Diverging price trends of 'white' precious metals
There is a lot of complaining going on about ‘white precious metals’. In some cases producers are struggling to remain profitable, let alone to stay afloat. In other cases industrial consumers are trying to find ways to reduce the amount needed of those expensive metals having even multiplied in price.
Presently, price graphs are covering 2015 till the present day. Former articles have been focusing on the price trends in the early 21st century. See for example: Platinum, Palladium and Silver relative to Gold (Mar 2016) or Platinum group metals: a story of scarcity and industrial needs. You can find a complete list of precious metals prices related articles on the page: Precious metals (non-mining related) (4).
Silver
Silver is known since antiquity and it has been used for minting money since thousands of years. Jewelry for the common folk and cutlery (silverware in the US) for the affluent were a few of the early industrial uses. Photography during the 19th and 20th century has been using a lot of silver, though silver recovery from spent fixing agents made up for much of the need.
Now solar panels, medical applications and electronic devices take up most silver. Meanwhile, the minting of investment bullion and commemorative coins has replaced the former minting of circulation silver coins (though not to a comparable volume).
The gold to silver ratio was extremely important when a bimetallic standard was used. Gold was valued about 16 times higher than silver. Under the gold standard (from the mid 19th century till the early 1930′s in many Western countries), silver coins have de facto become fiat coins. At mintage, their face value far exceeded the silver metal value. Because of this, silver coins remained currency for decades after gold coins had been withdrawn.
Silver price and gold-to-silver ratio:
The price of the metal (blue) on the left axis and the Au:Ag ratio (red) on the right axis |
The silver price has been struggling for much of the observed period. The metal hit a $14/oz bottom repeatedly and was unable to keep above $20/oz. Silver broke down during the early days of the 2020 pandemic and lost ground far more than gold did. The Au:Ag ratio peaked at 125 on Mar 18, 2020. Monetary and fiscal largesse drove up both stock markets and precious metals in the summer of 2020. Silver nearly reached $30/Oz on a closing basis. When inflation eventually surged, the FED started tightening and precious metals weakened. Again silver slid more than gold. The Au:Ag ratio bounced up from the mid 60′s to the mid 80′s. Silver is again quoting below $20/Oz. But for how long?
Platinum
Palladium
Palladium price and gold-to-palladium ratio:
The price of the metal (blue) on the left axis and the Au:Pd ratio (red) on the right axis |
Until well into 2017, platinum was more expensive than palladium, as it always had been historically. The palladium surge was however not mirrored by platinum. The ratio spiked above 3 as platinum dipped to $600/Oz during the pandemic and failed to recovery as rapidly as did palladium.
Rhodium
Au:Rh ratio from 2015 till now. Early observations are isolated monthly averages. |
The below graph shows the daily Rhodium price and the Au:Rh ratio in the latter part of the graph. Rhodium prices overtake Palladium both in price and volatility. Unlike stock markets, volatility is not a synonym for prices cratering.
The pandemic caused a short lived plunge of the Rhodium price to a bid/ask level of $2000/$4000. It didn’t last very long till the pre-pandemic peak was overtaken. During 2021 Rhodium surged to an extremely high peak of $28000/Oz. The current price level ($14000/Oz) seems sustainable over some weeks.
Source: https://gwyde.blogspot.com/2022/10/diverging-price-trends-of-white.html
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