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SPDR Gold Trust Hits All Time High, Silver ETF Holdings Increase

July 28, 2011 by 2 Comments

Holdings of the iShares Silver Trust (SLV) gained 112.15 tonnes on the week after increasing by 169.76 tonnes in the previous week.  Although SLV holdings have declined by 1,005.71 tonnes since the beginning of the year, holdings of the silver trust have increased markedly in July as silver prices surged.

Since July 1st, holdings of the iShares Silver Trust have increased by 379.21 tonnes.  Holding of the SLV hit an all time high on April 25th when the Trust held 11,390.06 tonnes of silver.

As measured by the London PM Fix Price, silver has gained $6.96 since July 1st, rising from $33.85 to $40.81.  Silver is up 33.1% since the beginning of the year when it stood at $30.67.  The SLV, after correcting in early May, has broken out of its trading range in the mid 30’s and has been steadily advancing.

Investors looking to past history for clues on the future price move in silver are looking at two entirely different worlds.  The parabolic move and subsequent collapse of silver prices in the 1980’s was driven by specific events which quickly reversed.  After breaking out of a decades long base, silver will not be a replay of the 1980’s but instead is in a long term super cycle which will ultimately result in much higher prices (see For Silver, This Time Is Different).

 

SLV - COURTESY YAHOO FINANCE

The SLV currently holds 318.8 million ounces of silver valued at $13.0 billion.  Over the past year the SLV has increased by 86%.  Over the past three years the SLV has had an annual rate of return of 25.1%.

GLD and SLV Holdings (metric tonnes)

July 27-2011 Weekly Change YTD Change
GLD 1,244.80 -1.21 -35.91
SLV 9,915.86 +112.15 -1,005.71

Holdings of the SPDR Gold Shares Trust (GLD) dipped slightly on the week by 1.21 tonnes after increasing by 20.60 tonnes in the previous week.

Gold has been in a steady uptrend during July.  As measured by the closing London PM Fix Price, gold has gained 9.6% or $142 since July lst.  Gold started the year at $1388.50.

Since the beginning of the month, the GLD has gained 39.0 tonnes.  The GLD currently holds 1,244.80 tonnes of gold valued at $65.0 billion.

The GLD hit new all time highs this week as the advance in gold prices continued.

 

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As World’s Most Predicted Financial Crisis Approaches Precious Metals Move Higher

July 23, 2011 by Leave a Comment

Precious metals gained across the board for the third week in a row.  Silver and palladium were the top performers this week with each advancing almost 4%.

July has seen an explosive move in the precious metals group as worries intensify about the twin debt crises in Europe and the U.S.  In both cases, governments and central banks are avoiding the tough choices that must be made when debt levels reach unsustainable amounts.  Common sense dictates that over leveraged borrowers with insufficient income to service debt must eventually default, or gradually reduce the debt through a combination of austerity measures and income growth.

Common sense, however, is a trait sorely lacking in politicians.  Nor does preaching austerity to your constituents enhance the odds of being re-elected.  The preferred solution, which has been employed since the 1980’s, is to add more debt and let the future take care of itself.  What’s different this time is the growing realization that at some point the compounding of debt becomes unsustainable, enslaving future generations and inhibiting economic growth.

The widely discussed study by Rogoff and Reinhart definitively documents that when public sector debt to GDP approaches the 90% level, economic growth slows dramatically – (see This Time Is Different: Eight Centuries of Financial Folly).  Since most of the developed world economies are already at or above the 90% debt to GDP ratio, the prognosis for future economic growth to gradually reduce debt levels becomes a tenuous prospect.

Despite the obvious risks of a growing debt burden, a significant number of the Washington elite insist that the debt limit be raised by another $2.5 trillion which would represent a doubling of the national debt in a little over five years.

Raising the debt limit, which became a routine ritual in past years, has suddenly morphed into a potential default situation as a growing number of responsible political leaders refuse to rubber stamp another massive increase in public borrowing.  As debt limit negotiations broke down today, the odds of a potential default by the United States became a distinct possibility.

Will a temporary default become a seismic event?  Who knows, but if gold had advanced by one dollar per ounce for each time I’ve seen an article predicting financial Armageddon, if the debt limit was not raised, gold would be well over $4,000 per ounce.   If the U.S. does “default”, it will not be the end of the world.  In the best case scenario, a brush with default may convince more members of our EZ spending Congress to come around to the financial common sense of men such as Ron Paul.

http://youtu.be/sEP8cQF-QC4

Summary of Ron Paul’s comments to Congress:

  • Countries that are as indebted as the U.S. always default.
  • The real increase in the debt this year, counting entitlements, is $5 trillion.
  • In the past 3 years, the dollar has been devalued by 50% against gold.
  • Default will be through inflation.

Gold advanced by $15 on the week and is up $119 since July 1st.  Silver advanced by $1.50 on the week and has gained $5.82 since July 1st.

Platinum and palladium both advanced on the week by $33 and $30 respectively.  Platinum has gained $85 and palladium $57 since the first of the month.

Precious Metals Prices
PM Fix Since Last Recap
Gold $1,602.00 +$15.00 +0.95%
Silver $39.67 +$1.50 +3.93%
Platinum $1,793.00 +$33.00 +1.88%
Palladium $807.00 +$30.00 +3.86%
Filed Under: Featured, Gold, palladium, Platinum, Silver, US Debt Crisis, Weekly Recap Tagged With: , , , , , ,

Gold and Silver ETF Holdings Increase As Precious Metals Rally

July 21, 2011 by Leave a Comment

Holdings of the SPDR  Gold Shares Trust (GLD) gained 20.60 tonnes on the week after increasing by 19.60 tonnes in the previous week.

Gold has been in a steady uptrend during July as the debt crises in Europe and the United States continue to expand.  As measured by the London PM Fix Price, gold has gained $103 since July lst.  Gold has gained $197.50 per ounce since the first of the year when the price was $1,388.50.

Since July lst, total gold holdings of the GLD have increased by 40.21 tonnes and the value of the trust has increased by $6 billion to $63.5 billion.  At July 20, the Gold Trust held 40.1 million ounces of gold bullion, up from 38.8 million ounces on the lst of July.

Shares of the GLD hit an all time high this week along with the price of gold.

 

GLD - COURTESY YAHOO FINANCE

The iShares Silver Trust (SLV) increased its holdings by 169.76 on the week after a gain of 101.55 tonnes in the previous week.   Silver holdings of the trust since the beginning of the year have declined by 1,178.86 tonnes when the Trust held 10,921.57 tonnes.  The record holdings of the SLV occurred on April 25th when the Trust held 11,390.06 tonnes.

Silver has surged in price along with gold since the beginning of July.  Based on the closing London PM Fix Price, silver has increased from $33.85 on July 1st to $38.59 at the July 20th close, for a gain of $4.74 or 14.0%.

The SLV Trust currently holds 315.2 million ounces of silver valued at $12.2 billion.  As of July 20th, the net asset value of the Trust was $37.61 according to the Trust’s website.  The price of the SLV closed on July 20th at $39.12 or a 4% premium to the Trust’s net asset value.  The current premium of the SLV to the Trust’s net asset value is higher than usual, reflecting investor demand for the SLV.  The all time high premium on the SLV to the underlying net assets of the Trust occurred on April 27, 2011 at 6.3%.

iShares Premium/Discount - courtesy us.ishares.com

Precious metals have advanced strongly after suggestions by the Federal Reserve that it might initiate another round of quantitative easing if economic conditions continue to deteriorate.  Meanwhile, the debt crisis in Europe continues to expand with many believing that the only “solution” is to imitate the U.S. Central Bank and print money.

GLD and SLV Holdings (metric tonnes)

July 20-2011 Weekly Change YTD Change
GLD 1,246.01 +20.60 -34.70
SLV 9,803.71 +169.76 -1,117.86

 

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Gold and Silver Rocket Higher As Bernanke Oils Up The Printing Presses

July 15, 2011 by 1 Comment

The precious metals group continued higher this week, with standout performances by gold and silver.

As politicians continue to engage in reprehensible scare tactics in order to increase the debt limit by another $2.5 trillion, it has become increasing clear that the policies of more debt and dollar debasement will continue.  In an interview today, Ron Paul said that he expects “nothing will change” and that the U.S. is already defaulting on the debt via the devaluation of the dollar.

Gold and silver, which had already been strongly advancing in the prior week, soared after Fed Chairman Bernanke spoke before Congress on Wednesday.   Mere days after the end of QE2, Bernanke said that he stands ready to rescue the American economy with more accommodative monetary measures.   Although the exact mechanism by which future monetary easing  will be deployed remains to be seen, the end result will be the further debasement of the U.S. dollar.

As measured by the London PM Fix Price, gold hit new highs, soaring by $45.50 on the week, putting its two week gain at $104.00 per ounce.  Gold prices continued higher in New York trading with gold closing at $1,594.30, up another $7.30.

Gold has become the currency of last resort as it becomes clear that money printing is the only option left to prevent massive sovereign debt defaults by world governments.   Accordingly, there is really no upside limit for gold and silver prices.   Legendary trader Jim Sinclair told King World News that the stage has been set for gold to move up to $12,000 per ounce.

Silver has been the standout performer in the precious metals group.  After basing in the mid 30’s range after the May correction, silver has exploded upwards.

 

Silver - courtesy kitco.com

After rallying by over 7% last week, silver tacked on another 5% this week.  As measured by the closing London PM Fix Price of $38.17, silver has advanced by $4.32 or 12.8% over the past two weeks.   After the close in London, silver continued to gain in New York trading, closing at $39.37.

Silver is in a long term super cycle advance backed by fundamentals that guarantee higher prices. The accelerating exodus from paper money will quickly push silver prices to new highs – see For Silver , This Time Is Different.

Precious Metals Prices
PM Fix Since Last Recap
Gold $1,587.00 +$45.50 +2.95%
Silver $38.17 +$1.89 +5.21%
Platinum $1,760.00 +$20.00 +1.15%
Palladium $777.00 +$1.00 +0.13%

Platinum advanced by $20 on the week after a $32 dollar advance in the previous week.  Palladium ended essentially unchanged on the week after an advance of $26 last week.

Filed Under: Featured, Gold, palladium, Platinum, Silver, Weekly Recap Tagged With: , , , , ,

Gold and Silver ETF Holdings Increase As Precious Metals Explode Higher

July 13, 2011 by Leave a Comment

The iShares Silver Trust (SLV) showed a gain in holdings of 101.55 tonnes on the week after declining by a modest 48.21 tonnes in the previous week.  A decline from record holdings of 11,390.06 tonnes on April 25th paralleled the sell off in the silver market that occurred in early May.  Since mid June, holding of the SLV have stabilized in the range of 9,500 to 9,600 tonnes.

Silver has surged in price since the lst of July when silver closed at $33.85.  Today’s closing New York price of $38.33 gives silver a gain of $4.48 or 13.2% through July 13th.  The price of silver surged today after Fed Chairman Bernanke, mere days after the end of QE2, announced that he was ready to “come to the rescue” of the American financial system again with another round of quantitative easing.   Bernanke’s continued policy of dollar debasement may not do much to revive the economy, but it is certain to send gold and silver prices to all time highs.

The SLV Trust now holds 309.7 million ounces of silver valued at $11.4 billion dollars.  The all time high in the value of silver holdings by the Trust occurred on April 28th at $17.3 billion.

After basing in the $35 range since early May, the SLV looks ready to begin challenging its all time high. The SLV closed today at $37.23 up $2.03.

 

SLV - COURTESY YAHOO FINANCE

GLD and SLV Holdings (metric tonnes)

July 13-2011 Weekly Change YTD Change
GLD 1,225.41 +19.60 -55.30
SLV 9,633.95 +101.55 -1,287.62

Holdings of the SPDR Gold Shares Trust (GLD) gained 19.60 tonnes last week after small drops in the previous two weeks.  The price of gold has retained virtually all of its price gains this year even as sell offs hit stocks, commodities and other precious metals.  Gold opened the year at $1,388.50 and has steady increased in value.

As it became clear that the deficit talks in Washington would resolve nothing and with easy Ben Bernanke ready to put the printing presses into overdrive, the price of gold soared to all time highs.  The continuing debt crisis in Europe will only get worse, eventually forcing the European Central Bank to engage in its own money printing operations on a massive scale.

As measured by the London PM Fix Price, gold opened the month at $1483.00 and closed in New York trading today at $1,583.60 for a gain of $100.60 or 6.8%.  In later trading in Asian markets, gold continued to soar, climbing another $6.10.  James Turk, a highly respected analyst with a superb track record is forecasting a gold price of between $5,000 and $8,000 before 2015.  Given the pace at which debt trapped countries are tipping over, I suspect that those price targets may be reached much sooner.

The GLD currently holds 39.4 million ounces of gold valued at $62.2 billion.

 

Gold - Courtesy stockcharts.com

 

 

 

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Precious Metals Advance Strongly On Week

July 9, 2011 by Leave a Comment

Precious metals roared back this week after consolidating in the previous week.

Gold gained $58.50 on the week closing at $1,541.50.  As measured by the London PM Fix Price, gold reached a closing high this year of $1,552.50 on June 22nd and has stubbornly refused to decline.  Gold’s technical position looks excellent and a breakout above June’s high should set the stage for the next major advance.

Meanwhile, depending on how you look at it, the comedy or tragedy unfolding in Europe continues as insolvent nations line up for handouts.  The credit rating agencies are falling over each other in a race to downgrade the debt of country after country, adding Portugal’s debt this week to the status of junk paper.  Quite a difference from how they bestowed  A+ credit ratings on every piece of toxic mortgage paper produced by the banks prior to the financial crisis.

As Europe keeps center stage on the debt crisis, attention has been diverted from some other looming train wrecks, including Japan, the world’s third largest economy.   From a debt standpoint, Japan is in solid first place for the highest ratio of debt to GDP of almost 250%.  Can Europe forestall a debt crisis by piling up even more debt like the Japanese?  Who knows, the story is still unfolding, but the one certainty is that not only Europe, but the entire world is moving inexorably to a major financial crisis as debt burdens reach the level where massive defaults become the only option.

Investors in gold, meanwhile, can take comfort in the fact that gold has no credit risk.

Silver rebounded strongly this week, closing at $36.28, up over 7% on the week.  Prior to this week’s rally, silver had declined for three consecutive weeks, dropping by $4.10 per ounce.

Platinum rally strongly, climbing $32 to $1,740, after a $12 advance in the previous week.

Palladium jumped $26 or 3.5% on the week to $776, continuing last week’s rally of $11.

 

Precious Metals Prices
PM Fix Since Last Recap
Gold $1,541.50 +58.50 +3.94%
Silver $36.28 +2.43 +7.18%
Platinum $1,740.00 +32.00 +1.87%
Palladium $776.00 +26.00 +3.47%

 

 

 

 

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Gold and Silver ETF Holdings Decline On Week While Europe’s Debt Crisis Expands

July 7, 2011 by Leave a Comment

The iShares Silver Trust (SLV) showed a decline in holdings of 48.21 tonnes from the previous week, after rising by 21.23 tonnes in the previous week.   The net outflow of the SLV since the start of the year now totals 1,389.17 tonnes.

Silver opened the year at $30.67 per ounce and closed at $35.38 on July 6th. Despite the fact that silver has gained 15.4% since the start of the year, SLV holdings have declined by 12.7%.  Although increases or decreases in iShares silver holdings can be a guide to silver demand, physical holdings of the SLV do not correlate exactly with the price movements on the underlying metal.  This is due to the complex structure of the SLV which allows authorized participants to create or redeem shares in the SLV (see How Wall Street Made Profits On Silver ETF As Small Investors Sold).

There was, however, a close correlation between holdings of the SLV and the price of silver in late April.  As silver prices surged to a high of $48.70 on April 28th, holdings of the iShares Silver Trust hit an all time high of 11,390.06 tonnes on April 25th.

The iShares Silver Trust currently holds 306.5 million ounces of silver valued at $10.84 billion.  The all time high value of silver holdings by the SLV was reached on April 28th when the Trust held silver valued at $17.3 billion.

The SLV moved up on the week and is basing in the mid 30’s range.

 

SLV - COURTESY YAHOO FINANCE

Holdings of the SPDR Gold Shares Trust (GLD) declined slightly on the week by 2.42 tonnes after a small decline in the previous week of .91 tonnes.  The decline in GLD gold holdings since the beginning of the year totals 74.91 tonnes. The price of gold has increased 10% from $1388.50 at the beginning of the year to yesterday’s closing price of $1527.25.

The GLD currently holds 38.8 million ounces of gold valued at $59.2 billion.

Gold moved up $32.25 this week after dipping below $1,500 last week.  As measured by the closing London PM Fix Price, gold closed on Wednesday at $1527.25.  Gold has refused to give up its gains this year as distrust of paper money continues to justifiably expand.  The inevitable default by multiple member states of the European Union will require massive monetary support for insolvent banks holding trillions of dollars of sovereign junk debt.   The European Central Bank is desperately trying to maintain the facade of a successful debt restructuring by issuing more loans to insolvent nations.

Bloomberg this week discusses the looming debt crisis in Italy which has over 2 trillion in Euro denominated debt.

Italy, though, has close to 2 trillion euros in debt outstanding. It’s inconceivable that Germany or the IMF could provide a rescue to protect its creditors. Such a package would have to involve loans and guarantees of at least 500 billion, and possibly 1 trillion, euros to impress the markets. This would be a significant fraction of Germany’s gross domestic product of about 2.5 trillion euros. With a debt-to-GDP ratio of about 80 percent, Germany’s ability to take on new debt is limited.

The Netherlands, Finland and Austria, combined with Germany, have a GDP of about 3.5 trillion euros. France adds 2 trillion more, but its debt, already 85 percent of output, is expected to grow over the next several years.

It all adds up to one sobering fact: Europe does not have enough fiscal firepower to handle an Italian crisis — at least in such a way as to protect creditors completely. Beyond the difficult numbers, why would Germany or other EU countries lend to Italy, particularly when its politicians show no sign of coming to grips with their new reality?

The slow motion collapse of overly indebted countries in Europe is picking up speed.  Rising gold prices reflect the coming financial crisis which equity and debt markets have not yet fully discounted.  Expect to see gold prices soar as the debt crisis moves into high gear.

 

GOLD - COURTESY KITCO.COM

GLD and SLV Holdings (metric tonnes)

July 6-2011 Weekly Change YTD Change
GLD 1,205.81 -2.42 -74.91
SLV 9,532.40 -48.21 -1,389.17

 

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Gold and Silver Decline As World Turns Upside Down After Resolution of Debt Crisis

July 2, 2011 by Leave a Comment

It wasn’t supposed to be like this.

A default on Greek debt was supposed to have set off a chain reaction collapse of other weak sovereign debtors including Ireland, Spain, Portugal and Italy.   European banks holding huge amounts of Greek debt would be rendered insolvent pushing Europe into a banking crisis.  U.S. banks, holding large positions in credit default swaps and derivatives would follow the European banks into a downward spiral as both confidence and liquidity evaporated.

Money market funds, piled high with toxic debt securities issued by insolvent European banks would be facing a massive run by nervous shareholders.  Central banks, the last great hope of insolvent nations, would be forced to come to the rescue with oceans of printed money.  Nervous holders of paper currencies would rush into gold driving prices sharply higher.

The plausible scenario of default by insolvent members of the European Union suddenly got turned upside with stocks exploding higher and gold prices hitting a six week low.

Bloomberg – Gold Falls to Six-Week Low Amid Reduced Concern Greece May Default On Debt

Gold futures tumbled to a six-week low as Greece progressed in staving off a default, curbing demand for the metal as an investment haven.

Greece may get as much as 85 billion euros ($124 billion) in new financing, including a contribution from private investors, in a second bailout aimed at preventing default and ending the euro region’s debt crisis, according to an Austrian Finance Ministry official. Gold dropped 2.2 percent last month.

“Gold’s inability to extend further gains in recent sessions, despite a weaker dollar, could be a warning sign heading into the third quarter,” Australia & New Zealand Banking Group Ltd. (ANZ) said in a report.

The Austrian finance official effectively said that the euro region’s debt crisis was solved by extending further credit to a blatantly insolvent Greece – too much debt was cured with more debt.

The extend and pretend policies, used extensively by policy makers in every past crisis would be employed again, this time to a nation with the lowest rated sovereign debt in the world.

The success of extending further loans to Greece would be guaranteed by the sale of Greek national assets and forcing every citizen of Greece to endure a depressionary lifestyle.  Other members of the EU facing a debt crisis could be handled in the same manner.  The European Central Bank and Wall Street popped the champagne corks and celebrated the end of the debt crisis.

The surreal events of the past two weeks only reinforce the certainty of a greater debt unwind at a fast approaching future date. Expecting Greece to repay its obligations is simply not economically feasible.  Greek citizens, rioting against austerity measures, have made it clear that default is the best option.  Political leaders of Greece, the birthplace of democracy, must eventually accept the public will.

The debt crisis has not been resolved, it has been expanded.  Investors foolish enough to convert precious metal holdings back into paper currency are giving serious long term gold and silver investors a gift opportunity to accumulate at bargain prices.

Precious Metals Prices
PM Fix Since Last Recap
Gold $1,483.00 -31.75 (-2.10%)
Silver $33.85 -0.88(-2.53%)
Platinum $1,708.00 +12.00 (+0.71%)
Palladium $750.00 +11.00 (+1.49%)

Gold  and silver both declined on the week by over 2%, while platinum and palladium saw modest gains.

As measured by the closing London PM Fix Price, gold has declined by $69.50 since June 22.

Silver has now declined three weeks in a row.  Since June 1st, as measured by the London PM Fix Price, silver has declined by $4.10 per ounce or 10.8%.

Filed Under: Featured, Gold, palladium, Platinum, Silver, Weekly Recap Tagged With: , , , , ,

Magical Properties Of Silver Showcased By New Products

July 1, 2011 by Leave a Comment

New uses for silver in industrial and medical products have expanded rapidly in recent years.  The almost magical properties of silver in a wide range of new applications is highlighted by The Silver Institute in this month’s issue of Silver News.

Scientists at the California Institute of Technology have discovered a way to use silver to produce a super tough “metal/glass” that combines the best properties of glass and metal.  The high tech process uses silver and a mixture of other compounds.  The resulting super tough metal glass will have applications in medical implants and is far superior to existing products.  Besides being stronger the new metal/glass could reduce infections due to the anti bacterial properties of silver.

Jewelry makers continue to explore new products using silver to replace higher priced gold.  An alloy of platinum and silver, known as Platinaire, is becoming popular.  Platinaire is made with 92.5% silver and 5% platinum and resists tarnishing, is harder than silver and less expensive than gold.

The Silver Institute also explains how specially prepared silver nanoparticles are used as sensors to detect pathogens.  Scientists discovered a way to utilize the optical properties of silver in this process and at the same time prevent the silver from killing the bacteria being identified.

Another new product highlighted by The Silver Institute is a new FDA approved face mask that uses embedded silver particles to kill micro organisms.  The new mask effectively blocks the dangerous staph bacteria and a wide range of other bacteria, thus providing superior protection to health care workers.  The new masks are double the price of traditional face masks but provide a much higher level of protection.

Silver’s use in fighting bacteria seems to be finding an unlimited number of uses.  According to The Silver Institute, researchers at the North Carolina State University are coating surgical implants with silver to prevent infection.

It turns out that silver also has properties that allow oil companies to clean petroleum wastes using a silver based solution.  Silver based liquids have a wide range of use in the chemical industry and their use is projected to grow rapidly.

In another unique application of silver’s germ fighting abilities, The Silver Institute reports that researchers at the University of Wisconsin have found a way to apply silver to wounds by using a rubber stamp.  The method allows silver to be used in precise amounts and takes just seconds to apply to a wound.  The process is still in the animal testing phase but promises to eventually have wide applications in human medicine.

 

 

 

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Silver ETF Holdings Gain As Gold ETF Holdings Decline Slightly

June 29, 2011 by Leave a Comment

Silver holdings of the iShares Silver Trust (SLV) gained by 21.23 tonnes on the week.  In the previous three weeks,  SLV silver holdings had declined by a total of 381.95 tons, bringing the net outflow for the year to 1,340.96 tonnes.

The all time high holdings of the SLV was 11,390.06 tonnes on April 25, 2011.   The decline in SLV holdings from the all time high totals 1,809.45 tonnes, a decline of 15.9%.  The yearly high for the price of silver of $48.70 on April 28th correlates closely to the date of record holdings of the SLV.

The iShares Silver Trust currently holds 308.0 million ounces of silver valued at $10.6 billion.  The total net assets of the SLV have plunged by $6.7 billion since reaching an all time high of $17.3 billion on April 28th.  The dramatic 39% decline in the total net asset value of the SLV reflects the combination of much lower silver prices and reduced silver holdings.   Silver, at today’s close, has declined by $14.31 per ounce (29.4%) from the high of $48.70 on April 28th.

 

SILVER - COURTESY STOCKCHARTS.COM

Silver, as measured by the closing London PM Fix Price, closed today at $34.39, up $0.43 per ounce.  In later hour New York trading, silver continued to move up and closed at $34.98.  Silver has been in a narrow trading range in the mid 30’s since its decline in early May.

GLD and SLV Holdings (metric tonnes)

June 29-2011 Weekly Change YTD Change
GLD 1,208.23 -0.91 -72.49
SLV 9,580.61 +21.23 -1,340.96

The holdings of the SPDR Gold Shares Trust (GLD) declined slightly on the week by 0.91 tonnes, bringing the decline for the year to 72.49 tonnes.  The GLD currently holds 38.85 million ounces of gold valued at $58.4 billion.

Gold closed in London at $1504.25 and continued to move up in late New York trading, closing at $1512.80, up $9.70.  Gold has remained in the $1,500 range even as oil, stocks, silver and a large number of other commodities have declined in price since early May.

Filed Under: Gold, Silver, Statistics, Weekly Recap Tagged With: , , , , ,