Thomson Reuters GFMS Silver Market News:
Date of Release: 4th May 2012
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
Fresnillo, the world’s largest primary silver producer, announced that its silver production including output from the silverstream agreement fell 2.9% year-on-year to 9.8 Moz in the first quarter of 2012, in line with its expectations. Meanwhile, the company’s gold production rose 26% to 121,792 ounces in the quarter, boosted by a 42% jump in output at its flagship fresnillo mine.
The shanghai futures exchange received regulatory approval on 25th april to start trading in silver contracts. The lot size of the contracts was set at 15 kilogrammes and the lot prices will be allowed to fluctuate by 5% a day.
Demand for american eagle silver bullion coins fell to 1.5 Moz in april, down by 40% month-on-month and 46% year-on-year. so far this year, the us Mint has sold 11.7 Moz of silver, noticeably weaker compared with the performance during the same period in 2011.
The cMe Group, the biggest operator of us futures exchanges, cut margins for comex silver futures for the second time in 2012. The company said in a statement it would cut the initial margin for comex 5000 oz silver futures by 12.5% to $18,900 per contract from $21,600, and the maintenance margin would be lowered to $14,000 from $16,000 per contract, effective after close of business on 16th april.
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