Silver And Gold Manipulation – Next Price Fixing Scandal?

Today’s AM fix was USD 1,585.00, EUR 1,225.83 and GBP 1,061.05 per ounce.
Yesterday’s AM fix USD 1,591.50, EUR 1,221.98 and GBP 1,062.42 was per ounce.

Both gold and silver fell slightly yesterday. Gold fell $5.00 and closed at $1,588.30/oz. Silver fell 25 cents to close at $28.90/oz.

Silver is trading at $28.80/oz, €22.37/oz and £19.36/oz.

Platinum fell to $1,587.25/oz, palladium to $761.00/oz and rhodium rose to $1,250/oz.

Gold continues to steady near a two-week high just below $1,600/oz. Recent positive economic data and price falls have led to very negative sentiment in the gold market which indicates we may be close to a bottom. While some data has been encouraging, nothing has changed regarding the very poor fiscal state of the U.S., UK, Japan and indeed most western countries.

Gold is down 5% this year creating an attractive buying opportunity for those seeking to diversify their wealth to protect from possible currency devaluations.

The recent capitulation of retail ‘weak hands’ of the of the largest gold-backed exchange-traded-fund, New York’s SPDR Gold Trust may have ended as holdings were little changed on Tuesday from Monday,

The largest silver-backed ETF, New York’s iShares Silver Trust SLV rose a further 0.5% yesterday showing continuing robust demand for silver.

Gold Silver Ratio (1950-2013) – Bloomberg

Poor man’s gold silver continues to get no love with little or no coverage despite fundamentals that are arguably better than those for other assets, securities and even gold. Thus, GoldCore conducted a webinar yesterday with one of the leading silver experts in the world, Mr David Morgan.

The webinar was very well attended with participants from all over the world – by investors in Europe, the Americas and Asia.

Due to the dearth of information and debate about silver, we decided on a question and answer format.

After receiving hundreds of questions, we chose 33 questions and organised them into key groups:

*    Silver Price Rise? Record Prices & When to Sell?
*    Silver Price Falls?
*    Supply and Demand
*    Manipulation
*    Confiscation
*    Asset Allocation / What To Own
*    What To Buy?
*    Where To Store?


Silver in USD – ( 1720 to Today) – Adjusted for Inflation (CPI) = Chartsrus.com 

Some of the questions asked by participants were:

*    "Which is better, bars or coins?"
*    "What are your views on confiscation of gold and silver in the United States with the coming collapse of the dollar?"
*    "How are people able to manipulate the price of silver? Who are these people? Why do they want to do this?"

CLICK HERE TO VIEW THE SILVER WEBINAR

 

NEWS 

U.S. CFTC Looking At London Gold, Silver Fix – WSJ – Reuters

Gold holds below $1,590 after upbeat U.S. data – Reuters

Central Banks Seen Buying More Gold, Yen, Renminbi to Diversify – Bloomberg

China May Limit Gold to 2% of Foreign Reserves, PBOC’s Yi Says – Bloomberg

COMMENTARY

Could Gold and Silver Be Next Libor Scandal? – The Guardian

Video: Here’s Why Now Is the Time to Buy Gold – Bloomberg

What will become of Chávez’s gold hoard? – Reuters

GATA: Central Banks Are Manipulating the Gold Price – CNBC

Gold Breakout Attempt with Higher Volume – Got Gold Report

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

Mark O'Byrne

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