by Chris Marcus, Silver Seek:
The gold and silver prices are down slightly this past Friday to close out what’s been a volatile week, although losses are much smaller than some of the previous sessions of the past few days.
Gold futures are currently down $23, trading at $4,123.
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The silver futures are down 32 cents on the day to $48.39.
And the silver spot price is down 34 cents to $48.60.
The silver spread between London and New York has continued to narrow, although as the lease rates have come down, metal has continued to leave the Comex.
Of course the key place to look right now, perhaps aside from the LBMA, is in India, where back on October 9th, aka ‘the day that the silver market broke’ (not just according to me, but to Bloomberg, and a handful of traders and market participants as well), when it was first reported that Indian ETFs had to halt new additions because of a silver shortage in India.
Market participants that Reuters had spoken with said that they believed the suspension was temporary in nature, and large amounts of silver were expected to arrive the following week.
It added that the suspension is temporary in nature and will continue only until further notice in this regard.
