by Alasdair MacLeod
Gold Money
As the metal with the strongest antibiotic qualities it is ironic that the coronavirus pandemic has affected the silver price so harshly. As our headline chart shows, the silver price has collapsed by fully one third this year.
Prices are rallying in early European trade this morning, with silver up 6.3% from last night’s close and gold up 2.4%. From last Friday’s close, silver is down a net $1.90 at $12.83, and gold is down a net $25 at $1505. The gold/silver ratio rose to a record 126 on Wednesday but has since backed off to 117.
On Comex, open interest in both metals has fallen sharply with prices. The next two charts illustrate this for gold and silver respectively.