Posted on 07/29/2013 11:10:28 PM PDT by TexGrill
On Monday, gold (NYSEARCA:GLD) futures for August delivery increased $6.90 to close at $1,328.40 per ounce, while silver (NYSEARCA:SLV) futures for September edged 9 cents higher to finish at $19.86. Both precious metals moved slightly higher, despite the U.S. dollar index, which compares the greenback in a basket against six other fiat currencies, trading in positive territory. Last week, the U.S. dollar declined about 1.1 percent.
While gold is on pace for its best monthly gain in over a year, silver is attracting more attention overseas. Reuters reports that Singapore is set to open a 200-ton silver vault this week, in order to meet growing demand for physical precious metals. The vault is being opened by Malca-Amit, a firm that provides secure logistical solutions and full operational services for companies with precious commodities. The vault is already 30 percent booked.
(Excerpt) Read more at foxbusiness.com ...
Gold and silver are always smacked down pretty hard on the Tuesday of any Tuesday/Wednesday Federal Reserve related testimony or announcement, and today is the same.
I saw silver at $20.20 yesterday before the markets opened in the U.S. for trading and knew it wouldn’t last. Easiest trade in the world if you’re in a time zone that can take advantage of it.
What’s your business opinion on the news that Singapore is opening a vault that can store 200-tons of silver this week?
I only saw that headline and didn’t even read any articles about it.
I’ve become jaded by the recent stories of Comex supposedly almost out of gold to deliver and JPM’s vaults emptying by the day, while gold and silver still suffer regular multi-percent drops on an almost weekly basis, leaving them languishing at prices of two years ago.
I think silver is heading much lower, mid-teens probably before people start scooping it up as cheap. Just no catalyst for it now.
200 tons of silver isn’t really that much in terms of fiat value.
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