The precious metals of Gold and Silver saw net October gains of +$139.31 (3.6%) to $3998.45, and +$1.91 (4.1%) to $48.57 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: printing a new hist' high of $4381.58, if cooling back to the $3998s. Price momentum ticked upward, and remains on the very high side. I would note the monthly 10MA at $3323, which was settled above, as the l/t trend remains bullish.
The October candle was very spiky on the upper side, indicative of tired bulls.
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Silver: printing a new hist' high of $54.49, if cooling back to the mid $48s. Momentum continued to tick upward, and is on
the very high side.
I would note the monthly 10MA at $36.98, which was settled above, as the l/t trend remains bullish.
The October candle was very spiky on the upper side, indicative of tired bulls.
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So... net monthly gains for gold and silver, but October did see a rather powerful downside reversal. Further cooling to test the monthly 10MA... around $3500 and psy' $40, would be the natural outcome, before resuming upward.
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The gold-silver ratio fell to 82.33, but remains historically 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 October 31st) around $109K, the Gold-Bitcoin ratio
has decreased, settling October to around 27.38. It remains a
curious thought that it takes a little over twenty seven 1oz gold coins to
purchase a one bitcoin, the latter of which has an intrinsic
value of $0.00
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