by Alasdair MacLeod
Following the Brexit shock, gold and silver have been consolidating the sharp rise that followed.
This consolidation, which started after America’s Independence Day, has been in the form of a relatively shallow correction, as our introductory chart shows. This leaves gold up 27% against the US dollar, and silver up 47%. Silver has caught up on all its earlier underperformance, driving the gold/silver relationship down from 83 in March to 66 this week.
While on the subject of performance, it is worth noting gold’s performance disparity between different currencies. Our second chart shows this in the major currencies.