Today’s AM fix was USD 1,305.00, EUR 971.20 and GBP 768.55 per ounce.
Friday’s AM fix was USD 1,292.50, EUR 961.18 and GBP 761.64 per ounce.
Gold climbed $15.00 or 1.16% Friday to $1,307.40/oz and silver shot up $0.37 or 1.82% to $20.74/oz. Gold and silver were both down for the week – 0.24% and 0.53% respectively.
Mark O’Byrne of GoldCore discusses silver and silver manipulation – see here
Silver for immediate delivery fell 0.4% to $20.68 an ounce in London this morning. Platinum added 0.4% to $1,485 an ounce. Palladium gained another 0.5% to $885.05 an ounce and is a whisker away from new 13 year nominal highs.
Gold and silver were marginally lower last week but both spiked towards the close on Friday which could be a harbinger for further price gains this week. Gold jumped $15.80 to as high as $1,308.20 in the last minutes of trade and silver surged to as high as $20.727.
Gold is marginally lower in London this morning after gold in Singapore ticked lower overnight. Futures trading volume surged from last week’s turgid trading and were 72% above the average for the past 100 days for this time of day, according to Bloomberg data.
Silver was very resilient during last week’s bout of concentrated selling on the COMEX and remains above its key simple moving averages at $19.99, $20.19 and $20.21 -100, 50 and 200 day moving averages respectively (see chart). The technical picture for silver is text book bullish as are silver’s supply demand fundamentals.
With the move higher late on Friday, gold is back above the 50, 100 and 200 day moving averages (see chart). Options expiration today and geopolitical tension has supported gold at the $1,300/oz level and silver at the $20/oz level.
Once options expiration is out of the way we expect higher prices for both precious metals in August.
Bank Suppression Of Silver Manipulation To End And Price Surge
Allegations of silver market manipulation went viral overnight with Bloomberg, the BBC, Reuters and media companies throughout the world covering the new lawsuit.
Deutsche Bank AG (DBK), HSBC Holdings Plc (HSBA) and Bank of Nova Scotia were accused in a lawsuit of rigging the price of billions of dollars in silver to the detriment of investors globally.
The banks unlawfully manipulated silver and its derivatives, an investor claims in a complaint filed yesterday in federal court in Manhattan. The banks abused their position of controlling the daily silver fix to reap illegitimate profit from trading, hurting other investors in the silver market who use the benchmark in billions of dollars of transactions, according to the suit.
The lawsuit is the latest to be brought against banks alleging manipulation of a benchmark. Suits have been filed against Deutsche Bank and Bank of Nova Scotia, HSBC and other banks in federal court in New York over allegations involving the London gold fix.
Manipulation of the silver market was covered in a just released ‘Get REAL’ Special on Silver presented by Jan Skoyles. Mark O'Byrne of Goldcore.com was interviewed and the interview was an in depth look at this silver market today.
Key topics discussed in the interview include
* The supply demand fundamentals of the silver market
* The manipulation of the silver market
* The importance of “joining the dots” and GATA
* CME and Thomson Reuters to manage new gold and silver fix
* The risk of manipulation through HFT, computer trading and ‘dark pools’
* “Meet the new boss; same as the old boss”
* The fix is in: Old boys, pints of beer, big cigars and top hats
* The importance of owning physical rather than paper or digital silver
* The importance of owning allocated and especially segregated silver
* The outlook for the unique industrial and precious metal that silver is
* Silver at over $150/oz in the coming years
‘Get Real: Silver’ can be watched here