Silver Prices Still Rangebound, Silver Stocks Update

Gold and silverSilver prices are mirroring gold. Up, down, up and then back down. Staying within a range, silver seems to be mirroring the broader equity markets. Everything seems geared towards what’s the next shoe to drop. Will the equity markets continue their rally? Correction time? QE3? Lots of unanswered questions out there and it manifests itself in the precious metals in the lack of direction in price.

Silver prices are currently up 72 cents to $33 per ounce.

Silver Stocks to Watch

iShares Silver Trust (NYSEARCA:SLV) is up 2.14% this morning at $32.04. SLV has traded 3.1 million shares so far today and trades 19.8 million shares a day on average. SLV shares are up $1 in the past three days. [Read more...]

Silver Still Drifting But Avoids Quarterly Loss. Silver Stock Update.

Gold and silverSilver prices are following gold’s lead today, up slightly on news out of the EU and Asia. Growth concerns there are giving rise to the likelihood of further easing policies out of the Fed.

The metal is also trying to avoid its 4th straight quarterly loss. Hampering the prices are the new import taxes instituted in India. This is stifling global demand and could keep silver prices in their current range. Short-term traders would probably be better off waiting for a clearer indication on QE3’s start (if it does) while long-term seem to be content to wait for the breakout due to their own economic thesis regarding fiat currencies. [Read more...]

Silver Prices Tethered to Gold, Look For Direction. Silver Stocks Update

Gold and silverSilver prices are correlating strongly to gold prices this morning. Down over 20 cents, silver seems to be following the path of gold. Investors seem to sense that a new round of QE is coming, but just don’t know when. The lack of any strong direction has the metal adrift in the market. This has silver prices trending lower after the big spike caused by the Bernanke speech this past Tuesday.

Long term silver bulls, the ones that follow Ron Paul, marc Faber and Max Keiser are all looking forward to the next fed meeting. Plus the jobs numbers this morning were hilarious if you actually read the full release. They did the upward revision on the order of 5% just to say there was a drop. At this point it isn’t a question of if there will be more monetary easing. It is when. And that’s why you have silver drifting around, sometimes positive, other times negative. Today happens to be that negative day. [Read more...]

Silver Prices Dip, Bernanke Speech Fails to Breakout the Metal. Silver Stocks to Watch

Gold and silverCurrently down over 30 cents, silver is following gold prices in that they are still range bound. The speech by Bernanke undoubtedly gave a short-term boost but it seems that the market is looking for actual action on the monetary easing front to push the metals higher.

With Bernanke saying the labor market growth is probably not sustainable, it should not be long for traders to see the movement they are looking for. Will be interesting if it can break through the range it has been in for the past few weeks. If so it could be that good old days for silver will be back and the silver bulls will be back in control. [Read more...]

Silver Prices Up on QE3 Hopes, Silver Stocks to Watch

Gold and silverAfter a dismal few weeks, silver prices finally received a needed boost in the form a Fed Chairman speech. The metal had been languishing in the high 20s due to positive economic outlooks and profit taking by short-term traders.

As of right now, spot silver is up 20 cents to just over $33 per ounce. With consumer confidence data on tap for today, the metal could be buoyed if consumers start to feel the pinch at the pump. This could slow economic growth and hasten the return of QE and other monetary easing policies. [Read more...]

Silver Prices Rise on Bernanke Speech, Silver Stocks to Watch

Gold and silverA market wide rally is taking place right after Fed Chairman Ben Bernanke gave a speech on the economy. In his speech, Bernanke continued to reiterate that interest rates will stay low. Some analysts were encouraged after Bernanke did said little to rule out the possibility of more quantitative easing (QE).

Silver prices jumped along with other commodities including gold after Bernanke’s remarks. Silver for March delivery is currently trading up 1.25% at $32.65. Silver prices had been getting hit hard over the past month, falling from over $35 to around $31.50. Silver prices would rise if another round of QE hit due to inflation from the printing of money.

A quick look at stocks show the Dow up 134 points, the Nasdaq up 33 points and the S&P 500 up 14 points. [Read more...]

Silver Up This Morning as Dollar Falls, Silver Stocks to Watch

Gold and silverSilver prices are seeing slight gains this morning as the dollar trades lower against the euro. Silver prices have been trading in a significant downtrend over the past month, trading from $37 to below $32. Silver futures for April are currently trading up 1.94% at $31.93.

The euro is bouncing back against the dollar some today as investors are not as worried over slowing Chinese and euro zone growth as they were earlier in the week. The EUR/USD pair is currently trading at 1.3252.

The overall market is trading lower this morning as new home sales fell to 313,000, a 1.6% drop from January. Prices for a new home rose more than 8% to $233,700, the highest since last June. The housing market continues to struggle to recover due to the massive numbers of used homes. A lot the huge inventory is due to foreclosures and these homes typically sell below their market value.

A quick look at the major indices show the Dow down 9 points, the Nasdaq down 11 points and the S&P 500 down 1 point. [Read more...]

Silver Prices Slip, Silver Stocks to Watch

Gold and silverSilver prices slipped in early trading today as the dollar continues to gain strength. The dollar is strengthening after the Fed meeting yesterday where they gave no hints at any further monetary easing. The Fed also indicated that the economy was growing at a moderate pace. Not exactly a death knell for silver, but the recovery is definitely crimping the silver bug’s style.

The dollar hit an 11-month high against the yen and also rose against the euro. The euro is down 0.4% against the dollar right now at 1.3023.

Silver futures are currently trading down 3.08% at $32.51. [Read more...]

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