In this report, I cover the early market action from London on Wednesday, August 28th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I talk about the price action in silver and how the silver price is so important to a precious metals bull market. I look at the historical technical picture for the gold to silver ratio and show how silver has outperformed gold in the two big run-ups in the precious metals in the last twenty years.
I also cover the action in the bond market and how the U.S. Treasury yield curve is now pointing to a high probability of an economic recession. For the first time in twelve years, we have seen the spread between the 2-year note yield and the 10-year note yield invert and now stands at minus 4 basis points.
My conclusion is that the economic and financial situation promise to remain turbulent and that precious metals will continue to provide a monetary safe haven in the years ahead.
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