Silver, above ground, is more rare than gold! There is seven times as much gold above ground as compared to silver!
Monday, July 22, 2013
Gold & Silver Shortages ~ Asian Dealers Fear Summer Shortage
From Adrian Ash
The WHOLESALE price of gold leapt in thin Asian trade Monday morning, jumping 1.7% inside half-a-minute and then extending its run in London to new 1-month highs at $1322 per ounce.
London-listed gold equities followed, with shares in Randgold Resources – tipped today by analysts at both J.P. Morgan and Morgan Stanley as better able to cut costs and avoid write-downs than competitors – rose 2.5%.
So too however did shares in African Barrick Gold – named by Morgan Stanley as a gold miner facing "heightened risks [with] limited scope to raise returns."
Russian gold miner Petropavlovsk, which by end-May had sold forward 70% of its 2013 output to hedge the falling gold price, meantime rose over 4.3% on the London stock market, taking its rally of the last two weeks above 40%.
Shares in the former million-ounce miner remained 75% below the start of 2013, however.
Randgold Resources was trading today 25% down for the year so far.
"Gold broke through a key technical level at $1300," said one Singapore trader to Reuters this morning.
The first breach of this "psychologically important" level since end-June, however, gold "is still a good $230 off the technically important 200-day moving average," says the daily note from Germany's Commerzbank.
MAKE SURE YOU GET PHYSICAL SILVER IN YOUR OWN POSSESSION. Don't Buy SLV, or Futures or Pooled Accounts or any other BS paper silver product .Remember anything on paper is worth the paper it is written on. Go Long Stay long the bull market have even started yet
Posted by Gordon Silverstein