The precious metals of Gold and Silver saw net April changes of +$160.50 (5.1%) to $3124.22, and -$1.37 (4.0%) to $32.65 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing a new historic high of $3500.00, if cooling back to settle in the $3281s. Price momentum ticked upward for a second month, and is on the very high side. I would note the monthly 10MA at $2766, which was settled above, as the m/t trend remains bullish.
Next resistance of 3500/3750 has been hit. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $28.45, but recovering to settle at $32.65. Momentum ticked back lower, and remains on
the moderately high side.
I would note the monthly 10MA at $31.04, 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 massively outperforming
silver. Even the bold will continue to favour gold, which would
better capture a future geo-political 'fear bid'.
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The gold-silver ratio increased to 100.50, and is historically VERY
high. I'd accept that on a 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 $94K, the Gold-Bitcoin ratio has increased, settling April at 28.69. It remains a
curious thought to realise that it takes almost twenty nine 1oz gold coins to
purchase a crypto coin, the latter of which has an intrinsic
value of $0.00
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