Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
A breather day for gold and silver as the usual ebb after a flow kicked in taking gold back to $1,460 and silver back to $40.50. The dollar was no stronger though at $1.4454. In the euro their prices were silver €28.01 and gold €1,010.55 back from €1,018. At the Fix, the gold price dropped to $1,461.25 and €1,011.55.
The mood of the market is now, “should we jump back in again?” The market is looking up towards $1,500 still, but there is an air of doubt investors look back at a good run.
After the Fix, but ahead of New York’s opening gold was seen holding the $1,461.70 level.
Meanwhile, Silver held at $40.52.
Gold – Very Short-term
The gold price is taking a breather and re-grouping today, so we expect a day of consolidation for a short while. Volatility may well increase, today in New York.
Silver – Very Short-term
The silver price is taking a breather and re-grouping today, so we expect a day of consolidation for a short while. Volatility may well increase, today in New York.
Silver & Gold Price Drivers
There has been no real change in the precious metal markets over the last day with the U.S. ‘debt ceiling’ very much alive still. The dollar still looks weak. The Eurozone debt problems are still very much alive.
Asian demand is still vibrant. Central banks are still buying gold on the dips.
However, all markets need to breathe. Like the waves on the seashore there is a constant ebb and flow of water. The skill is to discern the change in the tide. In the gold and silver markets we are not talking about regularly turning tides we are talking the waning of paper currency systems as they continue to exhibit fundamental flaws which are not being addressed. 2011 will continue to be the most dramatic year on all fronts, including the global monetary system so the prospects for precious metals have not changed.
The British banking report and recommendations have started on the long road to some sanity in the banking system, but as to implementing it properly not just in the U.K. but globally is extremely doubtful.
The clash of profits and social obligations we feel are far too great for banks and governments to overcome. This will continue to support precious metals and see a separation of a currency’s proper role as both a means of exchange and a measure of value. The two roles have parted forever we are told silently, by the performance and management of currencies. Just take a look at the situation in Ireland and you will see to what we are referring!
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