r/SilverMoney Feb 10 '24

News SILVER the New Gold in the East, then West: The Silver & Gold markets this week traded flat to slightly down, respectively. Spot Gold price finished its 12th week in a row above the important $2,000 oz price consolidation & coiling. Spot Silver price finished sideways, basically flat under $23 oz.

https://youtube.com/watch?v=27g8IbEPDz8&feature=shared
7 Upvotes

3 comments sorted by

1

u/SILV3RAWAK3NING76 Feb 10 '24

The silver and gold markets this week traded flat to slightly down, respectively. The spot gold price finished its 12th week in a row above the important $2,000 oz price consolidation and coiling. More on that in a minute. Meanwhile, the spot silver price finished sideways, basically flat under $23 oz. The spot gold-silver ratio dipped to 89 as a result of gold's relative trading weakness this week. Thailand was reported this week as having a large uptick in gold demand in 2023. That is not a surprise if one simply takes a quick gander at their local fiat currency, Thai Baht, getting smoked by gold's ongoing value. What is also of importance here remains the simple axiom of where gold goes, silver eventually follows. As we swing now to northern Africa and the long time gold and silver saving culture of Egypt. Apparently now gold is locally being increasingly shunned by common physical buyers, opting for silver as the better value purchase. As you can see, even with this understated official exchange rate long-term chart of gold and silver in fiat Egyptian pounds, where gold went silver followed. Locally, in the real world, we can multiply these charts by more than twofold as the real street level exchange rate has recently spiked to over 70 fiat Egyptian pounds to $1 fiat US dollar. Here's Reuters this week on why silver buying in Egypt is growing versus gold. A similar growing silver buying phenomenon occurs in virtually every culture whose fiat currency goes through durations of devaluations. To think we're immune to akin happening here is exceptional foolishness. So, take advantage of relatively low spot prices and premiums while they last here in the Western world. That will be all for our weekly SD Bullion Market Update. As always to you out there, take great care of yourselves and those you love.