iShares Silver Trust ETF
 (SLV)

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  • Jun. 19, 2014, 3:10 PM
    | Jun. 19, 2014, 3:10 PM | 54 Comments
  • Jun. 19, 2014, 11:05 AM
    • Now up about $30 per ounce since the FOMC announcement, updated Fed economic projections, and Yellen press conference yesterday, gold is just cents away from $1,300.
    • Peter Boockvar notes the Fed may be ignoring recent warming inflation data (when pressed on the fast numbers, Yellen called them "noisy"), but gold may not be. In any case - with just 3 FOMC meetings to go until QE is over and rate hike discussions start in earnest - markets will have to keep a close watch on inflation figures in addition to labor market indicators.
    • GLD +1.8%, SLV +2.3%
    • ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP
    • Earlier coverage of FOMC/Yellen
    | Jun. 19, 2014, 11:05 AM | 9 Comments
  • Jun. 5, 2014, 3:08 PM
    • The two - one a pioneer in ETFs, the other a commodities information provider - join the London Metal Exchange and CME Group in vying to provide a replacement for the silver benchmarking process.
    • The ETF Securities proposal is based on the company's London-traded silver fund that's physically settled by the LBMA - the group looking for a replacement for the fix. "It's open, it's transparent, every bid and offer that goes into the auction can be audited and supervised," says ETF Chairman Graham Tuckwell.
    • ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
    • Previously: CME and LME vie for sliver "fix"
    | Jun. 5, 2014, 3:08 PM | 5 Comments
  • May 27, 2014, 3:33 PM
    | May 27, 2014, 3:33 PM | 36 Comments
  • May 7, 2014, 3:11 PM
    • Generally upbeat economic comments from Janet Yellen make for a convenient excuse for sizable declines in precious metals today, but then how do we explain lower yields at both ends of the interest rate curve? At 2.62% before Yellen sat down in front of Congress, the 10-year Treasury yield is now down to 2.59%, and the December 2015 Eurodollar contract - as good a proxy for worry over rate hikes as exists - has gained five basis points (higher price means lower chance of hike).
    • Maybe more at work could be chatter about a de-escalation of tensions over Ukraine.
    • In other news, the China Gold Association reports the country's total Q1 gold consumption at 322.99 metric tons, up 0.8% from a year ago. Consumption of gold bars, however, fell about 44% to 67.954 tons.
    • GLD -1.4%, SLV -1.3%
    • ETFs: GLD, SLV, AGQ, IAU, PHYS, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, GLDI, SLVO, DSLV, DGL, DBS, DGZ, DGLD, AGOL, TBAR, USV, UBG, GYEN, GLDE, GEUR, GLDS, GLDL, GGBP
    | May 7, 2014, 3:11 PM | 18 Comments
  • Apr. 28, 2014, 1:00 PM
    • "Silver has the worst story of all the metals," says Archer Financial's Adam Klopfenstein, noting plentiful supplies and its tendency to move alongside gold.
    • HSBC expects a 3.4% increase in supply to 1.09B ounces this year alongside flat demand at 938M ounces. Partly fueling the supply growth are prices remaining above the all-in cost of production of $15-$17 per ounce, says the bank's Howard Wn.
    • TD's Mike Dragosits, says silver ends its six-year slump in 2014, thanks to a recovering U.S. economy boosting industrial demand for the metal. A Fed being slower than expected on tightening monetary policy should also provide a boost. he says.
    • ETFs: SLV, AGQ, USLV, SIVR, ZSL, DSLV, SLVO, DBS, USV, SIL, SLVP, SILJ
    | Apr. 28, 2014, 1:00 PM | 6 Comments
  • Apr. 22, 2014, 7:55 AM
    • Gold and silver equities now appear more fairly valued, Goldman Sachs says, raising its sector coverage view to Neutral as it sees more responsible capital allocation, successful cost cutting initiatives, a refocus on maximizing free cash flow, and sound strategic portfolio optimization improving the positioning of select companies and offsetting its below-consensus outlook for commodity prices ($1,200/oz. gold from 2015 forward).
    • The firm upgrades Barrick Gold (ABX) to Buy, believing the company's financial flexibility has significantly improved; ABX +1.8% premarket.
    • B2Gold (BTG) is initiated with a Buy rating and C$4.20 price target, as Goldman cites imminent production growth from the Otjikoto project which enhances BTG’s free cash flow generation and should fund future development.
    • Started at Neutral: AGI, FNV, BVN,.
    • Maintained at Buy: GG, AUY, SLV.
    • Sell: IAG, EGO, PAAS.
    • ETFs: GDX, GDXJ, NUGT, DUST, SIL, GLDX, JNUG, SLVP, RING, SILJ, JDST, GGGG, PSAU
    | Apr. 22, 2014, 7:55 AM | 19 Comments
  • Mar. 24, 2014, 7:57 AM
    • Silver Bullion Pte - a Singapore supplier of coins and bars to retail investors - is opening the vault after sales doubled to 1.04M ounces last year, says founder Gregor Gregersen. “While prices dropped last year, we saw physical demand went through the roof." The vault could hold $390M worth of silver at current prices.
    • The boosted demand comes not just as the price of silver drops, but as the price drops relative to gold - silver fell 36% last year vs. gold's 28% decline.
    • The opening of this vault follows a 200-ton vault opened last summer by a different firm. Storage is now full.
    • ETFs: SLV, AGQ, SIVR, USLV, ZSL, DSLV, DBS, SLVO, USV
    | Mar. 24, 2014, 7:57 AM | 3 Comments
  • Mar. 20, 2014, 8:00 AM
    | Mar. 20, 2014, 8:00 AM | 10 Comments
  • Mar. 18, 2014, 5:56 PM
    • Silver miners have soared YTD, far outgaining the metal's modest ~10% rise so far and even rising more than gold miners, and CIBC analysts say the shares appear to be "pushing valuation limits."
    • While some of the strength in silver equities may have come from expectations that silver will outperform gold after underperforming YTD, the firm is not convinced this actually will happen as it sees potentially disappointing industrial demand for silver; investment demand would need to rise significantly to keep the market from moving into a material surplus in 2014 and after.
    • Among individual silver mining stocks, the firm downgrades Fortuna Silver Mines (FSM) to Sector Perform from Sector Outperform but raises Pan Am Silver (PAAS) to Sector Perform from Sector Underperform, noting PAAS' strong organic growth potential and its progress in cutting costs and boosting cash flow.
    • ETFs: SLV, AGQ, SIL, SIVR, USLV, ZSL, DSLV, SLVP, DBS, SLVO, SILJ, USV
    | Mar. 18, 2014, 5:56 PM | 7 Comments
  • Mar. 16, 2014, 8:18 PM
    | Mar. 16, 2014, 8:18 PM | 32 Comments
  • Mar. 14, 2014, 9:07 AM
    • Quiet amid the macro rumblings of the last 24 hours, gold all of a sudden gets jiggy, popping 0.8% to $1,383 per ounce, the highest price since September.
    • The move comes as talks between John Kerry and his Russian counterpart Sergei Lavrov enter a third hour.
    • Putin is prepping to "invade eastern Ukraine," says Estonian Defense Minister Urmas Reinsalu. "The Russian Federation only accepts force ... A clear message needs to be sent that an attack will cost the aggressor dearly.”
    • Silver is higher by 2.4% to $21.72 an ounce.
    • PM ETFs: GLD, SLV, AGQ, IAU, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DSLV, DGL, DBS, GLDI, DGZ, AGOL, DGLD, SLVO, TBAR, USV, UBG, GLDE, GYEN, GEUR, GGBP
    | Mar. 14, 2014, 9:07 AM | 24 Comments
  • Mar. 12, 2014, 9:08 AM
    | Mar. 12, 2014, 9:08 AM | 7 Comments
  • Mar. 7, 2014, 8:58 AM
    | Mar. 7, 2014, 8:58 AM | 11 Comments
  • Mar. 5, 2014, 3:23 PM
    • "Instead of a multi-year downtrend, with disinvestment putting pressure on prices over time, many of the variables that drive gold prices (lower in 2013) have already reset to an extent," says Nomura, boosting its gold target to $1,335 this year (it's at $1,338 right now) and $1,460 in 2015 from $1,138 and $1,200, respectively. Silver's target is raised to $21.52 from $16.25 (silver's at $21.21 right now).
    • ETF outflows are slowing, speculative short positions have cooled, and producers are cutting back new projects. "Long-term demand support from Asian nominal income growth, an evolving post-QE macroeconomic environment and lower disinvestment potential move our gold equilibrium model to now expect price increases over the next three years."
    • The team also has a variant take on what might have caused last year's big decline in price, attributing it maybe to an arbitrage opportunity between Chinese and London pricing. "The potential for such negative supply swings has far less potential impact than in late 2012."
    • Last week: Gold ETF sees inflow in February.
    • ETFs: GLD, SLV, AGQ, IAU, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DSLV, DGL, DBS, GLDI, DGZ, AGOL, DGLD, SLVO, TBAR, USV, UBG, GLDE, GYEN, GEUR, GGBP
    | Mar. 5, 2014, 3:23 PM | 11 Comments
  • Mar. 3, 2014, 4:02 PM
    • For the bull run (up 11% YTD) to continue, says the Citi team, significant investor interest in the form of ETF and physical bar holdings will be needed to offset muted industrial demand and "largely price-inelastic mine supply expansion." Strong demand in 2013 - including record sales of U.S. Silver Eagle coins - was bargain hunting amid diving prices, says the team. "We very much doubt that bullish market sentiment is sustainable due to weakening fundamentals and forecast prices to average $20.40/oz. this year."
    • As for industrial use, keep an eye on demand from China's solar industry. Net Chinese silver imports fell 37% Y/Y, at least in part due to solar consolidation there and significant volumes of excess capacity being closed. Citi is forecasting additional declines this year along with rising exports, meaning investors will need to absorb an even higher volume of the metal.
    • Silver ETFs: SLV, AGQ, SIVR, USLV, ZSL, DSLV, DBS, SLVO, USV
    | Mar. 3, 2014, 4:02 PM | 19 Comments
SLV Description
The objective of the iShares Silver Trust is for the value of the shares of the iShares Silver Trust to reflect, at any given time, the price of silver owned by the iShares Silver Trust at that time, less the iShares Silver Trust's expenses and liabilities.
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