Month: July 2020

The Fourth of July is this weekend, one of the most important holidays and one of my favorites. It’s just in time for it, too.

Our country has faced some tremendous challenges this year. On top of everything else, political tensions are at a boiling point. However, at times like this, it’s important to remember that we are all Americans. The Fourth of July is the day we can celebrate that.

“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

This message, primarily written by Thomas Jefferson, is probably the most famous sentence from the Declaration of Independence. But they are all important. It is from this document that the genesis of America sprung. A country whose founding was based on principles woven into the very fabric of the country’s existence.

Fifty-six delegates from thirteen colonies signed this document. They risked being executed for treason in doing so, but they did anyway.

They knew the importance of what they were doing and that ideals were worth fighting for. John Adams wrote to his wife Abigail, “The Second Day of July 1776, will be the most memorable Epocha, in the History of America.” Although history selected the day the text was fully ratified two days later, the idea has held true. Independence Day would be remembered.

The Revolutionary War had already begun with the Battles of Lexington and Concord in the prior year. It wasn’t over until General Cornwallis’s army surrendered to George Washington at Yorktown in 1781, and America had won her independence and was on her own.

Over 200 years later, the Declaration of Independence is an important as ever.

During the period of the Revolutionary War, America proved itself—as a country and as an idea. There were many challenges to overcome, but as a nation, we have grown and become stronger and even more free.

And that document, the Declaration of Independence, guided the way. The arc of our country’s history has been guided by those words. What was written in that pronouncement has shown why the United States of America needed to exist.

Whatever differences we may have and whatever challenges we may face down the road, it is important we recognize why those words are worth so much. Why the men who signed the Declaration were willing to risk everything to support it. And how it still factors into our lives every day.

Happy Independence Day.

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First Majestic completes Springpole Silver Stream acquisition  Seeking Alpha

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Yahoo! Finance: SI=F News

(Bloomberg) — The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.There are signs that the dynamic isn’t limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years. Deliveries for platinum on the New York Mercantile Exchange were more than five times the next largest month this year.Those deliveries serve as a way for banks to reduce their exposure to price dislocations and limit risk, said David Holmes, a senior vice president at Heraeus Metals New York, a precious metals refiner.The blowout in gold spreads earlier this year led to big losses for some banks, which typically sell futures in New York as a hedge for their positions in the London over-the-counter market. HSBC Holdings Plc. lost $200 million in a single day of trading, illustrating the challenges to banks due to the turmoil in the exchange-for-physical price, or EFP. Wider SpreadsSilver and platinum have been seeing similar price differentials. The spread between silver futures and spot prices ended the second quarter at the highest in nearly four decades. Platinum’s EFP spiked to the highest since early 2008. And palladium had the largest spread on record, dating back to late 1993.The turmoil caused stockpiles to jump amid efforts to meet the apparent shortages. On-exchange inventories for silver and platinum surged to a record and remain close to those levels.Meanwhile, futures positions have been shrinking in the wake of the pandemic-induced dislocations, creating a glut of metal akin to gold’s stockpiles. Platinum open interest, a tally of outstanding futures contracts, is near the lowest in eight years and is down more than 56% from a peak in January. Open interest in silver futures is down nearly a third from a February high. Gold positions reached the lowest in a year before recovering, while palladium is at a more than 16-year low.“If a bank is short, it’s hard to close the arbitrage,” Holmes said. “Therefore, instead of increasing their position as the arbitrage grew wider, they’ve had to either hold constant their position or even reduce it.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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“”silver price”” – Google News

QE Infinity to Mania Gold Silver 2020s  ValueWalk

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Kitco News

(Kitco News) – African miner Endeavour said Thursday Benoit Desormeaux will be the group’s president.

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Kitco News

(Kitco News) – Barrick Gold said the first 12 months of joint operations in Nevada with Newmont was a success due to better co-operation between the two senior gold miners.

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Silver Price Daily Forecast – Silver Dives Below $18.00  FX Empire