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Today’s Key Gold Headlines – 5/19/14

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The Silver Fix Is Dead. So What?

By now you’ve probably heard the biggest precious metals news of the week – the London Silver Fix will be shutting down in August. You can read all about it here.

It was just the beginning of May when Euro Pacific Precious Metals Chairman Peter Schiff added his voice to the conversation on gold price manipulation. This latest news about the Silver Fix makes Peter’s timing almost uncanny.

For years, Peter had remained above the conspiracy fray, because the possibility of price fixing does not change his fundamental approach to gold and silver investment. But news of gold manipulation has hit the mainstream hard in 2014, making it impossible to ignore.

Apparently the company behind the London Fix has reached a similar conclusion. It can no longer ignore ongoing lawsuits against banks involved in the LIBOR scandal and the London Gold Fix. Perhaps they thought it best to get out of the benchmark business before the Silver Fix became the next victim.

No one yet knows what will replace the London Silver Fix, but this is (unfortunately) a great opportunity for governments to become more involved in the regulation of precious metals markets. Nevertheless, physical gold and silver investors should not be deterred by this latest news out of London. The fundamental safe-haven value of silver will not disappear simply because some big bankers stop telling the world what they think the price should be.

You can read Peter Schiff’s full opinion on gold and silver price manipulation in his latest Gold Letter, available here:

The Gold Price Is Fixed. So What?

silver bar

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Today’s Key Gold Headlines – 5/16/14

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Battle of the Bears: Peter Schiff vs Roubini (Video)

Yesterday, on a panel at the SALT Conference in Las Vegas, Peter Schiff and Nouriel Roubini got into a heated debate about whether or not inflation is good for the economy. CNBC’s Fast Money spoke with them afterwards to continue the discussion. In the past, Roubini has been known as “Dr. Doom,” but it appears he is changing his tune and now believes inflation and central bank policies to be positive economic forces. Peter vehemently disagreed:

“The central banks are creating this propaganda because they want inflation, because they want to wipe out debt. Inflation is good for debtors because it allows them to default on their debt. You have all these overly indebted governments… They need inflation to prop up asset prices, but the consumer doesn’t need inflation, the economy doesn’t need inflation. What we need is more production and falling prices, because that’s what grows an economy.”

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Today’s Key Gold Headlines – 5/15/14

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2013 Physical Silver Demand Hit Record High

The latest World Silver Survey has been released by the Silver Institute. Researched and compiled by Thomson Reuters GFMS, the report is an exhaustive examination of global silver supply and demand data in the previous year.

“Total physical silver demand rose by 13 percent in 2013 to an all-time high, according to “World Silver Survey 2014″, released today by the Silver Institute. This was primarily driven by the 76 percent increase in retail investment in bars and coins coupled with a sturdy recovery in jewelry and silverware fabrication. On the supply side, silver scrap fell by 24 percent, experiencing the largest drop on record to reach its lowest level since 2001. The silver price averaged $23.79 in 2013, the third highest nominal average price on record, in a particularly volatile year for the entire precious metals complex.

Total physical demand for silver stood at a record 1,081 million ounces (Moz) last year. The largest component of physical silver demand, industrial applications, dipped by less than 1 percent to 586.6 Moz, to account for 54 percent of total physical silver demand. Asia, however, experienced a 3 percent increase in silver industrial demand, led by China, where a continued recovery in the electrical and electronics sector, along with gains in the Chinese ethylene oxide industry, took total Asian industrial offtake to a new high. Japan also experienced gains in silver industrial demand.”

Read a Summary and Access the Survey Here

2014 Silver Survey cover

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Today’s Key Gold Headlines – 5/14/14

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Dubai Angling to Become World’s Largest Gold Hub (Video)

Record gold demand in Asia, particularly China and India, has been a hot topic in the precious metals market over the past year. What hasn’t received as much press is the booming gold trade in the Middle East. The biggest news from that region is the soon-to-be largest gold refinery in the world, currently under development by Kaloti Metals in Dubai. The refinery will have an annual capacity three times the size of any other in the region. Here’s what the founder of the company had to say about it in a report produced by Reuters and shared by Yahoo! News:

“Right now, Dubai represents 11% of the world’s gold business. The expectation for 2020 is that this percentage will grow to become the highest in the world at around 39%… Dubai’s future as a world hub for gold business is very promising. As an investment, demand for gold will go on forever. There’s nothing that can replace it.”

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Today’s Key Gold Headlines – 5/13/14

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The Latest Silver Industry News

The latest edition of Silver News from The Silver Institute was released last week. It features a wide range of silver industry news, from the latest silver jewelry buying trends to new applications for the white metal. Some highlights include:

  • 92% of jewelry retailers expect robust silver demand will continue for years.
  • Tata releases an improved silver-based water purifier for consumer markets.
  • New silver smart tags developed in China can indicate when food and medicine is spoiled.
  • “Smart holograms” use silver for inexpensive medical testing.

Read Silver News Right Now

Photo: This small silver smart tag on a bottle of medicine can tell consumers if a product is spoiled without even opening the package!

silver smart tags on food

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