Market Update GoldCore 13 June 2013

Market Update GoldCore

U.S. Mint June Silver Coin Sales At 4.65M Ounces – Record 2013 Likely

Today’s AM fix was USD 1,386.25, EUR 1,039.71 and GBP 885.33 per ounce.
Yesterday’s AM fix was USD 1,377.25, EUR 1,036.77 and GBP 878.40 per ounce.

Gold climbed $10.00 or 0.73% yesterday to $1,388.70/oz and silver surged to $22.012 and finished up 0.37%.

Silver continues to perform very poorly and is down 28% year to date to make it one of the worst performing commodities in the world and on track for its worst performance since 1984.

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At the end of 2012, investors expected silver to be one of the biggest gainers in 2013, expecting a 33% return, a Bloomberg survey showed. Analysts expected silver to surge because either turmoil would boost demand for precious metals as a protection against inflation and currency debasement or accelerating growth would spur more industrial buying for everything from solar panels to batteries.

Investors are maintaining their belief in silver even as they lose faith in gold. While the amount of silver held through exchange-traded products is little changed this year, and within 5% of the record reached in March, gold holdings dropped 19%, data compiled by Bloomberg show.

Holdings of silver in ETPs rose 1.1 tons this year, compared with a 1,621-ton expansion in 2012, data compiled by Bloomberg show.

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Investors for now are treating silver more like a precious metal than an industrial one, with its 30-week correlation coefficient to gold at 0.85, from 0.68 in 2011. A figure of 1 means the two move in lockstep.

Silver also tumbled into a bear market in April and is 56% below the record $49.8044 reached in April 2011. However, silver is up 63% in the last 5 years of the financial crisis, thereby protecting investors and savers globally from stock market crashes, bail-ins and currency debasement.

Hedge funds and other large speculators have turned bullish again after betting on lower prices as recently as mid-May, U.S. Commodity Futures Trading Commission data show. They are holding a net-long position of 1,230 futures and options, compared with a five-year average of 21,400 contracts.

News From Around The World

Silver’s Monetary Return   Silver Coin Investor
A Personal Story >>> This Is What Crisis Feels Like   Sovereign Man
'Disorderly' bursting of biggest bond bubble in history is biggest risk to financial stability   The Telegraph

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