According to SMM, the cash spot prices for national standard silver ingots in Shanghai today were quoted at a discount of 4 yuan/kg to 1 yuan/kg, while the premiums and discounts for large-scale silver ingots were quoted at a range of a discount of 2 yuan/kg to parity.
Source – SMM
The silver market has been somewhat sideways over the last few weeks, but the Wednesday session could provide enough information to get people moving again.
Silver fell in the early hours of Wednesday as we have tested the crucial $33 level again. This is an area that of course has been like a magnet for price for some time.
Talks between the United States and China are seemingly a thing now, and that, of course, will help the idea of industrial demand for silver, but it takes away that precious metal trade as well.
Source – FX Empire
Australia has not escaped the threat of increased tariffs on its exports to the U.S., but it does have one world-class industry which is reveling in commodity market confusion, gold.
Both Citi and RBC Capital Markets see the gold price continuing to rise while the Resources Department of the Australian Government is forecasting an increase in national output from 286 tons this year to 309 tons next year, cementing Australia’s position as the world’s third biggest gold producer after Russia and China.
Gold’s rise in U.S. dollars is magnified in Australia by the currency effect with an exchange current rate of US63 cents delivering an Australian gold price of A$4903/oz, a record which easily eclipses all earlier gold booms.
Source – Forbes
“We have found hundreds of billions of dollars of fraud so far. And we’ve just started. We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tons of gold,” Trump said.
“I think the gold is probably there. It’s probably almost certainly there,” David Sacks, Trump’s crypto czar, told Fox News last week, though he still agreed with the president’s calls to investigate the matter.
“Nobody thinks this is a crazy idea to go check because we don’t know,” Sacks added, arguing that “we cannot fully trust that our gold is still in Fort Knox” because of the “corruption” in Washington.
Source – ABC News
Gold futures fall, though they remain in a relatively tight range. Futures are down 0.4% at $3,329.10 a troy ounce, having fallen as low as $3,404.40/oz earlier in the session, though they sit up 0.6% on week.
Source – The Wall Street Journal
Silver has initially fallen significantly in the early hours of Tuesday, as the market reacted to the ceasefire, taking out some of the “risk trade.” However, we are holding the range again. Ultimately, there are a lot of “moving pieces” to pay attention to.
Source – FX EMPIRE
