The Phaserl


Silver Exits Range, Enters Bear Territory

by Michelle Smith, Silver Investing News:

After trading in a tight range for the last several weeks, silver has finally broken new ground. However, the metal moved to the downside and into bear territory, meaning that some market participants are now bracing for further price declines.

On Monday, silver still closed above $28, even if only two pennies above the mark. But the metal’s downward spiral did not stop there.

Tuesday, the market started out under pressure, which intensified as stocks rallied. Metals, including silver, continued to bleed as money flowed out of hard assets and into equities. Exaggerating matters was the greenback, which continues to show unexpected strength. Silver’s trading range was over $1, and having hit an eight-month low on Tuesday, the metal finished with losses of $0.76, at $27.26.

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6 comments to Silver Exits Range, Enters Bear Territory

  • Frank Zak

    Watch the Bollinger bands using 20 days and 17 days
    on SLV. Breaking a range doesn’t mean much.

    The problem noe is people think the fiat currencys
    may last another 5 years.

    This is not good for gold and silver.

    • NaySayer

      Using any kind of chart in a completely manipulated market means nothing. It is only indicative of whether blythe masters at JPMOrgue had a poop that morning.

      Go to ebay and see how much 90% silver US pre-65 coinage is going for in the open market every day. Then you will see what is really happening in silver. Those auctions are what real people are willing to pay on any given day for real silver in their hands. And the auction prices are ending way way up.

  • Frank Zak

    Silver Surplus and Supply Forecasts1
    Tuesday March 5, 2013, 4:15am PDT
    By Michelle Smith2 – Exclusive to Silver Investing News

    Silver investors may want to prepare for a feast: the silver market is reportedly already in surplus and an array of miners have forecast production increases for this year.

    The silver market has been in surplus for the past several years and is expected to remain so in 2013, Anne-Laure Tremblay, precious metals analyst at BNP Paribas, said in the London Bullion Market Association’s (LBMA) 2013 silver forecast5.

    In a recent interview6 with Mu Li, a CPM Group analyst, Kitco’s Daniela Cambone asked for confirmation on reports indicating that there is currently a 207-million-ounce silver surplus.Get the latest Silver Investing News articles delivered to your email inbox. Learn more7
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    Li confirmed that the silver market is still in surplus. Investors have been absorbing the surplus metal, but, she added, there is no real shortage of metal in this market.

    As miners report their fourth-quarter and 2012 year-end results, many are also issuing 2013 forecasts. A review of these announcements reveals that many companies not only experienced growth last year, but also expect further production increases this year; they plan to do their part to keep the silver market well supplied in 2013.

    Hecla Mining (NYSE:HL8) was established in 1891. The company made headlines last week when it announced9 that its silver reserves have reached the highest levels in its history. Hecla also reported 2012 silver production of 6.4 million ounces and stated that it expects that amount to increase by 25 percent this year, to about 8 or 9 million ounces.

    First Majestic Silver (TSX:FR10,NYSE:AG) has seen its production increase for nine years in a row, reaching 8.26 million ounces in 2012. The company expects the growth to continue, noting in a press release11 that its silver production could reach 11.7 million ounces this year.

    • Glitter1

      Where’s all the Surplus? The US Mint has to go into the open market to buy the Silver to mint bullion coins,since the US has consumed all of it’s several billion oz reserves. The US Mint sales of Silver Bullion and Coins is on track for 2013 to set a record of equal to/greater than 40 million ozs,which is equal to all US Mined Silver.
      The sources you are using are not stating the whole story, may as well use CNBC/MSNBC/Bloomberg for all Stats.There much more to the Silver Story then is being quoted here.
      If the Silver Market wasn’t rigged almost daily now, Silver would be valued at $175.00oz and Gold would be $3,000oz.

  • Johnny

    Regardless of the 2012 mining results and 2013 mining projections, other indicators suggest that silver is in short supply due to very healthy PHYSICAL buying and that industrial demand is, in fact, growing.

    And regardless of the “strength” of the “greenback”, it, like all fiat currencies, is a dying relic, and as it further devalues over time, the smart people will continue to flock in leaps and bounds to tangibles the likes of silver.

    Just as Glitter 1 stated, the price of silver is at the mercy of constant manipulation (of the rigged futures market), a fact that Ms. Williams conveniently ignores.

    A physical silver price has yet to be established separate from the COMEX. When it is, it will be a different ballgame and such articles will be irrelevant.

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