<div id="readability-page-1"><div id="blog-content"><img height="334" src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="500" original-src="https://imageproxy.pbkrs.com/https://talkmarkets.com/contributor/krishna-ahirao-iyer/user_content/ckimages/orig_zlataky-cz-kmzbzuybwkm-unsplash%20(2).webp"/>Photo by Zlaťáky.cz on Unsplash<h3> Gold in This Century</h3>The following chart shows what would have happened if we had bought gold at nearly any time in this century. The numbers are a little hard to read, but the color (green) is what matters: No matter when someone bought gold since 2000, they’re up, and the rate of gain is accelerating.(Click on image to enlarge)<img height="390" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/><h3> In Any Currency…</h3>It also didn’t matter what currency we used to buy our gold. It’s up against them all:(Click on image to enlarge)<img height="386" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/><h3> Demanding Physical Gold</h3>On major metals exchanges, the demand for physical gold has spiked:(Click on image to enlarge)<img height="397" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/><h3> Silver Doing Even Better</h3>Remember when the gold/silver ratio broke 100 (meaning it took more than 100 ounces of silver to buy an ounce of gold) and gold bugs called it a screaming buy signal for silver?They were right. Silver has been outperforming gold, and the gold/silver ratio is falling hard. BUT it remains above past averages, which means it’s still undervalued, both on its own and relative to gold:(Click on image to enlarge)<img height="394" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/> Not surprisingly, this translates into 25 years of silver purchases being way up, no matter when it was bought or at what price:(Click on image to enlarge)<img height="401" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/><h3> Demanding Physical Silver</h3>Like gold, physical silver is leaving the exchanges at record rates, as the amount of available metal dwindles:(Click on image to enlarge)<img height="373" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/><h3> What About the Miners?</h3>If the metals are disappearing from exchanges, are the miners’ gold/silver reserves becoming more valuable? Yes, especially given how small their market caps are relative to the broader markets. So keep buying the high-quality miners.(Click on image to enlarge)<img height="370" src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" original-src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_"/>Incrementum — source of great gold/silver charts — just posted some new ones that illustrate the epic nature of this bull market. Here are seven, and the stories they tell: <hr/>More By This Author:Next Year's Wild Card: The Yen Carry Trade Gold Bugs Win A Global Currency Crisis In 2026? </div></div>

BULL

The article discusses the ongoing bull market in gold and silver, highlighting that both metals have seen significant gains since 2000, regardless of the currency used for purchase. Physical demand for both metals is at record highs, and silver is outperforming gold. The gold/silver ratio is falling but remains above historical averages, indicating silver is still undervalued. The article also notes that miners' reserves are becoming more valuable. Incrementum has posted new charts illustrating this bull market.

The Gold/Silver Bull Market, In Seven Charts