Metals still climbing

The precious metals of Gold and Silver saw net June gains of +$18.39 (0.6%) to $3307.71, and +$3.11 (9.4%) to $36.10 respectively.

Gold, monthly1b

 

Silver, monthly1b

 

Summary

Gold: a choppy month, settling moderately higher in the $3307s. Price momentum ticked back lower, and remains on the very high side. I would note the monthly 10MA at $2930, which was settled above, as the m/t trend remains bullish. 

Next resistance of psy'3500 was hit in April. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $37.30 - the highest since Feb'2012, but cooling back to settle at $36.10. Momentum ticked back upward, and remains on the moderately high side. I would note the monthly 10MA at $32.15, which was settled above, as the m/t trend remains bullish
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is massively outperforming silver. Even the bold will continue to favour gold, which would better capture a future geo-political 'fear bid'. 
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The gold-silver ratio fell to 91.62, but remains historically VERY high. I'd accept that on a long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.
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With Bitcoin (as at June 30th) around $107K, the Gold-Bitcoin ratio has increased, settling June around 32.42. It remains a curious thought to realise that it takes a little more than thirty two 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
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Still broadly strong

The precious metals of Gold and Silver saw net May gains of +$15.79 (0.5%) to $3288.58, and +$0.36 (1.1%) to $32.98 respectively.

Gold, monthly1b

 

Silver, monthly1b

 

Summary

Gold: a choppy month, settling moderately higher in the $3288s. Price momentum ticked upward for a third month, and is on the very high side. I would note the monthly 10MA at $2850, which was settled above, as the m/t trend remains bullish. 

Next resistance of psy'3500 has been hit. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $33.70, but cooling back to settle significantly higher at $32.98. Momentum ticked lower, and remains on the moderately high side. I would note the monthly 10MA at $31.43, which was settled above, as the m/t trend remains bullish
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is massively outperforming silver. Even the bold will continue to favour gold, which would better capture a future geo-political 'fear bid'. 
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The gold-silver ratio ticked a touch lower to 99.73, but remains historically VERY high. I'd accept that on a long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.
--

 

With Bitcoin (as at May 30th) around $104K, the Gold-Bitcoin ratio has increased, settling May at 31.55. It remains a curious thought to realise that it takes a little more than thirty one 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
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Gold $3500

The precious metals of Gold and Silver saw net April changes of +$160.50 (5.1%) to $3124.22, and -$1.37 (4.0%) to $32.65 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $3500.00, if cooling back to settle in the $3281s. Price momentum ticked upward for a second month, and is on the very high side. I would note the monthly 10MA at $2766, which was settled above, as the m/t trend remains bullish. 

Next resistance of 3500/3750 has been hit. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $28.45, but recovering to settle at $32.65. Momentum ticked back lower, and remains on the moderately high side. I would note the monthly 10MA at $31.04, which was settled above, as the m/t trend remains bullish
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is massively outperforming silver. Even the bold will continue to favour gold, which would better capture a future geo-political 'fear bid'. 
--

 

The gold-silver ratio increased to 100.50, and is historically VERY high. I'd accept that on a long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.
--

 

With Bitcoin settling the month around $94K, the Gold-Bitcoin ratio has increased, settling April at 28.69. It remains a curious thought to realise that it takes almost twenty nine 1oz gold coins to purchase a crypto coin, the latter of which has an intrinsic value of $0.00
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