Buy Gold and Silver USA

Bearish engulfing candles played out

2026-04-30T23:55:00.001+01:00

The precious metals of Gold and Silver saw net April declines of -$45.60 (1.0%) to $4628.92, and -$0.88 (1.2%) to $74.16 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: swinging from a high of $4891, and settling at $4628. The bearish engulfing March candle played out. Momentum weakened for a second month.
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Silver: swinging from a high of $83.04, and settling at $74.16. The bearish engulfing March candle played out. Momentum weakened for a second month.
--

The gold-silver ratio settled April at 62.42. I would note the 32s have been historically important.
On a long term basis (5+ years) silver could be expected to outperform gold.

With Bitcoin (as at April 30th) $76K, the gold-bitcoin ratio climbed upward to 16.49.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.

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Bearish engulfing candles

2026-03-31T23:36:00.000+01:00

The precious metals of Gold and Silver saw net March declines of -$601.56 (11.4%) to $4676.45, and -$18.43 (19.6%) to $75.39 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: swinging from a high of $5419 to $4098, and settling at $4676. The March candle is bearish engulfing. Momentum rolled over.
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Silver: swinging from a low of $96.38 to $60.94, and settling at $75.39. The March candle is bearish engulfing. Momentum rolled over.
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The gold-silver ratio settled March at 62.03. I would note the 32s have been historically important.
On a long term basis (5+ years) silver could be expected to outperform gold.

With Bitcoin (as at March 31) $67K, the gold-bitcoin ratio climbed back upward to 14.55.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.

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A net positive February

2026-02-28T01:09:00.002+00:00

The precious metals of Gold and Silver saw net February gains of +$390.98 (8.0%) to $5278.05, and +$9.18 (10.8%) to $93.82 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: swinging from a low of $4404 to $5280, and settling at $5278. Price momentum ticked upward, and remains on the extremely high side. I would note the monthly 10MA at $3989, which was settled above, as the l/t trend remains bullish.

6K appears an easy target, with 7/8K viable before year end.
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Silver: swinging from a low of $63.99 to $94.17, and settling at $93.82. Momentum continued to tick upward, and is on the very high side. I would note the monthly 10MA at $54.64, which was settled above, as the l/t trend remains bullish.

The February candle is bullish engulfing, and bodes distinctly s/t bullish.

L/t bullish, as $150 appears probable on the next up wave, with $200 viable before year end.
--

The gold-silver ratio settled February at 56.26, the lowest since April 2013.
I would note the 32s have been historically important.
On a long term basis (5+ years) silver could be expected to outperform gold.

With Bitcoin (as at February 28th) $65K, the gold-bitcoin ratio declined to 12.49, the lowest since March 2023.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.

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Historic action for gold/silver

2026-01-31T00:53:00.003+00:00

The precious metals of Gold and Silver saw net January gains of +$564.10 (13.0%) to $4886.71, and +$14.03 (19.9%) to $84.63 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $5608.35. Price momentum ticked upward, and remains on the very high side. I would note the monthly 10MA at $3789, which was settled above, as the l/t trend remains bullish. The January candle is extremely spiky on the upper side, and bodes for s/t cooling.

L/t bullish, as 6K appears an easy target, with 7/8K viable before year end.
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Silver: printing a new hist' high of $121.64. Momentum continued to tick upward, and is on the very high side. I would note the monthly 10MA at $48.52, which was settled above, as the l/t trend remains bullish. The January candle is extremely spiky on the upper side, and bodes for s/t cooling.

L/t bullish, as $150 appears probable on the next up wave, with $200 viable before year end.
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Special note on Friday's collapse wave

First, Thursday's price action wasn't pretty, and whilst there was a very powerful bounce, it was still a warning of s/t bullish exhaustion.

Friday, January 30th was truly historic. In pre-market I saw gold -6% with silver -11%. With the opening bell, that soon became gold -7% with silver -15%. Red equities didn't help, with maximum horror of gold -12% with silver -34%. Truly incredible.

Regardless of how next week trades, I see this as just a s/t washout. Nothing has changed for the mid/long term, with even a number of the mainstream analysts starting to accept Gold $10K with Silver >$300, within the next few years.

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If only as a historical note (for myself), here are the daily charts...

Gold, daily

Gold printed a low of $4698, if seeing a (relatively) minor bounce to settle -$490.03 (9.1%) to $4886.
Daily momentum has begun to weaken, and due to turn negative next Mon'/Tues'.
I'd note the 50dma $4457, which has been support since last August.

Right now, the most bearish target would be 4200/4000.

The cautious looking to buy/add will be waiting for daily momo to stop weakening.
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Silver, daily

Silver printed a low of $77.73, if seeing a minor bounce to settle -$31.16 (26.9%) to $84.63.
Daily momentum settled fractionally positive.
I'd note the 50dma at $73.63, which was key support in Oct-Nov'.

Right now, the most bearish target would be the $54s/psy'50.

The cautious looking to buy/add will be waiting for daily momo to stop weakening.

The gold-silver ratio settled January at 57.74, the lowest since early 2013.
I would note the 32s have been historically important.
On a long term basis (5+ years) silver could be expected to outperform gold.
-

With Bitcoin (as at January 30th) $84K, the gold-bitcoin ratio declined to 17.20, the lowest since late 2013.

As ever, ratio charts should be especially treated with caution.
Price action is far more important than any ratio.
--

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A year for gold and silver

2026-01-01T22:55:00.001+00:00

The precious metals of Gold and Silver saw net December gains of +$104.80 (2.5%) to $4322.61, and +$14.85 (26.3%) to $71.26 respectively. For the year, Gold and Silver saw net gains of +$1698.23 (64.7%), and +$42.38 (146.7%).

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $4549.98. Price momentum ticked upward, and remains on the very high side. I would note the monthly 10MA at $3612, which was settled above, as the l/t trend remains bullish. The December candle is pretty spiky on the upper side, and threatens s/t cooling.

L/t bullish, 5K appears an easy target for 2026, with 7/8K viable.
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Silver: printing a new hist' high of $83.62. Momentum continued to tick upward, and is on the very high side. I would note the monthly 10MA at $43.52, which was settled above, as the l/t trend remains bullish. The December candle is very spiky on the upper side, and threatens s/t cooling.

L/t bullish, as giant psy'$100 is clearly coming within 2026.
If Gold $7K, silver should be >$150

... with very bullish implications for the related gold/silver miners.

The gold-silver ratio fell to 60.66, the lowest since 2013. 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.
--

With Bitcoin (as at Dec'31st) around $87K, the Gold-Bitcoin ratio has dropped, settling December to around 20.25. It remains a curious thought that it takes a little over twenty 1oz gold coins to purchase one bitcoin, the latter of which has an intrinsic value of $0.00
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Continuing broadly upward

2025-11-28T22:00:00.004+00:00

The precious metals of Gold and Silver saw net November gains of +$212.28 (5.3%) to $4216.71, and +$7.57 (15.5%) to $56.37 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a low of $3928.86, if rebounding to the $4216s, the highest ever monthly settlement. Price momentum accelerated upward, and remains on the very high side. I would note the monthly 10MA at $3466, which was settled above, as the l/t trend remains bullish.

Giant psy' $5K appears realistic in January.
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Silver: ending November on the most bullish note possible... printing a new hist' high of $56.51. Momentum continued to tick upward, and is on the very high side. I would note the monthly 10MA at $39.51, which was settled above, as the l/t trend remains bullish.

Soft target is psy' $60, with secondary of 70/75, the latter of which appears realistic by mid January.
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The gold-silver ratio fell to 74.80. 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.
--

With Bitcoin (as at November 28th) around $90K, the Gold-Bitcoin ratio has dropped, settling November to around 21.58. It remains a curious thought that it takes a little over twenty one 1oz gold coins to purchase a one bitcoin, the latter of which has an intrinsic value of $0.00
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Gold and Silver reversal

2025-10-31T21:24:00.003+00:00

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.
--

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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Gold pushing toward $4K

2025-10-01T01:30:00.000+01:00

The precious metals of Gold and Silver saw net September gains of +$410.24 (11.9%) to $3859.40, and +$6.93 (17.4%) to $46.64 respectively.

Gold, monthly1b

Silver, monthly

Summary

Gold: printing a new hist' high of $3871.28, a massive September gain, settling in the $3447s. Price momentum ticked back upward, and remains on the very high side. I would note the monthly 10MA at $3186, which was settled above, as the m/t trend remains bullish.

The September candle was solid, making for the highest ever monthly settlement.
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Silver: printing $47.18 - the highest since May 2011. Momentum accelerated upward, and is on the high side. I would note the monthly 10MA at $35.00, which was settled above, as the m/t trend remains bullish.

The September candle is solid, making for the highest monthly settlement since April 2011.
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is still outperforming silver. Even the bold will continue to favour gold, which would better capture a future geo-political 'fear bid'.
--

The gold-silver ratio fell to 82.75, 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.
--

With Bitcoin (as at October 1st) around $114K, the Gold-Bitcoin ratio has decreased, settling September to around 29.56. It remains a curious thought that it takes a little under thirty one 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
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Positive August

2025-08-29T22:44:00.000+01:00

The precious metals of Gold and Silver saw net August gains of +$159.33 (4.8%) to $3447.83, and +$3.02 (8.2%) to $39.70 respectively.

Gold, monthly

Silver, monthly

Summary

Gold: a powerful August gain, settling in the $3447s. Price momentum weakened for a third month, and remains on the very high side. I would note the monthly 10MA at $3065, which was settled above, as the m/t trend remains bullish.

The August candle was solid, making for the highest ever monthly settlement.

I have moderate concern of a washout into the Fall to 3100/3000, if bond yields spike with a stronger dollar.
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Silver: printing $39.97 - the highest since Sept'2011. Momentum ticked upward, and remains on the moderately high side. I would note the monthly 10MA at $33.40, which was settled above, as the m/t trend remains bullish.

The August candle is solid, making for the highest monthly settlement since Sept'2011.

I've concern of a washout into the Fall to the $35/34s within Sept/Oct', not least if the main market sees a correction of around 10% to the SPX 5800s.
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is still massively outperforming silver. Even the bold will continue to favour gold, which would better capture a future geo-political 'fear bid'.
--

The gold-silver ratio fell to 86.85, 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.
--

With Bitcoin (as at August 29th) around $108K, the Gold-Bitcoin ratio has decreased, settling August to around 31.43. It remains a curious thought to realise that it takes a little more than thirty one 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
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Mixed month

2025-07-31T23:11:00.003+01:00

The precious metals of Gold and Silver saw net July changes of -$11.05 (0.3%) to $3292.22, and +$0.60 (1.7%) to $36.70 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: a choppy month, settling marginally lower in the $3292s. Price momentum ticked lower for a second month, and remains on the very high side. I would note the monthly 10MA at $2996, which was settled above, as the m/t trend remains bullish.

The July candle was spiky, making for four consecutive candles that are reflective of tired gold bulls.

A washout into the Fall... to around psy' $3K appears more likely than not, especially if bond yields spike with a stronger dollar.
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Silver: printing $39.53 - the highest since Sept'2011, but cooling back to settle at $36.70. Momentum ticked upward, and remains on the moderately high side. I would note the monthly 10MA at $32.70, which was settled above, as the m/t trend remains bullish.

The July candle is pretty spike on the upper side, indicative of s/t bullish exhaustion.

A washout into the Fall... to the $34/33s looks pretty easy within Sept/Oct', not least if the main market sees a correction of around 10% to the SPX 5800s.
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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'.
--

The gold-silver ratio fell to 89.71, 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.
--

With Bitcoin (as at July 31) around $116K, the Gold-Bitcoin ratio has increased, settling July around 35.34. It remains a curious thought to realise that it takes a little more than thirty five 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
-

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Metals still climbing

2025-06-30T23:15:00.001+01:00

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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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.
--

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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Still broadly strong

2025-05-31T00:40:00.001+01:00

The precious metals of Gold and Silver saw net May gains of +$15.79 (0.5%) to $3288.58, and +$0.36 (1.1%) to $32.98 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: a choppy month, settling moderately higher in the $3288s. Price momentum ticked upward for a third month, and is on the very high side. I would note the monthly 10MA at $2850, which was settled above, as the m/t trend remains bullish.

Next resistance of psy'3500 has been hit. There is increasing mainstream recognition that $4K is probable this year.
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Silver: printing $33.70, but cooling back to settle significantly higher at $32.98. Momentum ticked lower, and remains on the moderately high side. I would note the monthly 10MA at $31.43, which was settled above, as the m/t trend remains bullish
-

The gold-silver ratio ticked a touch lower to 99.73, 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.
--

With Bitcoin (as at May 30th) around $104K, the Gold-Bitcoin ratio has increased, settling May at 31.55. It remains a curious thought to realise that it takes a little more than thirty one 1oz gold coins to purchase a bitcoin, the latter of which has an intrinsic value of $0.00
-

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Gold $3500

2025-04-30T23:58:00.002+01:00

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.
--

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
-

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.
--

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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Gold settles above 3K

2025-03-31T23:33:00.000+01:00

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.
--

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
-

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'.
--

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.
--

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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Gold still broadly climbing

2025-03-01T00:01:00.001+00:00

The precious metals of Gold and Silver saw net February changes of +$13.50 (0.5%) to $2848.50, and -$0.77 (2.4%) to $31.50 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $2974.00, if cooling back to settle in the $2848s. Price momentum ticked a little lower, if remaining on the high side. I would note the monthly 10MA at $2610, which was settled above, as the m/t trend remains bullish.

Giant psy' $3K is clearly viable within March. Lower bond yields and a weaker dollar would help, but aren't a necessity.
--

Silver: printing $34.24, but cooling back to settle at $31.50. Momentum weakened a little, if remaining on the moderately high side. I would note the monthly 10MA at $30.64, which was settled above, as the s/t trend remains bullish
--

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'.
-

The gold-silver ratio increased to 90.44, 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.
--

With Bitcoin cooling back to $84K, the Gold-Bitcoin ratio has fallen, settling February at 29.66. It remains a curious thought to realise that it takes almost thirty 1oz gold coins to purchase a crypto coin, the latter of which has an intrinsic value of $0.00
-

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Gold nearing $3000

2025-02-01T19:56:00.001+00:00

The precious metals of Gold and Silver saw net January gains of +$194.00 (7.3%) to $2835.00, and +$3.02 (10.3%) to $32.26 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $2862.90, if cooling back to settle in the $2835s. Price momentum ticked back upward, and remains on the high side. I would note the monthly 10MA at $2555, which was settled above, as the m/t trend remains bullish.

Giant psy' $3K is clearly viable within February, if more realistic in March. Lower bond yields and a weaker dollar would help, but aren't a necessity.
--

Silver: printing $32.92, but cooling back to settle at $32.26. Momentum is flat-lining on the moderately high side. I would note the monthly 10MA at $30.16, which was settled back above, as the s/t trend is back to bullish
--

Relative to 2011 - when Gold $1923 and Silver $49s, gold is still outperforming silver. Even the bold will continue to favour gold, which would better capture a geo-political 'fear bid'.
-

The gold-silver ratio stands at 87.87, 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.
--

With Bitcoin recently printing a new historic high of $109340, the gold-Bitcoin ratio broke a new historic high, settling January at 36.12. Its a curious thought to realise that it takes a little more than 36x 1oz gold coins to purchase a crypto coin, the latter of which has an intrinsic value of $0.00
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A second monthly decline

2025-01-01T21:47:00.002+00:00

The precious metals of Gold and Silver saw net December declines of -$40.00 (1.5%) to $2611.00, and -$1.87 (6.0%) to $29.24 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing the $2761s, if cooling back to settle in the $2641s. Higher bond yields nor a stronger dollar helped. Price momentum ticked lower for a second month, but remains on the high side. I would note the monthly 10MA at $2495, which was settled above, as the m/t trend remains bullish.
--

Silver: printing $33.33, but cooling back to settle at $29.24. Momentum ticked lower for a second month downward, if remaining on the moderately high side. I would note the monthly 10MA at $29.43, which was settled below, as the m/t bullish trend has been broken.

The problem will be if the equity market sees any cooling in early 2025. Further downward pressures would be if the dollar continues to strengthen, or if bond yields increase.
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is still outperforming silver. Even the bold will continue to favour gold, which would better capture a geo-political 'fear bid'.
-

The gold-silver ratio stands at 90.32, 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.
-

With Bitcoin recently printing a new historic high of $108369, the gold-Bitcoin ratio remains on the very high side, currently 35.36. Its a curious thought to realise that it takes a little more than 35x 1oz gold coins to purchase a digital crypto coin, the latter of which has an intrinsic value of $0.00
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Cooling back

2024-11-30T18:51:00.007+00:00

The precious metals of Gold and Silver saw net November declines of -$68.30 (2.5%) to $2681.00, and -$1.69 (5.1%) to $31.11 respectively.

Gold, monthly20

Silver, monthly20

Summary

Gold: printing the $2541s, if recovering to settle in the $2681s.. the largest net monthly decline since Sept'2023. Price momentum ticked back downward, but remains on the very high side. I would note the monthly 10MA at $2437, which was settled above, as the m/t trend is bullish.

Lower bond yields helped, but its arguable that the stronger dollar was a major downward pressure.
The removal of 'election uncertainty' was another downward pressure.
A hit of giant psy' 3K looks out of range before year end.
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Silver: printing $29.75, it recovering to settle at $31.11. The biggest net monthly decline since Dec'2023. Momentum ticked back downward, if remaining on the moderately high side. I would note the monthly 10MA at $28.79, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields increase.
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Relative to 2011 - when Gold $1923 and Silver $49s, gold is still 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 stands at 86.18, 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. Whilst October's ratio leaned a little in favour to silver, both commodities were lower for the month. Price action is far more important than any ratio.
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With Bitcoin recently printing a new historic high of $99772, the gold-Bitcoin ratio has broken a new hist' high, currently 36.14. Its a curious thought to realise that it takes around 36x 1oz gold coins to purchase a digital crypto coin, the latter of which has an intrinsic value of $0.00
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The USD printed the DXY 108s in November, and was certainly one reason gold was net lower for November.
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Gold leading Silver

2024-10-31T22:09:00.002+00:00

The precious metals of Gold and Silver saw net October gains of +$89.90 (3.4%) to $2749.30, and +$1.34 (4.2%) to $32.80 respectively.

Gold, monthly20

Silver, monthly20

Summary

Gold: A new historic high of $2801.80, if cooling back to settle in the $2749s. The seventh net monthly gain of eight. Price momentum ticked upward, and is on the very high side. I would note the monthly 10MA at $2375, which was settled above, as the m/t trend is bullish.

Considering the October increase in bond yields and the stronger dollar, gold performed even better than it might seem. A hit of giant psy' 3K remains on track before year end.
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Silver: an October high of $35.07, but cooling back to $32.80. The sixth monthly gain of eight. Momentum ticked upward, and remains on the moderately high side. I would note the monthly 10MA at $28.00, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields increase.
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Especially relative to 2011 - when Gold $1923 and Silver $49s, gold is still leading 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 stands at 83.83, 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. Whilst October's ratio leaned a little in favour to silver, both commodities were powerfully higher for the month. Price action is far more important than any ratio.
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Gold pushing toward $3K

2024-09-30T23:13:00.001+01:00

The precious metals of Gold and Silver saw net September gains of +$131.80 (5.2%) to $2659.40, and +$2.32 (7.9%) to $31.46 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: A new historic high of $2708.70, if cooling back to settle in the $2659s. The sixth net monthly gain of seven. Price momentum ticked upward, and is on the very high side. I would note the monthly 10MA at $2308, which was settled above, as the m/t trend is bullish. A hit of giant psy' 3K remains on track before year end.
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Silver: a September high of $33.02, but cooling back to $31.46. The fifth monthly gain of seven. Momentum ticked back upward, and remains on the moderately high side. I would note the monthly 10MA at $27.12, which was settled above, as the m/t trend is bullish.

The problem will be if the equity market sees any cooling into year end. Further downward pressures would be if the dollar strengthens, or if bond yields rebound.

The gold-bitcoin ratio stands at 23.91, as gold slightly outperformed bitcoin in September.
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The gold-silver ratio stands at 84.54... 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. Whilst September's ratio leaned a little in favour to silver, both commodities were powerfully higher for the month. Price action is far more important than any ratio.
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Gold remains strong

2024-08-31T19:45:00.000+01:00

The precious metals of Gold and Silver saw net August gains of +$54.60 (2.2%) to $2527.60, and +$0.20 (0.7%) to $29.14 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: A new historic high of $2570.40, if cooling back to settle in the $2527s. A tenth consecutive monthly close above psy' $2K. Price momentum ticked upward, and is on the very high side. I would note the monthly 10MA at $2247, which was settled above, as the m/t trend is bullish.

Having already reached the 2400/2500 resistance zone, 3K appears realistic before year end.
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Silver: an August low of $26.50, but recovering to $29.14. Momentum ticked a little lower, if still on the moderately high side. I would note the monthly 10MA at $26.55, which was settled above.

The third consecutive monthly settlement under psy' $30.00 isn't a great sign for Sept-Oct'.

The problem will be if the equity market sees any cooling this fall. Further downward pressures would be if the dollar strengthens, or if bond yields rebound.

The gold-silver ratio stands at 86.73, which is on the high side. I hold to the view that silver will greatly outperform gold, if on a 5-10 year basis.
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The gold-bitcoin ratio fell to 23.36.
As ever, ratios are to be treated with caution.

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Gold powering upward

2024-07-31T22:55:00.003+01:00

The precious metals of Gold and Silver saw net July changes of +$133.40 (5.7%) to $2473.00, and -$0.62 (2.1%) to $28.94 respectively.

Gold, monthly

Silver, monthly

Summary

Gold: A new historic high of $2496.60, if settling in the $2473s. A ninth consecutive monthly close above psy' $2K. Price momentum ticked upward, and is on the high side. I would note the monthly 10MA at $2194, which was settled above, as the m/t trend is bullish.

Having already reached the 2400/2500 zone, 3K appears realistic before year end.
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Silver: a July high of $32.01, if cooling back to $28.94. Momentum is flat-lining on the moderately high side. I would note the monthly 10MA at $25.93, which was settled above.

The second consecutive monthly settlement under psy' $30.00 isn't a great sign.

If silver can clear >$32.75, then soft target will be the $35s, last printed in Oct'2012. Any price action >36.00 would open the door to the 49/psy'50 zone.

However, the problem will be if the equity market sees any cooling this summer/fall. Further downward pressures would be if the dollar strengthens, or if bond yields rebound.

Certainly though, gold printing the $2496s to end the month... is a pretty bullish sign.
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The gold-silver ratio stands at 85.46... which is certainly on the high side. I hold to the view that silver will greatly outperform gold, if on a 5-10 year basis.

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Gold fairing better

2024-06-29T16:12:00.005+01:00

The precious metals of Gold and Silver saw net June declines of -$6.20 (0.3%) to $2339.60, and -$0.88 (2.9%) to $29.56 respectively.

Gold, monthly

Silver, monthly

Summary

Gold: a June high of $2406, if cooling back to the $2339s. An eighth consecutive monthly close above psy' $2K. Price momentum is flat-lining on the high side. I would note the monthly 10MA at $2133, which was settled above, as the m/t trend is bullish.

Having already reached the 2400/2500 zone, 3K appears realistic before year end.
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Silver: a June high of $31.67, if cooling back to $29.56. Momentum continued to tick upward, settling moderately positive. I would note the monthly 10MA at $25.28, which was settled above.

The monthly settlement under psy' $30.00 isn't a great sign. However it could be argued we've just seen a multi-week retrace of the wave from 21>32.

Next resistance are the $35s, last printed in Oct'2012. Any price action >36.00 would open the door to the 49/psy'50 zone.

The problem will be if the main equity market sees any cooling this summer/fall. Further downward pressures would be if the dollar strengthens, or if bond yields climb.
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The Gold - Silver ratio stands at 79.15, which is certainly still on the high side. I have to expect the 32s, but that could easily be at least 2-3 years away.
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The USD saw a net June gain of +92bps to DXY 105.54. All such dollar strength is an inherent downward pressure on ALL asset classes, not least gold and silver. It is the case though that the dollar and gold can sometimes climb and fall together.

The Gold - Bitcoin ratio has cooled to 26.04.
Things would turn 'interesting' if >34, but there is no sign of that.

*As ever, ratios are to be treated with caution, as both assets can rise or fall together, whilst the ratio remains the same.

**Ohh, and for 'physical' holdings, I would absolutely favour silver, which has much higher percentage gain potential.
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Silver powering upward

2024-05-31T22:58:00.004+01:00

The precious metals of Gold and Silver saw net May gains of +$42.90 (1.9%) to $2345.80, and +$3.79 (14.2%) to $30.44 respectively.

Gold, monthly

Silver, monthly

Summary

Gold: printing a new historic high of $2454.20. A seventh consecutive monthly close above psy' $2K. Price momentum ticked upward, and is on the high side. I would note the monthly 10MA at $2096, which was settled far above, as the m/t trend is bullish.

Having already reached the 2400/2500 zone, 3K appears realistic this year.
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Silver: printing a high of $32.75, the highest since Dec'2012, if cooling back to settle at $30.34. Momentum ticked upward, settling marginally positive. I would note the monthly 10MA at $24.80, which was settled above.

The monthly settlement above $30.00 is VERY significant. Next resistance are the $35s, last printed in Oct'2012. Any price action >36.00 would open the door to the 49/psy'50 zone.

The problem will be if the main equity market sees any cooling this summer/fall. Further downward pressures would be if the dollar strengthens, or if bond yields climb.

To be clear, I'm expecting to see at least $40 printed before Labor day. That isn't bold, considering this month's breakout, which was decisive.

The gold to silver ratio has fallen to 77.06, although that remains historically high. A valid natural target would be the 32s, as silver could be expected to outperform gold on a multi-year basis.
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The gold to bitcoin ratio stands at 28.76... which is on the high side. I would be surprised if we break a new hist' high >34s, as gold and bitcoin are both m/t bullish.

Gold was helped in May by a slightly weaker dollar. Any rate cuts (Sept' and/or Dec' look feasible) would certainly help pressure gold upward.

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Net bullish April

2024-04-30T22:57:00.001+01:00

The precious metals of Gold and Silver saw net April gains of +$64.50 (2.9%) to $2302.90, and +$1.74 (7.0%) to $26.65 respectively.

Gold, monthly1b

Silver, monthly1b

Summary

Gold: printing a new historic high of $2448.80. A sixth consecutive monthly close above psy' $2K. Price momentum ticked upward, and is on the moderately high side. I would note the monthly 10MA at $2062, which was settled decisively above, as the m/t trend is bullish.

Having already reached the 2400/2500 zone, 3K appears due at some point this year.
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Silver: printing a high of $29.91, if cooling back to settle at $26.65. Momentum ticked upward, settling marginally positive. I would note the monthly 10MA at $24.26, which was settled above.

The monthly close above $26.00 is rather significant. The problem will be if the main equity market sees any further cooling. Further downward pressures would be if the dollar strengthens, or if bond yields continue to climb. The price action of April 30th was a good example of that!

More broadly, silver bulls should remain seeking a decisive monthly close >$30.00, as looks realistic in May. Any talk of new historic highs >$50.00 has to be seen as 'crazy talk', until a settlement >$30.00.

The gold to silver ratio stands at 86.40, which remains historically high. A valid natural target would be the 32s, as silver could be expected to outperform gold on a multi-year basis.

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