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.
Gold for delivery in August, the most active contract on the Comex market in New York, was exchanging hands at $1,260.90 in after-hours dealings Wednesday as the metal continues to recover from two-month lows hit a fortnight ago.
July silver contracts were priced at $17.18 in afternoon trade in New York, like gold clawing back territory lost earlier this month. Silver is up just under 7% after hitting its lowest level for 2017 on May 9.
Hedge funds or so-called managed money investors in gold futures and options reduced their exposure to the yellow metal in recent weeks, but silver speculators have been exiting bullish positions at a head spinning pace according to trader positioning data supplied by the government.
In a trading note Saxo Bank points out overall bullish positioning or net longs in silver held by derivatives traders have plummeted from a record high to a 16-month low in the space of just five weeks.
Gold and especially silver ETF investors are taking an entirely different view of the market.
Silver ETF holdings have shot up by nearly a 1,000 tonnes as bargain hunters pick up metal during spells of weakness. Retail investors have also been pouring money into gold ETFs this year, despite a few wobbles along the way.
Source: www.TradingFloor.com
