The stock market is near new all-time highs and getting all the attention, states JC Parets of AllStarCharts.com.
Cryptocurrencies are breaking out and everyone is all hyped up for another Defi Summer. Meanwhile, Gold is quietly hitting new all-time highs. Never in history has Gold closed at a higher price than it did yesterday:
Completing this multi-year base would go a long way in getting the next leg higher started for Precious Metals. I’ve been impressed with how well Gold has held in considering the stronger Dollar and elevated real yields. But historically, if precious metals are doing well, you’re likely to see Silver outperforming. You haven’t seen that, yet…here’s the ratio between Silver and Gold trying to find support at exactly the 61.8% retracement of the entire 2020-2021 advance:
If you start to see Silver outpacing Gold here, that’s likely happening in an environment where investors are (finally) making money in precious metals. It’s been a while.
To learn more about JC Parets, please visit AllStarCharts.com.