“as confidence in a real economy returns...” —
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Gold and silver will rise again when the government’s economic house of cards collapses. Who really believes government meddling can prop up the economy forever? I can’t see the government doing the right things. The economic fundamentals have not changed, but the USA is simply less worse off than the rest of the world, for the moment. The stock market is mainly buoyed as long as there is freshly printed fiat currency. Yet, printing more of that unbacked money will increase inflation and that will hurt the economy again.
Well, maybe. I’m generally dubious of ratios as technical indicators. But even playing along here, I have to point out that in the first two instances, as near as I can tell, the important point is the first bottoming of gold/silver, let’s call it mid-1999 and end of 2006. I say that the third similar reversal is not the marked one, but the one way back in mid-2011, and the “snap” is so past its six-month due date that it’s expired.
Metals and all the markets are HEAVILY manipulated by our and other governments through money laundering, debt, fait currency printing, etc. The only reason to have metals is because you see the future collapsing in on those markets and currencies. So, with that, who cares what the prices are doing, collect metals as you can.