The ongoing allegations against HSBC Holdings Plc (NYSE:HBC) and JPMorgan Chase & Co. (NYSE:JPM) were boosted, as another lawsuit was filed against the two companies in reference to accusations they manipulated silver futures and options prices for financial gain.
What vehicle was allegedly used to attain the price manipulation was what is called "spoof" orders.
How they work is a financial institution submits "a large order which is not executed but influences prices and is then withdrawn before it reasonably can be executed."
The first complaint against the two banks, filed by investor, Peter Laskaris, said this, "These price changes directly result, at least in one substantial part, from defendants' reduction in their concentration and other reductions of their unlawful activities in the silver markets since the government investigation."
The second suit was filed on Wednesday, October 27, basically making the same allegations of the original lawsuit.
Filed on behalf of Brian Beatty, claims the two banks attempted to game the system by taking huge short positions in silver futures contracts in order to hold prices down.
Silver prices have allegedly soared by 50 percent since the banks lowered their trading in silver futures when it became public concerning what they were doing.
Showing posts with label Silver Futures. Show all posts
Showing posts with label Silver Futures. Show all posts
Thursday, October 28, 2010
Wednesday, May 12, 2010
Silver Getting Some Respect
Silver has been performing somewhat like gold mining stocks over the last year or so, as expectations of breaking out were always sitting there, but it wasn't able to break through.
Now that gold has surged beyond resistance points, there are no short-term barriers in its way to stop it from rising at a steady pace.
Silver, along with gold mining companies, has now broken out with gold in its latest move, and could break the $20 an ounce mark sometime soon, and from there will probably find support and start to rise much higher as a result, with some thinking in the months ahead it could break the $25 an ounce barrier.
Once gold shattered all-time records yesterday and today, gold mining companies started responding in similar ways, especially junior and mid-size companies, which had been sitting still for quite some time waiting for the right moment, and that moment is now, as investors pour money into the sector.
For silver, if it starts to act in unison with gold, and investor continue to look for a safe place to put their money, silver could start a huge bull run where it's anybody's guess where it'll end up. We're in for some interesting times ahead, and gold, silver, and gold mining stocks should do very well over the next year, and while ultimately correcting, there is nothing in the near or mid-term future which indicates it will interfere in this process, even if interest rates are raised by the Federal Reserve, which may be for the most part ignored in the light of these extraordinary economic times we live in.
Now that gold has surged beyond resistance points, there are no short-term barriers in its way to stop it from rising at a steady pace.
Silver, along with gold mining companies, has now broken out with gold in its latest move, and could break the $20 an ounce mark sometime soon, and from there will probably find support and start to rise much higher as a result, with some thinking in the months ahead it could break the $25 an ounce barrier.
Once gold shattered all-time records yesterday and today, gold mining companies started responding in similar ways, especially junior and mid-size companies, which had been sitting still for quite some time waiting for the right moment, and that moment is now, as investors pour money into the sector.
For silver, if it starts to act in unison with gold, and investor continue to look for a safe place to put their money, silver could start a huge bull run where it's anybody's guess where it'll end up. We're in for some interesting times ahead, and gold, silver, and gold mining stocks should do very well over the next year, and while ultimately correcting, there is nothing in the near or mid-term future which indicates it will interfere in this process, even if interest rates are raised by the Federal Reserve, which may be for the most part ignored in the light of these extraordinary economic times we live in.
Wednesday, February 17, 2010
Gold Futures Explode Past $1,100 an Ounce
Gold futures prices surge
Gold futures shot up almost $30 an ounce. Gold for April delivery ended at $29.80 to finish the day at $1,119.80 an ounce, a gain of 2.7 percent for the session. It went as high a $1,121.90 an ounce during the day before pulling back.
Other metals did well too, as silver increased by 71 cents for March delivery, while copper rose 14 cents to $3.22 a pound.
Another factor helping commodities throughout the day was the news that manufacturing had increased at a quicker pace than expected, although that could largely be due to the replenishing of stockpiles rather than growth.
Either way, gold looks to take off again, with $1,125 being what is looked for for the next breakthrough needed.
Gold futures prices surge
Gold futures shot up almost $30 an ounce. Gold for April delivery ended at $29.80 to finish the day at $1,119.80 an ounce, a gain of 2.7 percent for the session. It went as high a $1,121.90 an ounce during the day before pulling back.
Other metals did well too, as silver increased by 71 cents for March delivery, while copper rose 14 cents to $3.22 a pound.
Another factor helping commodities throughout the day was the news that manufacturing had increased at a quicker pace than expected, although that could largely be due to the replenishing of stockpiles rather than growth.
Either way, gold looks to take off again, with $1,125 being what is looked for for the next breakthrough needed.
Gold futures prices surge
Tuesday, February 16, 2010
Pan American Silver (TSE:PAA) Posts Profits
Pan American Silver Quarterly Report
After a disappointing fourth quarter last year, Pan American Silver (TSE:PAA) came roaring back to post a profit in the fourth quarter ending December 31.
The factors contributing to the profits according to Pan American Silver was increased production and the increase in the price of silver.
Earnings for the quarter came in at $27.8 million, or 31 cents a share. That was in comparison to the same quarter last year where the mining company lost $33.3 million or 41 cents a share.
Overall revenue grew to $154.4 million, a 234 percent gain. Production during that time resulted in another 6 million ounces of silver, a 30 percent surge. A portion of that was attributed to the expansion of the San Vicente mine in Bolivia.
Gold also enjoyed increased production, as it gained by 425 percent.
The company estimated that silver production should reach 23.4 million ounces for 2010.
Pan American Silver Quarterly Report
After a disappointing fourth quarter last year, Pan American Silver (TSE:PAA) came roaring back to post a profit in the fourth quarter ending December 31.
The factors contributing to the profits according to Pan American Silver was increased production and the increase in the price of silver.
Earnings for the quarter came in at $27.8 million, or 31 cents a share. That was in comparison to the same quarter last year where the mining company lost $33.3 million or 41 cents a share.
Overall revenue grew to $154.4 million, a 234 percent gain. Production during that time resulted in another 6 million ounces of silver, a 30 percent surge. A portion of that was attributed to the expansion of the San Vicente mine in Bolivia.
Gold also enjoyed increased production, as it gained by 425 percent.
The company estimated that silver production should reach 23.4 million ounces for 2010.
Pan American Silver Quarterly Report
Friday, February 12, 2010
Gold Moving Up on Sovereign Risk
Gold and Sovereign Risk
Gold futures roared back to just under $1,100 as concerns over Greece and uncertainty coming out of Spain have overcome the usual move in the opposite direction of the dollar and gold took on a life of its own in response.
April delivery for gold increased by $18.40 to end the session at $1,094.70 an ounce on the Comex division of the New York Mercantile Exchange.
What all of this says when you come right down to it is gold is trading on risk alone during these days, and the other factors are largely being set aside until the Greek and European situation is cleared up.
With no easy or quick fixes, only announcements they're going to do this or that, this could be an extra catalyst to drive gold up which wasn't being looked at by many investors in gold.
Sovereign risk will from now on be considered a key part of the gold story, and that will definitely shore it up even more, no matter what happens with the U.S. dollar.
Unsurprisingly, silver futures also responded to the situation by rising in price, along with a number of other commodities in relationship to the same circumstances.
Gold and Sovereign Risk
Gold futures roared back to just under $1,100 as concerns over Greece and uncertainty coming out of Spain have overcome the usual move in the opposite direction of the dollar and gold took on a life of its own in response.
April delivery for gold increased by $18.40 to end the session at $1,094.70 an ounce on the Comex division of the New York Mercantile Exchange.
What all of this says when you come right down to it is gold is trading on risk alone during these days, and the other factors are largely being set aside until the Greek and European situation is cleared up.
With no easy or quick fixes, only announcements they're going to do this or that, this could be an extra catalyst to drive gold up which wasn't being looked at by many investors in gold.
Sovereign risk will from now on be considered a key part of the gold story, and that will definitely shore it up even more, no matter what happens with the U.S. dollar.
Unsurprisingly, silver futures also responded to the situation by rising in price, along with a number of other commodities in relationship to the same circumstances.
Gold and Sovereign Risk
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