Silver Price Hits $21, Up 80% in 18 Weeks from Covid Crash to Crush Gold/Silver Ratio Below 90
Peaking at 100 in the global economic recession of 1991, the ratio shot through that level this March, topping at 125 ounces of silver per 1 ounce of gold when the Coronavirus shutdowns of global economic activity saw the gray metal – which finds over half its end-demand from silver’s industrial uses, against less than 1/10th for gold – plummet to the cheapest since 2009, down below $12 per ounce.
SilverSeek.com
Tue, 07/21/2020 – 12:37
“Bullish factors building in the gold market are set to see prices take out the record set in 2011, according to Citigroup Inc. The metal is benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation, the bank’s analysts including Ed Morse wrote in a report. Gold is expected to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.”