GoldNuggets — Silver Linings
GoldNuggets Digest: gold price trend check, gold vs silver price, silver price long-term technicals, silver vs gold relative value indicator, investor allocations to silver...
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Gold Trend
Despite the recent patch of range-trading and consolidation, gold remains in a strong uptrend (gold price trading above its key moving averages, moving averages upward sloping, 50-day above 200-day average, and overall sequence of higher highs and higher lows). (source)
Silver Shining
Silver is also looking solid, and as of the time of writing has just surged almost 6% in a day. Silver starting to play catch-up vs gold? (source)
Silver vs Gold Relative Value
And when it comes to silver vs gold, there is a lot of room for catch-up. In terms of relative value, silver is looking extremely cheap vs gold. (source)
Silver Lining
Zooming out, bigger picture there seems to be a larger technical breakout playing through in Silver prices. (source)
Investor Allocations to Silver
And yet investors are as a group still basically uninterested in silver. ETF market implied allocations are less than half the long-term average, and a fraction of where they got to during the last big silver bull market. (source)
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ICYMI: Previous edition GoldNuggets — Going Platinum
GoldNuggets — Going Platinum
The GoldNuggets Digest is our free publication. It contains "nuggets" of Charts & Research that come across our desk on gold and investing which we think might be interesting and useful for investors.
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Thanks Callum. I really struggle to get too enthusiastic about silver. Yes, it's in supply deficit, yes above ground stocks are falling, yes the Mint Ratio is elevated. But it's not a monetary instrument anywhere really, it doesn't benefit from Central Bank demand, there's huge potential for silver recycling to come out of the woodwork, it's strongly connected to the global industrial cycle, which isn't looking great. Sure, silver exploded higher yesterday, but it's a much thinner market than gold, higher volatility, wider bid/ask, so when gold rises, silver can do this.
There are so many investors bullish silver, all looking for the silver paper market to collapse. We saw all the same arguments in February 2021 and here we are at about the same level.
To say that I'm mild about silver is a massively non-consensus view. I like it higher, but personally I prefer gold, and if I'm going to take a punt on another precious metal, I prefer the macro story behind platinum.