The gold-silver ratio stays above 80, and industrial demand is the reason
Silver has half a foot in the monetary camp and half in the industrial one. Right now the industrial half is the problem.
The gold-silver ratio, the number of ounces of silver that buy one ounce of gold, remains above 80. The long-run average is nearer 60, and the ratio has spent most of the past four years elevated.
The explanation is in the demand split. Gold demand is overwhelmingly monetary: jewellery, investment and central bank reserves. Silver demand is roughly half industrial, going into solar panels, electronics and brazing alloys.
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