Astonishing Silver Price Update! How Many Ounces Of Silver Are You HOLDING? Peter Krauth
Astonishing Silver Price Update! How Many Ounces Of Silver Are You HOLDING? Peter Krauth
Silver declined slightly to 24.90 dollars during Thursday's European session, retreating from a recent three-month high of 25.16 dollars. This dip coincides with market apprehension surrounding the release of the United States Producer Price Index and Retail Sales data for February, which are expected to offer insights into the inflation outlook.
Market analyst Peter Krauth highlights silver's current state, noting that while it trades at approximately half its peak price, production costs persist around $20 per ounce, signaling potential undervaluation.
Despite this, silver's trajectory suggests robust near-term demand, as evidenced by its approach to a 10-month high of 25.90 dollars, set on December 4. Additionally, the 20-day Exponential Moving Average, at approximately 23.80 dollars, is on an upward trend, further indicating bullish sentiment.
Krauth attributes silver's capped price movement to several factors, including potential market manipulation, investor sentiment shifts, and industrial demand fluctuations. Notably, despite structural deficits in the silver market—with demand outpacing supply—the price remains constrained.
Currently, at 86:1, the gold-silver ratio illustrates the disparity between the two precious metals. Reflecting on recent economic events, Krauth mentions how the ratio soared to nearly 93:1 amidst the Federal Reserve's rate cuts and quantitative easing measures aimed at stabilizing an economy rattled by previous rate hikes. However, as gold and silver rallied, the ratio declined to around 64:1, aligning with historical norms.
Krauth emphasizes the significance of the gold-silver ratio, particularly when it drops below key thresholds like 80. A diminishing ratio implies silver's outperformance relative to gold, potentially signaling a favorable buying opportunity for silver investors.
Last year, the collapse of Silicon Valley Bank and the Israel- Hamas war served as a significant catalyst, propelling gold to new heights alongside other events. According to the World Gold Council, these events contributed to a 3% to 6% increase in gold's performance over the year. As we look forward to 2024, the landscape remains fraught with challenges. Primary elections loom in key economies like the US, the EU, Taiwan, and India, fostering political uncertainty that may heighten the demand for safe-haven assets like gold.
Peter Krauth emphasizes the pivotal role of substantial central bank purchases, which constitute approximately one-fifth of the annual gold market, in bolstering gold's resilience amid a challenging economic climate. However, despite robust demand from central banks and sovereign investors, this interest has not proportionally translated into gains for gold equities.
Leading analysts express unanimous optimism regarding gold's performance in 2024, foreseeing sustained purchases from central banks as a key factor in maintaining its price trajectory. The WGC, in its "Gold Outlook 2024," anticipates that even if 2024 falls short of the soaring highs witnessed in previous years, any uptick in buying activity above the norm should provide an additional boost to gold's prospects.
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