The precious metals of Gold and Silver saw net February changes of +$13.50 (0.5%) to $2848.50, and -$0.77 (2.4%) to $31.50 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing a new historic high of $2974.00, if cooling back to settle in the $2848s. Price momentum ticked a little lower, if remaining on the high side. I would note the monthly 10MA at $2610, which was settled above, as the m/t trend remains bullish.
Giant psy' $3K is clearly viable within March. Lower bond yields and a weaker
dollar would help, but aren't a necessity.
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Silver: printing $34.24, but cooling back to settle at $31.50.
Momentum weakened a little, if remaining on
the moderately high side.
I would note the monthly 10MA at $30.64, which was settled above, as the s/t trend remains bullish
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is far 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 increased to 90.44, 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.
Price action is far more important than any ratio.
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With Bitcoin cooling back to $84K, the Gold-Bitcoin ratio has fallen, settling February at 29.66. It remains a
curious thought to realise that it takes almost thirty 1oz gold coins to
purchase a crypto coin, the latter of which has an intrinsic
value of $0.00
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