Cooling back

The precious metals of Gold and Silver saw net November declines of -$68.30 (2.5%) to $2681.00, and -$1.69 (5.1%) to $31.11 respectively.

Gold, monthly20

Silver, monthly20

Summary

Gold: printing the $2541s, if recovering to settle in the $2681s.. the largest net monthly decline since Sept'2023. Price momentum ticked back downward, but remains on the very high side. I would note the monthly 10MA at $2437, which was settled above, as the m/t trend is bullish.

Lower bond yields helped, but its arguable that the stronger dollar was a major downward pressure.
The removal of 'election uncertainty' was another downward pressure.
A hit of giant psy' 3K looks out of range before year end.
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Silver: printing $29.75, it recovering to settle at $31.11. The biggest net monthly decline since Dec'2023. Momentum ticked back downward, if remaining on the moderately high side. I would note the monthly 10MA at $28.79, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields increase.
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is still outperforming silver. Even the bold will continue to favour gold, which would better capture a geo-political 'fear bid'. 
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The gold-silver ratio stands at 86.18, and remains historically high. I'd accept that on a very long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution. Whilst October's ratio leaned a little in favour to silver, both commodities were lower for the month. Price action is far more important than any ratio.
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With Bitcoin recently printing a new historic high of $99772, the gold-Bitcoin ratio has broken a new hist' high, currently 36.14. Its a curious thought to realise that it takes around 36x 1oz gold coins to purchase a digital crypto coin, the latter of which has an intrinsic value of $0.00
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The USD printed the DXY 108s in November, and was certainly one reason gold was net lower for November.
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Gold leading Silver

The precious metals of Gold and Silver saw net October gains of +$89.90 (3.4%) to $2749.30, and +$1.34 (4.2%) to $32.80 respectively.

Gold, monthly20

 

Silver, monthly20

 

Summary

Gold: A new historic high of $2801.80, if cooling back to settle in the $2749s. The seventh net monthly gain of eight. Price momentum ticked upward, and is on the very high side. I would note the monthly 10MA at $2375, which was settled above, as the m/t trend is bullish.

Considering the October increase in bond yields and the stronger dollar, gold performed even better than it might seem. A hit of giant psy' 3K remains on track before year end.
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Silver: an October high of $35.07, but cooling back to $32.80. The sixth monthly gain of eight. Momentum ticked upward, and remains on the moderately high side. I would note the monthly 10MA at $28.00, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields increase.
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Especially relative to 2011 - when Gold $1923 and Silver $49s, gold is still leading silver. Even the bold will continue to favour gold, which would better capture a geo-political 'fear bid'. 
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The gold-silver ratio stands at 83.83, and remains historically high. I'd accept that on a very long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution. Whilst October's ratio leaned a little in favour to silver, both commodities were powerfully higher for the month. Price action is far more important than any ratio.
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Gold pushing toward $3K

The precious metals of Gold and Silver saw net September gains of +$131.80 (5.2%) to $2659.40, and +$2.32 (7.9%) to $31.46 respectively.

Gold, monthly1b

 

Silver, monthly1b

 

Summary

Gold: A new historic high of $2708.70, if cooling back to settle in the $2659s. The sixth net monthly gain of seven. Price momentum ticked upward, and is on the very high side. I would note the monthly 10MA at $2308, which was settled above, as the m/t trend is bullish. A hit of giant psy' 3K remains on track before year end.
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Silver: a September high of $33.02, but cooling back to $31.46. The fifth monthly gain of seven. Momentum ticked back upward, and remains on the moderately high side. I would note the monthly 10MA at $27.12, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields rebound.  

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The gold-bitcoin ratio stands at 23.91, as gold slightly outperformed bitcoin in September.
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The gold-silver ratio stands at 84.54... and remains historically high. I'd accept that on a very long term basis (5+ years) silver could be expected to outperform gold.

As ever, ratio charts should be especially treated with caution. Whilst September's ratio leaned a little in favour to silver, both commodities were powerfully higher for the month. Price action is far more important than any ratio.
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