Hey guys today I am doing a quick post about the precious metals market. Lets get to it...
At the current moment the following are all up today: Gold, Silver, Platinum, and Palladium.
Gold is currently sitting at $1340.23 USD per ounce up $11.70 today
Silver is currently $18.06 USD per ounce up $.23 USD today
Platinum is currently $1010.50 USD per ounce up $.50 USD today
Palladium is $983.43 USD per ounce up $4.18 USD today
The current Silver/Gold Ratio is 74.22
Things are looking bullish for the precious metals. Silver finally broke the $18 mark and Platinum is over $1000 again. Historically the Silver/Gold ratio has been closer to 35/1, although miners state that the ratio should be closer to 10/1 because that more closely reflects the amount of silver to gold found in the earth from mining. This is a big reason many feel that silver has the potential to "break out" to much higher levels. I am not a financial advisor, but I do feel that it is important to diversify your investments. I'm a huge advocate for crypto currencies, but I also feel it is prudent to own some precious metals in the form of silver/gold bars, coins, bullion, etc. JM Bullion now allows crypto users to purchase silver/gold with Bitcoin...could be a good way to reinvest some profits and have more diversity in your portfolio.
Well that's all for now. What do you guys think? Would you purchase precious metals with Bitcoin? Do you think precious metals are a bad investment due to paper manipulation? Will silver finally breakout similar to cryptos and reach new all time highs? Please comment below to share your thoughts.
Take care and stay safe out there,
Pete