Silver Prices Up 5.6%; Gold Down 1% This Week. Deutsche Bank Settles Gold and Silver Manipulation Suits
By: Mark O’Byrne, GoldCore
GoldSeek.com
Friday, 15 April 2016
Silver prices have surged 5.6% this week, while gold is down 1% in dollar terms, 1.5% in sterling terms but flat in euro terms. Gold appears to be consolidating after the recent gains and the bounce in stocks this week is likely leading to traders taking profits.
Silver remains strong despite gold’s weakness this week and continues to eke out gains. Since Monday April 4, silver has surged from $14.93 to $16.32 per ounce for an 9.3% gain.
The close above $16.00 per ounce was important and will embolden the technicians and momentum players who are likely positioning in expectations of silver testing resistance at higher levels. Silver is now testing technical resistance at $16.30/oz and a close above that level could see silver quickly move to test the next level of resistance at $18 per ounce seen in May 2015.
Ongoing robust physical demand finally seems to be impacting on prices which remain depressed. Investment demand is likely to remain robust and may even increase due to ineffectual QE policies, still ultra loose monetary policies, negative interest rates leading to increased allocations to non yielding, but non negative yielding silver.
Yet more evidence showing that the gold and silver markets – like all markets today – are manipulated came yesterday. Deutsche Bank agreed to settle U.S. lawsuits which said that it had conspired with other banks to manipulate gold and silver prices at investors’ expense. The settlements were disclosed in a Manhattan federal court by lawyers representing investors and traders who accused Deutsche Bank of violating U.S. antitrust law.
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