The precious metals of Gold and Silver saw net March gains of +$267.31 (9.4%) to $3124.22, and +$2.89 (9.3%) to $34.02 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing a new historic high of $3126.84, if cooling back to settle in the $3124s. Price momentum ticked back upward, and is on the high side. I would note the monthly 10MA at $2671, which was settled above, as the m/t trend remains bullish.
Having achieved a break AND hold above giant psy' $3K, next resistance is arguably 3500/3750 zone, as looks realistic by mid year.
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Silver: printing $34.58, but cooling back to settle at $34.02.
Momentum ticked back upward, and remains on
the moderately high side.
I would note the monthly 10MA at $30.69, 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 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 91.83, 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.
Price action is far more important than any ratio.
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With Bitcoin settling the month around $82K, the Gold-Bitcoin ratio has fallen, settling March at 26.35. It remains a
curious thought to realise that it still takes twenty six 1oz gold coins to
purchase a crypto coin, the latter of which has an intrinsic
value of $0.00
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