The precious metals of Gold and Silver saw net November gains of +$62.90 (3.1%) to
$2057.20, and +$2.71 (11.8%) to
$25.66 respectively. Monthly momentum is increasingly positive.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing $2072.70, if cooling to settle in the $2057s - the highest ever monthly settlement. A second monthly close above the key 10MA. The November candle has a floor spike from $1935, and leans distinctly s/t bullish. Price momentum was positive for a ninth month.
Any price action >$2100 would be decisive, and offer a run to 2400/2500, which looks realistic within Q1 of 2024.
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Silver: printing $21.92, but recovering upward to settle at $25.66, back above the key
10MA. The November candle is spiky on the lower side, and leans s/t bullish. Momentum
was net positive for a ninth month.
Two key threats to silver... if the equity
market sees renewed downside, and dollar strengthening.
Of
the two metals, I
favour Gold, especially for a potential geo-political 'fear bid', not
least via the middle east, Ukraine/Russia or even China/Taiwan. I'd
accept silver has massively more upside potential than gold, but many
have been saying that since the $49s of 2011.
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The gold to silver ratio stands at 80.17, which remains high, but it can remain that way for years. I'd understand the very long term silver bulls seeking an eventual target of the 32s. That doesn't mean of course that gold will be net lower!
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The gold to bitcoin ratio stands at 18.35. Despite gold having a positive month, Bitcoin is outperforming.
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