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Gold is setting records dating back over 5,000 years -- against silver
By Steve Goldstein
MarketWatch.com, New York
Tuesday, March 17, 2020
Gold hasn't been such a terrific hedge of late against the turmoil from the coronavirus pandemic that has upended financial markets.
Over the last month, gold futures have retreated by 5%. While that's a long way better than the 28% decline in the S&P 500 SPX, 4.5%, it trails the performance of other assets that are perceived as safe, such as government bonds. The iShares 7-10 Year Treasury Bond ETF, for instance, is up 7% over the last four weeks.
But where gold is looking lustrous is relative to silver.
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According to Marshall Gittler, head of investment research at BDSwiss, the ratio of gold to silver is the highest it has been for 5,120 years.
Yes, there's data back into Pharaoh Menes' time in ancient Egypt, when the ratio was a more modest 2.5, and it was 6 in King Hammurabi's day in Babylon.
On Monday the ratio reached nearly 124. This morning the ratio slipped to 119. ...
... For the remainder of the report:
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