The precious metals of Gold and Silver saw net June gains of +$18.39 (0.6%) to $3307.71, and +$3.11 (9.4%) to $36.10 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: a choppy month, settling moderately higher in the $3307s. Price momentum ticked back lower, and remains on the very high side. I would note the monthly 10MA at $2930, which was settled above, as the m/t trend remains bullish.
Next resistance of psy'3500 was hit in April. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $37.30 - the highest since Feb'2012, but cooling back to settle at $36.10. Momentum ticked back upward, and remains on
the moderately high side.
I would note the monthly 10MA at $32.15, 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 fell to 91.62, but remains 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 (as at June 30th) around $107K, the Gold-Bitcoin ratio has increased, settling June around 32.42. It remains a
curious thought to realise that it takes a little more than thirty two 1oz gold coins to
purchase a bitcoin, the latter of which has an intrinsic
value of $0.00
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