A recent note to clients authored by Goldman Sachs analysts, including Jeffrey Currie and Michael Hinds, emphasized the continuing importance of gold and silver to investors, saying precious metals remain a relevant asset class in modern portfolios. The report focused on precious metals’ durability and intrinsic value, noting they are neither a historic accident nor a relic, even with new assets such as cryptocurrencies emerging.
The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements.”
The note also focused on Bitcoin, saying investors shouldn’t consider cryptocurrencies the “new gold.”
Could silver be set to soar?
Analysts Barron’s spoke with recently think so.
An article published on the business journal’s website last week predicted the white metal will emerge as a winner for the second straight year.
With a per-ounce price of $17.41 for silver futures as of Friday, analysts say the white metal is poised for a big climb, particularly as the gold-to-silver ratio stands well above historical averages.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
The Aztecs described gold as the “excrement of the gods.”
Apparently, it’s also the excrement of mere mortals.
In a widely circulated story, the Swiss Federal Institute of Aquatic Science and Technology (EAWAG) reports that about $3.6 million in gold and silver are lost each year in wastewater and sludge discharged from Swiss wastewater plants each year.
People seem to enjoy pitting gold and Bitcoin against each other. But do I really have to pick just one?
While cryptocurrency and precious metals have many similarities, in many ways they are polar opposites. And you can have both.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Gold sales at Australia’s Perth Mint doubled in September. Meanwhile, sales of silver surged 78%.
Sales of gold coins and minted bars jumped to 46,415 ounces in September, up from 23,130 ounces a month ago. Silver sales during the month came in at 697,849 ounces, compared with 392,091 ounces in August.
Indians love gold. Despite rising prices, a tax increase, and government attempts to tighten regulation of the jewelry industry, gold imports into the country nearly tripled year-on-year in August. India ranks as the second largest gold consuming country in the world, trailing only China. But gold isn’t the only precious metal Indians covet. They also buy a lot of silver.
According to a new report by the Silver Institute, India consumed 160.6 million ounces of silver in 2016, accounting for 16% of global silver demand.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
The London Bullion Market Association recently chose a new administrator for its silver price auction, and scientists have discovered a variety of rice that accumulates and stores naturally occurring silver in the soil.
The Silver Institute covers these stories, and highlights several other technological innovations involving silver, in its latest issue of Silver News.
