The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Gold broke out from a 13-year cup and handle pattern earlier this year to a new all-time high and advanced to $2800/oz.However, the ongoing secular bull market in US Stocks and the emerging bubble in cryptocurrency have stolen its shine.But in real terms, Gold and Silver have barely moved off the ground floor.
Backing has increased from an all-time low of 7% a few years ago to 12.4% today. Reaching the 2008 peak of nearly 30% would put the Gold price at almost $6,500/oz. Relative to the stock market and the 60/40 portfolio especially, Gold and Silver remain on ground floor territory. The same can be said for their allocation relative to equities and their value against the monetary base.
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