Shares of ProShares UltraShort Silver (NYSE:ZSL) were soaring as investors played the expected pullback in silver prices by going short.
Other silver investment vehicles like ProShares Ultra Silver (NYSE:AGQ) and iShares Silver Trust (NYSE:SLV) were getting hammered on the day.
U.S. silver futures fell as much as 5.4 percent to $44.61 an ounce before fighting back to gain some lost ground.
The plunge in silver came partly from simply taking a breather, but also from an options expiration coming later in the day, as well as waiting to see what Federal Reserve Chairman Ben Bernanke has to say.
ProShares UltraShort Silver was trading at $15.91, gaining $1.33, or 9.12 percent, as of 12:15 PM EDT. ProShares Ultra Silver was trading at $315.61, falling $29.14, or 8.45 percent. iShares Silver Trust was at $43.74, down $2.09, or 4.56 percent.
Showing posts with label Silver Futures. Show all posts
Showing posts with label Silver Futures. Show all posts
Tuesday, April 26, 2011
Kinross (KGC) (GSS) (AU) (AUY) Close Down as Gold Breaks Another All-Time Record
Gold and silver prices are continuing their upward move, even as gold miners Golden Star Resources (AMEX:GSS), Yamana Gold (NYSE:AUY), AngloGold Ashanti (NYSE:AU) and Kinross Gold Corp. (NYSE:KGC) all closed down, as it seems investors took some profits as the yellow metal continued its upward run.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Gold closed at a new high, jumping $5.30 to settle at $1,509.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold had ended the session above $1,500 for the first time last Thursday.
Today's Gold trading had the Globex June Gold contract trading at $1519.20 before a profit taking sell-off mid to latter part of the trading session.
Silver prices soared to a 31-year high again, settling at $47.15, up $1.09 for the day, or 2.4 percent. April silver futures in New York traded as high as $49.10 an ounce but dropped to close at $47.15 mark.
The more active May silver contract soared just shy of the $50 level, trading as high as $49.82 before falling back.
An incredible number of silver and gold contracts were sold Monday, reaching 109,000 for gold and 199,000 for silver. Silver prices were volatile, moving in a $4.18 range.
The majority of this is based upon the collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake.
The DXY index of the U.S. dollar's value against a basket six other major currencies dropped 0.2 percent to 73.99, its lowest level since August 2008. It's down 6.4 percent so far in 2011.
Monday, April 25, 2011
Fortuna (FVITF) (SLW) (SSRI) (MGN) Close Mixed Thursday as Silver Prices Reach 31-Year High
Silver miners and companies Silver Wheaton (NYSE:SLW), Silver Standard Resources (NASDAQ:SSRI), Mines Management (AMEX:MGN) and Fortuna (OTC:FVITF.PK) closed mixed Thursday as most have been running up with soaring silver prices, which ended the week with silver settling at a 31-year high of just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.
The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.
Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.
A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.
The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.
Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.
The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.
Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.
Fortuna Silver closed Thursday at $6.35, gaining $0.09, or 1.48 percent. Mines Management ended the day at $2.72, falling $0.01, or 0.37 percent. Silver Standard Resources closed at $35.02, climbing $0.30, or 0.86 percent. Silver Wheaton ended the session at $42.36, jumping $0.66, or 1.58 percent.
The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.
Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.
A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.
The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.
Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.
The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.
Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.
Fortuna Silver closed Thursday at $6.35, gaining $0.09, or 1.48 percent. Mines Management ended the day at $2.72, falling $0.01, or 0.37 percent. Silver Standard Resources closed at $35.02, climbing $0.30, or 0.86 percent. Silver Wheaton ended the session at $42.36, jumping $0.66, or 1.58 percent.
Endeavour Silver (EXK) (CDE) (PAAS) (NXG) (ISVLF) Close Mixed Thursday as Silver Prices Reach 31-Year High
Silver miners Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS), Endeavour Silver (AMEX:EXK) and Impact Silver (OTC:ISVLF.PK) closed mixed Thursday as most have been running up with soaring silver prices, which ended the week with silver settling at a 31-year high of just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.
The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.
Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.
A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.
The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.
Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.
The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.
Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.
Impact Silver closed Thursday at $2.43, falling $0.08, or 3.19 percent. Endeavour Silver ended the day at $11.79, closing level with the prior trading day. Pan American Silver closed at $37.42, dropping $0.21, or 0.56 percent. Coeur d'Alene Mines ended the session at $32.05, gaining $0.44, or 1.39 percent.
The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.
Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.
A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.
The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.
Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.
The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.
Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.
Impact Silver closed Thursday at $2.43, falling $0.08, or 3.19 percent. Endeavour Silver ended the day at $11.79, closing level with the prior trading day. Pan American Silver closed at $37.42, dropping $0.21, or 0.56 percent. Coeur d'Alene Mines ended the session at $32.05, gaining $0.44, or 1.39 percent.
Tuesday, April 19, 2011
Alexco (AXU) (AG) (GPL) (PAAS) Close Down Even as Silver Prices Surge Again
Even though silver prices traded at another 31-year high on Monday, that wasn't the direction for most silver companies, as First Majestic (NYSE:AG), Alexco Resource (AMEX:AXU), Pan American Silver (NASDAQ:PAAS) and Great Panther (AMEX:GPL) all closed down on the day.
Silver prices for May delivery rose 38.5 cents, or 0.9 percent, to settle at $42.956 an ounce. Silver traded in a range from $42.200 to $43.560 — again its highest level in 31 years.
U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.
The sovereign debt crisis in Europe continues to push up silver prices, as the euro and U.S. dollar face pressures on out-of-control government spending and refusal to make meaningful spending cuts.
Global inflation and unrest in the Middle East are also major factors in the silver price equation, as investors put money in the precious metal as a gold alternative.
As to why most silver miners have been pulling back, much of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in silver companies don't take into account.
Great Panther closed Monday at $4.01, dropping $0.07, or 1.72 percent. Pan American Silver closed at $37.46, falling $0.61, or 1.60 percent. Alexco Resource ended the day at $9.51, down $0.13, or 1.35 percent. Fortuna closed at $22.73, losing $0.96, or 4.05 percent.
Silver prices for May delivery rose 38.5 cents, or 0.9 percent, to settle at $42.956 an ounce. Silver traded in a range from $42.200 to $43.560 — again its highest level in 31 years.
U.S. gold futures for June delivery settled up $6.90 an ounce at $1,492.90.
The sovereign debt crisis in Europe continues to push up silver prices, as the euro and U.S. dollar face pressures on out-of-control government spending and refusal to make meaningful spending cuts.
Global inflation and unrest in the Middle East are also major factors in the silver price equation, as investors put money in the precious metal as a gold alternative.
As to why most silver miners have been pulling back, much of that is based on the fact the majority of the miners are based in Canada, and so the weaker U.S. dollar as it relates to the Canadian dollar is a major factor a lot of investors in silver companies don't take into account.
Great Panther closed Monday at $4.01, dropping $0.07, or 1.72 percent. Pan American Silver closed at $37.46, falling $0.61, or 1.60 percent. Alexco Resource ended the day at $9.51, down $0.13, or 1.35 percent. Fortuna closed at $22.73, losing $0.96, or 4.05 percent.
Monday, April 11, 2011
iShares Silver Trust (SLV) Surpasses $40 for First Time
For the first time in its history, shares of iShares Silver Trust (NYSEArca:SLV) traded above $40. Silver futures had also traded above $41 a share during the early trading session.
Silver bullion holdings in SLV are above $370 million ounces at this time.
Shares in SLV jumped as high as $40.33 before pulling back.
Matthew Zeman at Kingsview Financial said, “The silver market is the one everyone is in love with and afraid of missing the boat. People fully expect silver to get to $50.”
Over the last 3 months SLV is up over 40 percent, with more expected with silver prices believed to be going to surge to at least $50 an ounce.
iShares Silver Trust was trading at $39.69, falling $0.17, or 0.43 percent, as of 1:08 PM EDT.
Silver bullion holdings in SLV are above $370 million ounces at this time.
Shares in SLV jumped as high as $40.33 before pulling back.
Matthew Zeman at Kingsview Financial said, “The silver market is the one everyone is in love with and afraid of missing the boat. People fully expect silver to get to $50.”
Over the last 3 months SLV is up over 40 percent, with more expected with silver prices believed to be going to surge to at least $50 an ounce.
iShares Silver Trust was trading at $39.69, falling $0.17, or 0.43 percent, as of 1:08 PM EDT.
Tuesday, March 8, 2011
iShares Silver Trust (SLV) Holdings Jump 103 Metric Tons
On the company website, iShares Silver Trust (NYSEArca:SLV) said it has increased its silver holdings by 103.25 metric tons to 10,898.14 metric tons as of March 7.
iShares is near its 52-week high of $35.78, reaching that on Monday, although pulling back to close at $35.23.
Silver futures on Monday for April delivery dropped a penny to $35.86 an ounce on the Comex division of the New York Mercantile Exchange.
iShares is near its 52-week high of $35.78, reaching that on Monday, although pulling back to close at $35.23.
Silver futures on Monday for April delivery dropped a penny to $35.86 an ounce on the Comex division of the New York Mercantile Exchange.
Tuesday, February 8, 2011
Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS), First Majestic Silver (NYSE:AG) Jump on Rising Silver Prices
Silver futures and spot silver rose over the $30 an ounce market today, driving up the prices of silver companies such as Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS) and First Majestic Silver (NYSE:AG).
All three of the companies were trading over 3 percent earlier in the session, and have pulled back a little, hovering just under the three percent mark.
Driving the price of silver today are concerns over supply and rising inflation.
Silver Wheaton was trading at $35.05, $0.97, up 2.85 percent, as of 1:59 PM EST. Pan American Silver was trading at $35.35, up $1.02, or 2.97 percent. First Majestic Silver was at $13.86, gaining $0.34, or 2.51 percent.
All three of the companies were trading over 3 percent earlier in the session, and have pulled back a little, hovering just under the three percent mark.
Driving the price of silver today are concerns over supply and rising inflation.
Silver Wheaton was trading at $35.05, $0.97, up 2.85 percent, as of 1:59 PM EST. Pan American Silver was trading at $35.35, up $1.02, or 2.97 percent. First Majestic Silver was at $13.86, gaining $0.34, or 2.51 percent.
Monday, September 20, 2010
Is Gold Top Performing Metal in September?
The continual record-breaking performance of gold prices has obscured the smaller cousin of gold - silver, but for the month of September, even with the upward movement of gold, silver has so far outperformed it.
Silver investors have been expecting and waiting for this for some time, as the gold/silver ratio wasn't performing as it has historically, having a much wider spread in the favor of gold than usual.
That is starting to change. At the latter part of August, the ratio for gold and silver futures contracts was 64.34, and at the close on Thursday it stood at 61.22. It had been over 70 for quite some time.
While silver is an industrial metal, it is also considered a place of safety in time of economic trouble, similar to gold. If gold prices continue to soar, or as they do, sometimes investors gravitate toward silver as an alternative.
The gold/silver ratio is expected to continue to shrink for the rest of 2010 and through 2011.
Silver investors have been expecting and waiting for this for some time, as the gold/silver ratio wasn't performing as it has historically, having a much wider spread in the favor of gold than usual.
That is starting to change. At the latter part of August, the ratio for gold and silver futures contracts was 64.34, and at the close on Thursday it stood at 61.22. It had been over 70 for quite some time.
While silver is an industrial metal, it is also considered a place of safety in time of economic trouble, similar to gold. If gold prices continue to soar, or as they do, sometimes investors gravitate toward silver as an alternative.
The gold/silver ratio is expected to continue to shrink for the rest of 2010 and through 2011.
Sunday, January 25, 2009
Silver: Prices Ready to Breakout?
The place to put our money in 2009 will probably be in silver, gold and oil. I don't see any of them disappointing over the year. Already oil has a super contango going, with guaranteed profits built in with little or no risk.
Silver and gold are almost ensured the same thing, as the US dollar starts its inevitable collapse and decline, and investors rush to safety in the two metals.
Silver and gold futures, along with ETFs should also perform strongly, as the deleveraging and forced liquidation periods of investment funds and companies seems to be winding down. That's why we see money flowing to this precious metals.
It's also the reason the dollar will continue to drop for some time, as the artificial circumstances that allowed it to remain temporarily strong are now gone with the forced liquidation and deleveraging period, and so nothing stands in the way of silver futures and gold futures moving up in price.
Another reason 2009 looks good, is energy costs are down, which play a big part in the cost of mining silver, which with the timing of the economic conditions, is nothing but favorable for silver in 2009.
While there's no doubt that gold futures and prices will flourish in 2009, reaching heady numbers, in terms percentages percentages, silver futures will probably even outproduce gold futures as an investment, and bring some very good returns themselves.
One thing to consider with the pricing of silver is there are two components involved, just like their is with platinum, as they're both significant industrial metals as well as investment metals.
That means much may depend on how investors view silver as to how high it will go. If they look at it strictly from an industrial demand point of view, it may not rise as high as expected, because demand for industrial silver could definitely fall this year.
But view it primarily from as an investment metal, and silver will shine in 2009, as silver futures soar to dizzying heights.
One last thing about silver futures prices soaring this year, is they're denominated in U.S. dollars, while most silver mining companies are foreign, and not working from the dollar. That means that locally, prices are falling while the metal prices are soaring. What could be better than that for silver investors everywhere?
Well, those in America have the pesky problem of a currency falling in value, so exchange rates could hurt them depending on how things are structured and the silver company they've invested in, if that's how they went about doing it.
Either way, silver futures and investment in some silver mining companies and ETFs, should be one of the few solid investments available to those looking to not only salvage their money, but have it work for them too.
A few commodities will be hot this year, and silver will be one of them.
Silver and gold are almost ensured the same thing, as the US dollar starts its inevitable collapse and decline, and investors rush to safety in the two metals.
Silver and gold futures, along with ETFs should also perform strongly, as the deleveraging and forced liquidation periods of investment funds and companies seems to be winding down. That's why we see money flowing to this precious metals.
It's also the reason the dollar will continue to drop for some time, as the artificial circumstances that allowed it to remain temporarily strong are now gone with the forced liquidation and deleveraging period, and so nothing stands in the way of silver futures and gold futures moving up in price.
Another reason 2009 looks good, is energy costs are down, which play a big part in the cost of mining silver, which with the timing of the economic conditions, is nothing but favorable for silver in 2009.
While there's no doubt that gold futures and prices will flourish in 2009, reaching heady numbers, in terms percentages percentages, silver futures will probably even outproduce gold futures as an investment, and bring some very good returns themselves.
One thing to consider with the pricing of silver is there are two components involved, just like their is with platinum, as they're both significant industrial metals as well as investment metals.
That means much may depend on how investors view silver as to how high it will go. If they look at it strictly from an industrial demand point of view, it may not rise as high as expected, because demand for industrial silver could definitely fall this year.
But view it primarily from as an investment metal, and silver will shine in 2009, as silver futures soar to dizzying heights.
One last thing about silver futures prices soaring this year, is they're denominated in U.S. dollars, while most silver mining companies are foreign, and not working from the dollar. That means that locally, prices are falling while the metal prices are soaring. What could be better than that for silver investors everywhere?
Well, those in America have the pesky problem of a currency falling in value, so exchange rates could hurt them depending on how things are structured and the silver company they've invested in, if that's how they went about doing it.
Either way, silver futures and investment in some silver mining companies and ETFs, should be one of the few solid investments available to those looking to not only salvage their money, but have it work for them too.
A few commodities will be hot this year, and silver will be one of them.
Friday, November 21, 2008
Why Silver is Experiencing Such a Crisis
Adam Hamilton talks on why silver is in crisis:
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.
Rest of story...
Silver futures for December delivery today dropped to 16 cents, or 1.7 percent, to $9.33 an ounce.
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