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Originally, I was going to put this post together to highlight the fact that Big Round Numbers were coming up soon for silver ($100 per ounce) and gold ($5,000), both for the first time in history. After all, gold is blasting higher at this very moment:
There has not been much use writing about the precious metals rally lately because, why add to the noise? The time for making noise was back in the spring when the Gold/Silver ratio topped (Silver/Gold bottomed) and we prepared for a stronger rally in the precious metals, this time led by silver, and also including the wider “inflation trades”. Now we look ahead in a very different way.
Let’s start with the superstar of the rally. Silver has gone vertical and on Wednesday ticked our long-term target of 92. This was based on measurement of the giant, decades-long Cup as the silver price finally broke above the rim in the 50 area and well, boy did it break.
The fundamentals have been broadcast far and wide. These include increasing industrial use in many different areas, from Medical Equipment to Clean Energy (although the solar industry is now seeking to employ less expensive alternative materials).
(more…)Over the past year, Silver is up almost 200%, Gold is up almost 100%, and Bitcoin – – for all its risk – – has thrown off less than a passbook savings account at your local bank.
