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CPI print in the USA pushed silver to where it now sits at $25.47 at time of writing. While CPI came down lower than expected, wages have gone down for the 24th consecutive month. Oil's decline in dollar value since last summer was a main component in driving down CPI. With last week's surprise oil production cut by OPEC+ member countries, gas prices shot back up so we can expect a higher CPI print next month.
Canada's central bank, for the second session in a row, continues to pause on interest rate hikes as they announced this morning rates would remain at 4.5%. Canada's inflation cooled a bit as well to 5.2% for the month of February. While not at a record high, gold priced in Canadian dollars is now at $2,700.
Canada's not out of the woods just yet. From a couple of sources, including the CTV network, TD (Toronto Dominion) Bank is the most shorted bank in now the world. Should investors be worried? I read somewhere that TD had invested heavily in U.S. regional banks and are feeling the pinch. I don't know the full story but it goes something like that.
As for silver and gold, they're now the talk of the town. Both metals have performed impressively in the last couple of weeks. In fact, gold just had its best quarterly closing ever, coming in at $1,980 on March 31. Below is a snap shot from Kitco showing the price of gold in real-time this afternoon.
silver to gold ratio has improved a bit in silver's favor, coming at about 79:1 this afternoon. In February, that ratio was closer to 84:1. From what I hear, there are silver shortages everywhere. Big Money is swooping in and buying vast quantities, making it that much harder for those wanting to buy small amounts. I visited a top precious metals dealer's website this morning and most of everything is sold out or there is a waiting list for the next new batch of products.
This is probably going to be the norm for a while. On top of that, expect more bank issues as well as that dreaded recession everyone knows is coming. With everything that's going on, it's only logical to think that gold and silver will rise in dollar value in coming months.
Also, keep a close eye on the U.S. dollar. It just nosedived this morning from 102.1 to 101.54 as the CPI print came out this morning around 8:30 a.m.. This too, is driving gold and silver higher.
Got Silver? Got Gold? Better to be way early than just one second too late!
Peace and love to everyone.
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Stagecoach silver bar (Pan-American Silver). Main dealers are either sold out or have wait times. When you buy from me, the only wait time is 'while in transit'. I usually ship within 24 hours (except weekends and holidays), in a discreet white envelope.
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