices for the metal have struggled to gain any upwards momentum. The Global X Silver Miners ETF (SIL) has fallen over 15 percent in the last three months, while the iShares Silver Trust ETF (SLV) 14 percent over the same period. "The slide in silver prices mirrors the stubbornly sluggish global economy, and the strength of the U.S. dollar," said Keith Newcomb, portfolio manager at Full Life Financial LLC. Five Star Equities examines the outlook for companies in the Silver Industry and provides equity research on Silver Wheaton Corp. (NYSE: SLW) (TSX: SLW) and Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM).

Access to the full company reports can be found at:

www.FiveStarEquities.com/SLW

www.FiveStarEquities.com/SVM

Silver has recently been benefitting from increased demand according to Commerzbank. In a recent note, the bank stated that holdings in silver exchange-traded funds, 575.1 million troy ounces, were at their highest levels since May of last year. Silver futures on Friday settled at $27.217 a troy ounce. "Investors clearly view silver's current price level of $27 per troy ounce as an attractive opportunity to buy, which means higher silver prices can be expected," the bank said.

Five Star Equities releases regular market updates on the Silver Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.

Silver Wheaton has 14 long-term silver purchase agreements and 2 long-term precious metal purchase agreements whereby it acquires silver and gold production from the counterparties located in Mexico, the United States, Canada, Greece, Sweden, Peru, Chile, Argentina, and Portugal.

Silvercorp Metals Inc. engages in the acquisition, exploration, development, and operation of silver mineral properties in China and Canada. In late January the company received a positive Pre-Feasibility Study ("PFS") for its 95%-owned GC Project in Guangdong Province, China.

Source:http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8568878

Gold price up by Rs 50, silver Rs 200 on global cues

Gold rose for the second day in a row by adding Rs 50 to Rs 29,700 per 10 grams in the bullion market here today on good demand amid a firming global trend while silver gained Rs 200 to Rs 52,450 per kg on increased offtake by industrial units.

Traders said buying in gold picked up after the metal gained in global markets as Russia's central bank increased holdings of the precious metal.

In New York, gold rose by USD 2.30 to USD 1,584 an ounce and silver by 0.18 per cent to USD 27.33 an ounce.

In addition, buying by stockists and jewellers for the coming festival and wedding season also led to a rise in prices of the precious metals.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 50 each to Rs 29,700 and Rs 29,500 per 10 grams, respectively. It had gained Rs 20 yesterday.

Sovereign continued to be asked around previous level of Rs 24,350 per piece of eight grams in scattered deals.

In line with a general firming trend, silver ready recovered by Rs 200 to Rs 52,450 per kg and weekly-based delivery by Rs 165 to Rs 52,830 per kg. The white metal had lost Rs 300 in the previous session.

Silver coins remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-price-up-by-rs-50-silver-rs-200-on-global-cues/977568/

Gold, silver lose shine to copper

Copper, which is considered the bellwether for global economy, has fared better than gold and silver globally so far this year.

According to marketwatch.com, Copper futures HGU2 have climbed about 2.7 per cent on the Comex division of the New York Mercantile Exchange since the end of last year as compared to 0.9 per cent rise in gold futures GCQ2 and a fall of about 2.5 per cent in silver futures SIU2.

The resilience of copper prices in the face renewed concerns of global growth may be a signal that investors are hoping for better times ahead.

On the other hand, gold and silver prices have been muted as the US Federal Reserve has not yet announced any fresh quantitative easing, keeping gold and silver bulls at bay.

Despite the slow recovery of the US economy, its housing sector has shown signs of being bottoming out. On the other hand, many analysts hope that the Chinese economy would pick up in the second half of the year with its housing sector too bottoming out.
Gold demand has been muted so far this year in India, putting pressure on its price.

Source:http://businesstoday.intoday.in/story/gold-copper-silver-price/1/186449.html

Gold prices remain weak on subdued demand, silver up

Gold prices remained weak for the second straight day by losing Rs 55 to Rs 29,630 per 10 gm in the national capital on Thursday on subdued demand at existing higher levels and a weak global trend.

However, silver found fresh buying support from industrial units and coin makers and recovered by Rs 150 to Rs 52,550 per kg.

Traders said subdued demand at existing higher levels and a lower trend in New York mainly kept gold prices remained weak while silver recovered on industrial units and coin makers.

SPECIAL: Tired of investing in gold? Try platinum

Gold in New York, which normally set price trend on the domestic front, fell by $8.90 to $1573.50 an ounce last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 55 each to Rs 29,630 and Rs 29,430 per 10 gm, respectively. It had lost Rs 85 on Wednesday.

Sovereign remained steady at Rs 24,350 per piece of eight gram.

On the other hand, silver ready recovered by Rs 150 to Rs 52,550 per kg and weekly-based delivery by Rs 215 to Rs 52,940 per kg. The white metal had lost Rs 100 in the previous session.

Silver coins also spurted by Rs 1000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://businesstoday.intoday.in/story/gold-prices-remain-weak-on-subdued-demand-silver-up-july-19/1/186426.html

Silver futures decline on global trend

Silver prices edged lower by 0.34 per cent to Rs 52,712 per kg in futures trade today as speculators reduced positions tracking a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September traded Rs 178, or 0.34 per cent, lower at Rs 52,712 per kg, with a business turnover of 2,285 lots.

Likewise, the white metal for delivery in December lost Rs 157, or 0.29 per cent, to Rs 54,436 per kg, with a business turnover of 136 lots.

Market analysts attributed the fall in silver futures to a weakening trend in global markets after Federal Reserve provided no specific plans for boosting growth in the US, curbed demand for the precious metals.

Meanwhile, silver traded 0.50 per cent lower at USD 27.17 in Singapore.

Source:http://economictimes.indiatimes.com/markets/commodities/silver-futures-decline-on-global-trend/articleshow/15029216.cms

Precious, base metals, crude may trade with a positive note

Angel Commodities has come out with its report on international commodities. According to the research firm, precious metals, base metals and crude oil prices are expected to trade with a positive note on the back of rise in risk appetite ahead of Federal Reserve testimony which might hint stimulus measures to boost the economic growth along with weakness in the DX.


US crude oil inventories expected to decline 5,00,000 bbl Reuters.
German ZEW economic sentiments declined to -19.6-mark in July.

European equities are trading on a positive note on account of speculation that Federal Reserve Chairman might hint stimulus measures to boost the world largest economy. Indian markets ended lower and US stock futures are trading in the green.


Spot gold prices increased around 0.3% today on the back of rise in risk appetite in the global markets. Additionally, weakness in the US Dollar Index (DX) also supported upside in the gold prices. The yellow metal touched an intra-day high of $1,599/oz and hovered around $1594.09/oz today till 4:30pm IST. On the MCX, Gold August contract traded on a firm note and was trading around Rs.29,355/10 gms today.

Taking cues from strength in the gold prices amidst speculation of possible stimulus measures by the Federal Reserve led Silver prices to trade on positive note up 0.7% today. Further, weakness in the DX is also supportive for the white metal prices. Silver prices touched intra-day high of $27.62/oz and are trading around $27.44/oz today. In the Indian markets prices increased by 0.5% and hovered around Rs.52,995 /kg and touched an intra-day high of Rs.52,413/kg till 4:30pm IST today.

The base metals pack traded on a mixed note today on the back of upbeat global market sentiments along with weakness in the DX. Copper, the leader of the base metals traded rangebound and are currently 0.05% down today on account of rise in the LME inventories. However, weakness in the DX cushioned sharp fall in the prices.

The red metal touched an intra-day low of $7,670/tonne and hovered around $7,692/tonne today till 4:30pm IST. In the domestic markets, prices improved around 0.3% and were trading around Rs.426.5 /kg today. Appreciation in the Indian Rupee restricted sharp rise in the prices on the MCX.

Nymex crude oil prices increased around 0.3% today on account of concerns that tensions with Iran will worsen and expectation of lower US crude oil supplies along with speculation that the US Federal reserve might hint stimulus measures to the augment the economy. Additionally, a weaker DX also supported upside in the crude oil prices. On the domestic bourses, prices traded on a positive note up 1.3% and are trading around Rs.4,879/bbl till 4:30 p.m today.

U.S. commercial crude oil stockpiles were projected down for last week due to higher refinery utilization, and increases in petroleum products according to Reuter’s poll.

Outlook
In the evening session, we expect precious metals, base metals and crude oil prices to trade with a positive note on the back of rise in risk appetite ahead of Federal Reserve testimony which might hint stimulus measures to boost the economic growth along with weakness in the DX.

Source:http://www.moneycontrol.com/news/brokerage-recos-commodities/precious-base-metals-crude-may-tradea-positive-note_731662.html

Gold, silver recover prices at close

Gold recovered by Rs 165 to Rs 29,770 per 10 grams in the bullion market in New Delhi on Tuesday after three days of losses on good demand amid firm global cues.


Silver also moved up by Rs 100 to Rs 52,500 per kg on increased offtake by industrial units and coin makers.

Fresh buying by stockists and jewellers for the coming wedding season supported the uptrend in both gold and silver prices, traders said.

They added buying activity in gold picked up after the metal rose in the overseas markets amid speculation that Federal Reserve Chairman Ben S Bernanke may hint at additional monetary easing when he delivers testimony today.

In London, gold rose 0.3 per cent to USD 1,594.30 an ounce and silver by 0.7 per cent to USD 27.51 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs 165 each to Rs 29,770 and Rs 29,570 per 10 grams, respectively. The metal lost Rs 115 in the last three trading days.

Sovereign remained flat at Rs 24,400 per piece of eight grams on limited deals.

Silver ready rose by Rs 100 to Rs 52,500 per kg and weekly-based delivery by Rs 280 to Rs 52,870 per kg.

Silver coins spurted by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on account of festive demand.

Source:http://english.samaylive.com/business-news/676508899/gold-silver-recover-prices-at-close.html

Liberty Silver Announces Offer for Sennen Resources

Liberty Silver Corp. (TSX:LSL)(OTCBB:LBSV) today announced an offer to acquire all the outstanding common shares of Sennen Resources Ltd. (TSX VENTURE:SN), a junior mineral exploration company.

Under the offer, Sennen shareholders will receive 0.28 of a Liberty Silver common share for each Sennen common share, being an implied offer price per Sennen common share of $0.20. The offer represents a premium of 47.3% to the 20-day volume weighted average trading price ended July 13, 2012, being $0.135. This is also larger in comparison to the average take-over bid premium paid for mining companies listed on the Toronto Stock Exchange and TSX Venture Exchange over the past 12 months of 34.8%. The offer is valued at $13.36 million.

According to Liberty Silver's estimates, the acquisition of Sennen and its financial resources at the offer price is comparable to Liberty Silver completing a private placement of its common shares at approximately $0.71.

Benefits of the offer to Sennen shareholders:



-- The offer price represents a significant premium above Sennen's current
trading price.
-- Liberty Silver has an experienced management team and independent board
of directors.
-- Sennen shareholders are expected to benefit from Liberty Silver's
accretive and low-risk acquisition and consolidation strategy.
-- Sennen shareholders will receive more liquid Liberty Silver common
shares, which trade on the TSX main board.
-- Sennen shareholders will share in the future success of Liberty Silver's
Trinity Silver Project in mining-friendly Pershing County, Nevada.
-- Liberty Silver adheres to a strict discipline of risk mitigation. It
aims to find and develop mineral exploration properties that provide the
best opportunity for success with the least amount of risk. The success
of this strategy has already been proven with the Trinity Silver
Project. In contrast, Sennen has a recent history that includes
acquiring projects, spending significant amounts of money on the
projects, and subsequently withdrawing.



For full details of these benefits, go to the "Question-and-Answer" section of Liberty Silver's take-over-bid circular, filed today on SEDAR at www.sedar.com.

"Sennen represents a great opportunity for Liberty Silver at a time of growing consolidation in the global mining industry", Geoff Browne, Liberty Silver's chief executive officer, said. "Depressed valuations for junior mining companies alongside healthy precious metal prices have created an environment ideal for mergers and acquisitions activity."

Mr. Browne added: "Liberty Silver is well-placed to take advantage of these opportunities using our mitigated-risk approach to project evaluation and development. We are confident that the combination of Sennen's cash resources and Liberty Silver's skilled management team and proven risk-mitigation strategy will enable us to advance our promising Trinity Silver project in Nevada and to identify other low-risk projects."

The offer will be made by way of formal take-over-bid circular to be mailed to Sennen shareholders and will be subject to various conditions, including receipt of all required regulatory approvals and not less than 66 2/3% of the Sennen common shares being deposited under the offer and not withdrawn. Further details concerning the offer will be included in the formal offer and take-over-bid circular.

If the transaction is completed, Liberty Silver intends to replace the board and management of Sennen and Sennen's common shares will be delisted from the TSX Venture Exchange.

Liberty Silver has an experienced board of directors comprised of sophisticated and highly-accomplished individuals. Their collective experience and expertise sets Liberty Silver apart from its peers. The eight- member board includes Paul Haggis, one of Canada's most prominent and respected business leaders. Mr. Haggis was recently named chairman of Canadian Pacific Railway Ltd. Mr. Browne, Liberty Silver's chairman and CEO, has over 35 years of experience in the financial services industry in Canada, the U.S. and the U.K.

"From an investor's perspective, one critical difference between the management teams of Liberty Silver and Sennen is their personal stakes in their respective companies", Mr. Browne said. "Our board and management collectively own approximately 30% of Liberty's outstanding common shares, while Sennen's board and management appear to collectively hold less than 8% of their company's equity."

Sennen's principal asset is its cash reserves, and it also has an option on the 10,000-acre Hope Bay Oro gold property in Nunavut, Canada. Sennen is currently funding the property as part of an option agreement with North Arrow Minerals Inc., under which Sennen would earn a 60% interest by financing a $5 million exploration program over five years.

Hope Bay Oro adjoins the Doris North mine property owned by Hope Bay Mining Ltd., a wholly-owned subsidiary of Newmont Mining Corporation. Newmont recently incurred a significant write-down on the project and placed it on care and maintenance after evaluating its economic feasibility.

Mr. Browne said: "Given recent developments pertaining to other higher profile projects in the area, we will carefully review the Hope Bay Oro project using our mitigated-risk approach to determine whether the project fits our business plan."

About Liberty Silver

Liberty Silver Corp. is focused on exploring and developing mineral properties in North America. The company is committed to creating value for its shareholders by advancing its projects using its mitigated risk approach to production, developing new resources on its existing properties, and acquiring new properties with potential to expand their resource base. The Trinity Silver property in Pershing County, Nevada is the company's flagship project. Liberty Silver has the right to earn a joint venture interest in the 10,476 acre Trinity property from Renaissance Gold Inc. For more information, go to www.libertysilvercorp.com.

Byron Capital Markets Ltd. is acting as financial advisor to Liberty Silver and dealer manager in respect of the proposed take-over offer. Borden Ladner Gervais LLP is acting as Liberty Silver's legal counsel.

This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any securities of Liberty Silver or Sennen. Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada and pursuant to registration or qualification under the securities laws of any other such jurisdiction. Investors may obtain a free copy of the offer and take-over bid circular, when they become available and other documents filed by Liberty Silver with the Canadian provincial securities regulators on SEDAR at www.sedar.com, and with the SEC at the SEC's website at www.sec.gov. The offer and take-over bid circular and these other documents may also be obtained for free, once they have been mailed, on Liberty Silver's website. Free copies of any such documents could also be obtained by directing a request to Liberty Silver at Suite 2330, 181 Bay Street, Toronto, Ontario, Canada, M5J 2T3.

Source:http://www.canadianminingjournal.com/press-releases/story.aspx?id=1001540382

Today’s Gold price per ounce Spot gold price per gram; Silver price per ounce Live Trend Review July 16, 2012

More traders looked to diversify with precious metals gold and silver as the last week of trading came to a close. The primary stock indices closed on positive ground, and so did contract floor prices for gold and silver.
August contract gold finished the last full trading session up by 1.7 percent at $1,592.00 per troy ounce. Precious metal gold price change over the course of the last five full trading sessions was positive by .8 percent overall. Silver contract for September delivery finished the last trading session higher by .8 percent to close with a floor price of $27.37 per troy ounce. Silver price change over the course of the last five trading sessions was positive by 1.7 percent. Precious metal prices could benefit further this week as talks of economic slowdown persist and rumors heat up again that the Feds might now consider additional economic stimulus measures in the U.S. Right now, both gold and silver price trend change over the course of the last month is negative. One month price change for gold is negative by 1.92 percent and one month price change for silver is currently negative by approximately 4.63 percent.

Source:http://www.learningandfinance.com/2012/07/16/todays-gold-price-per-ounce-spot-gold-price-per-gram-silver-price-per-ounce-live-trend-review-july-16-2012/

Silver Weekly Fundamental Analysis July 16-20, 2012, Forecast

Silver futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific quantity of silver (eg. 30000 grams) at a predetermined price on a future delivery date.

Some Facts about Silver

Silver is a soft, shiny and heavy metallic element with a brilliant white luster. A very ductile and malleable metal, its thermal and electrical conductivity is the highest of all known metals.

Besides being used as a store of value, other main uses of silver include applications in areas such as electronics, photography and as antiseptics.

Consumers and producers of silver can manage silver price risk by purchasing and selling silver futures. Silver producers can employ a short hedge to lock in a selling price for the silver they produce while businesses that require silver can utilize a long hedge to secure a purchase price for the commodity they need.

Silver futures are also traded by speculators who assume the price risk that hedgers try to avoid in return for a chance to profit from favorable silver price movement. Speculators buy silver futures when they believe that silver prices will go up. Conversely, they will sell silver futures when they think that silver prices will fall.

Source:http://www.fxempire.com/fundamental/fundamental-analysis-reports/silver-weekly-fundamental-analysis-july-16-20-2012-forecast/

Gold declines marginally, Silver sheds Rs 400 per kg

Both gold and silver declined in the bullion market here today on reduced offtake by stockists at existing higher levels.

While gold moved down marginally by Rs 15 to Rs 29,650 per 10 grams, silver fell by Rs 400 to Rs 52,400 per kg.

Traders said that lack of demand from retailers, jewellers and industrial units due to prevailing higher levels led to a fall in precious metals’ prices.

Gold of 99.9 per cent and 99.5 per cent purity declined by Rs 15 each to Rs 29,650 and Rs 29,450 per 10 grams, respectively.

Sovereign remained steady at Rs 24,300 per piece of eight grams in limited deals.

Silver ready fell by Rs 400 to Rs 52,400 per kg and weekly-based delivery by Rs 320 to Rs 52,750 per kg, respectively.

Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://www.thehindubusinessline.com/markets/gold/article3639444.ece?ref=wl_investment-world

Today’s Gold price per ounce Spot gold price per gram, Spot silver price per ounce; Prices for Gold and Silver July 14, 2012

The positive trend-lines for precious metals gold and silver was a pleasant surprise considering trends have recently skewed negatively. Right now, according to one month change analysis for contract gold price and contract silver price, price trend change is still negative overall. Price trend change for gold is currently negative by 1.16 percent and silver price change is currently negative by 5.4 percent according to one month change analysis. Both gold and silver contracts finished the last trading session with floor prices posting in positive territory however.

Today’s Gold price per ounce and silver price per ounce contract close review July 14, 2012:
August contract gold finished the last session higher by 1.71 percent to close with a floor price at 1,592.00 per troy ounce. Silver contract finished the last session higher by .77 percent to close with a floor price at 27.37 per troy ounce.

Today’s Spot gold price per gram and spot silver price per ounce trends review July 14, 2012:

After last session close, spot gold price trend and spot silver price trend were positive. Spot gold price per gram was higher at 51.07 and spot silver price per ounce was higher at 27.25.

Source:http://www.learningandfinance.com/2012/07/14/todays-gold-price-per-ounce-spot-gold-price-per-gram-spot-silver-price-per-ounce-prices-for-gold-and-silver-july-14-2012/

Gold price ends with modest gains, silver spurts

Gold price recovered modestly after a three-session losing spree at the domestic bullion market today on mild investor off-take and stray buying interest at the existing level on the back of higher overseas cues.

Silver spurted on heavy speculative demand following renewed industrial buying.

Standard gold (99.5 purity) moved up by Rs 30 to close at Rs 29,170 per 10 grams from Thursday's closing level of Rs 29,140.

Pure gold (99.9 purity) gained Rs 25 to finish at Rs 29,300 per 10 grams from Rs 29,275.

Silver ready (.999 fineness) surged by Rs 655 per kg to conclude at Rs 53,000 from Rs 52,345 previously.

In Europe, gold rose in line other commodities on positive Chinese growth data, though cautiousness following doubts over US economic stimulus capped gains.

Spot gold was bid higher at USD 1,579.40 an ounce in early trade. Silver was also bid up at USD 27.34 an ounce.

Source:http://www.indianexpress.com/news/gold-price-ends-with-modest-gains-silver-spurts/974038/

Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units In An Aggregate Amount of US$200,005,000

Sprott Physical Silver Trust (the "Trust") (NYSE: PSLV / TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 18,100,000 transferable, redeemable units of the Trust ("Units") at a price of US$11.05 per Unit (the "Offering"). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 2,715,000 additional Units. The gross proceeds from the Offering will be US$200,005,000 (US$230,005,750 if the underwriters exercise in full the over-allotment option).

The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.

The Units are listed on NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.

Source:http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8561319

Gold and silver prices extend fall on weak demand

Gold prices fell further at the domestic bullion market today on sustained profit-selling by investors and traders amid subdued jewellers offtake.

Silver also witnessed speculative offloading on the back of poor industrial demand.

"The yellow metal is observing an off-season track trade amid uneasy global scenario," a trader said.

Standard gold (99.5 purity) slid by Rs 275 to close at Rs 29,200 per 10 grams from Tuesday's closing level of Rs 29,475.

Pure gold (99.9 purity) dipped by a similar margin of Rs 275 to finish at Rs 29,325 per 10 grams from Rs 29,600.

Silver ready (.999 fineness) also dropped by Rs 540 per kg to conclude at Rs 52,670 from Rs 53,210 previously.

In New York, gold ended lower amidst listless trade on higher dollar as well as renewed worries about eurozone debt crisis.

Gold for August delivery declined $ 9.30 to $1,579.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver slid 56 cents to $26.88 an ounce.

Source:http://economictimes.indiatimes.com/markets/commodities/gold-and-silver-prices-extend-fall-on-weak-demand/articleshow/14822925.cms

Expect Gold prices to trade weak today: Nirmal Bang

Nirmal Bang has come out with its report on Gold, Silver, Copper, Nickel, Lead and Crude.


Gold prices are expected to trade weak as it has broken and close below the support of 29500. Prices are expected to test 29100 on lower end. Sell on rise till 29500.

Silver prices are likely to trade lower below 52550, one can witness a heavy sell off once it closes below 52550.

Copper prices are expected to trade lower till 417 -416, one can expect a bounce till 421- 421.50 whereby we expect selling pressure to continue. Maintain a stop loss above 424.

Nickel prices are expected to test 890 885 on lower end. One can sell on rise around 905 with a stop loss above 915. Oscillators indicating a negative move ahead.

Lead prices are expected to trade lower one can sell around 104 -104.20 with a stop loss above 1054.20.

Crude prices are likely to trade lower as it resisted 4815 on higher end and prices are likely to test 4670 -4650.

Source:http://www.moneycontrol.com/news/brokerage-recos-commodities/expect-gold-prices-to-trade-weak-today-nirmal-bang_728818.html

Gold Prices Move Up Marginally; Silver Prices Lower

Gold prices are fluctuating between gains and losses today as sagging global economy prompted investors to seek safety in U.S. dollars. Meanwhile, silver prices have edged lower in trading today.

The dollar index—a gauge on U.S. unit’s performance relative to a basket of six major currencies—showed that greenback stayed close to its one month high earlier this week, while euro slumped to almost two year low against the U.S. dollar.

The euro already weighed by member countries’ rising borrowing cost and economic slowdown, faced yet another jolt on Tuesday when a data published in China showed that country’s imports in June nearly halved compared to the last year. For the euro zone, especially, Germany, China serves as one of the biggest export market.

Dollar and gold prices are inversely related. In other words, rising dollar will lessen the demand for dollar priced gold in international markets. In technical terms, the inverse correlation between gold and dollar stood at -0.55 on Tuesday- which was the strongest inverse correlation in almost two years. A correlation reading of -1 indicates perfect inverse correlation.

At last check, gold futures for August delivery edged up 0.27%, at $1,593.40 before falling to $1,586.10 an ounce, earlier in the session.

Commenting over lack of demand in the bullion market, Li Ning, an analyst at Shanghai CIFCO Futures, said to Reuters, “The market is being a little pessimistic and cautious about the global economy, and investors are choosing the dollar as the top safety haven. The strength in the dollar is in turn putting pressure on gold prices.”

According to Wang Tao, a technical analyst at Reuters, spot gold could drop below $1576 an ounce on Tuesday.

Meanwhile Merrill Lynch, in its research note to its investors wrote that ongoing euro zone crisis will weigh on gold prices as euro is likely to remain under pressure. However, the bank also maintained that gold prices could get a boost should the fed decides to provide another round of quantitative easing.

At last check, silver futures were down 0.11%, at 27.415.

Source: http://fyxnews.com/smw/30428/Gold-Prices-Move-Up-Marginally-Silver-Prices-Lower#ixzz20E0aPQze