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Gold jumped more than $20 per ounce this afternoon after news related to Israel / Gaza filtered through. The yellow metal has been steadily climbing since the Hamas incursion into Israel. Unfortunately, things are not cooling down. Gold has risen about $180 dollars since October 6.
While silver is back above $23, relative to the price of gold, silver is a screaming 'buy'. The silver to gold ratio is back at extreme levels with today's high being silver ounces for every one ounce of gold. In 2011, when silver ran up to nearly, almost, not quite $50, the ratio dropped to 35. This year's deficit will hit 142 million ounces. Over the last 3 years, the deficit total amounts to about 380 million ounces. Also, thanks to modern technology, silver is being gobbled up by industry more than ever. Sooner or later, the silver market will experience a short squeeze or supply shock.
It's not only silver that may be primed for a short squeeze. According to , Bitcoin that is freely available on exchanges has dropped to a 5 year low, down to 2.3 million. It reached a peaked of 3.2 million in May, 2020 and has been declining since. Bitcoin climbed more than $6,000 in the last week or so, doubling from its lows of the year. Demand is rising while supply is dwindling. If this keeps up, it might push the price of Bitcoin way up but I'm no expert so don't listen to me!
Looking at the U.S. Dollar at , it's actually been strong since hitting its lows around mid-July, just below 100. The conundrum here is that while the dollar is stronger against other currencies, everyone including Americans are paying more for gold today. So is the dollar really getting stronger???
It's also costing more for oil today. Brent Crude is up more than 2% and is back above $90. Expect gas at the pumps to cost a few pennies more but not by much. Let's hope and pray the Middle East situation doesn't erupt into some full blown catastrophe. Otherwise, the price of oil would likely double in minutes and we don't want that, nor do we want war!
Stay wary, Prepare and protect your family. Winter really is coming...
Peace and love to everyone!
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Previous Posts:
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The tragedy unfolding in the Middle East.
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