Gains overnight on the offshore markets with gold remaining relatively quiet during the Asian and London sessions, but then climbed higher throughout New York trade to reach a high of $1272.97. Gold closed slightly lower on $1166.88 for a daily gain of around $16 per ounce. Silver surged to a high of $15.88 before closing a tad lower on $15.84 for a daily gain of 28 cents per ounce. I always said that I think we are close to a bottom when we see massive amounts of paper future contracts traded on the markets. Basically the bankers are stretched for ammunition to keep the paper market down in the price of silver. Over the last week or so, there have been around 64 plus million contracts traded. Each silver contract is 5000 ounces. Works out at 320 billion ounces of paper traded silver. Out of the ground each year for investment purposes is around 250 million ounces; the other 500 million being used for industrial purposes; and the remaining 250 million comes in the form of scrap metal. So the paper markets last week just traded around 1280 years of investment supply which is mind boggling. Only a small portion of those 64 million contract need to take delivery of the physical silver and game over!!! So getting some physical silver before it all runs out could could be a smart move in my opinion!! Here in New Zealand with the dollar higher on .7800 vs .7733 yesterday, gold rallied around $8 to $1496 per ounce, while silver gained around 46 to $653 per kilo, or in ounces up 19 cents to $20.31. Gold chart holding above this short term support level; If this breaks next target down is around $1380 ish levels. Silver chart still in a downtrend since April 2011, but still holding above the all important $20 level. +++++++++++++++++++ Free delivery anywhere in New Zealand and Australia Todays price for a box of 500 x 1oz Canadian Silver Maples delivered to your door via UPS, fully insured is $12310 and delivery is now about 7-10 business days. Approx cost for 5 x 1 kg silver delivered and insured Local NZ silver 99.9% in 5 x 1 kg amounts or more is now available for spot plus 7% plus ingot charge of $13.80 and delivery is about a week away. So if youre after 5 x 1 kg (160.75oz) today delivered and insured to your door, the cost is around $3580.95 or $22.27 per ounce and ready around a week away. Local silver 10 days plus Local gold 3-5 days PAMP silver 1kg bars (plenty in stock) PAMP gold 1oz bars (plenty in stock) For more info on specific products please just ask. New Investors: For new players in the precious metals markets and who do not have a position yet, then maybe grabbing some silver and gold now and keeping some powder dry for any further weakness could be the way to go. Or work out how much you are worth and decide what percentage you want to allocate to physical gold and silver. Then possibly purchase one-third to one-half now if you have no allocation to date and add to it on any further weakness. Think number of silver and gold ounces stacked vs what the value is in paper currency!!
Posted on: Wed, 12 Nov 2014 00:23:12 +0000
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