The precious metals of Gold and Silver saw net November gains of +$119.20 (7.3%) to
$1759.90, and +$2.66
(13.9%) to
$21.78 respectively. Silver settled above the monthly 10MA, whilst gold appears poised to follow.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing the $1618s - the lowest since April 2020, if recovering to settle in the $1759s. Price momentum ticked upward, and offers a provisional cyclical floor/turn. I would note the monthly 10MA at psy' $1800, which was settled below, as the m/t trend is still bearish.
There is increasing background bullish chatter, but I will
struggle to take gold seriously again until a decisive monthly settlement >psy' $2K. An eventual push >$2100 would offer grander target
of the
2400/2500 zone. Clearly, a weaker dollar would help.
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Silver: climbing for a third consecutive month. Momentum ticked upward for a third month.
I would note the monthly 10MA at $21.26, which silver settled marginally above. The positive equity market and the weaker dollar certainly helped.
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The gold to silver ratio stands at 80.80. The recent high is notably far lower than March/April, as silver is outperforming gold.
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The gold to bitcoin ratio continues to narrow, standing at 9.71, the lowest since late 2020, as gold is outperforming Bitcoin.
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