This story was originally published here.
It took a decade for the gold price to break out over $1,700 per ounce. A price in this range is rare. Gold has been above $1,700 just 36 weeks out of the past decade. The last time we saw the yellow metal in this price range, it was on a historic run over $1,900 per ounce in 2011. And while we are back in record territory for gold, its cousin silver is hiding in the background.
When the gold price is over $1,700 per ounce, the average silver price was $30 per ounce. Since 1975, it has taken 60 ounces of silver to buy an ounce of gold, on average. Today, it takes 100 ounces. This year, the average silver price was $16.77 per ounce, 39% below the average. Today, the price is $17.81 per ounce.
That means the silver price needs to go up massively, just to hit the average price from the last bull market — around $50 per ounce.
We are well below that today.
Silver hasn’t kept up with the gold price movements over the past year. You can see what I mean in chart below…
Editor's Note: To keep reading, click here.
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Editor, Alpha Investor Report