Bloomberg: The Relative Performance of Gold and Silver Against US Treasuries May Have Peaked

On October 26, Bloomberg analyst Mike McGlone stated that gold prices have fallen to a support level near $4,000 per ounce, while silver is close to $50 per ounce. The performance of both metals relative to US Treasuries may be at an extreme level not seen in about 40 years, suggesting that the trend of precious metals against US Treasuries may have peaked. McGlone pointed out that the majority of central banks raising interest rates, along with the pullback and volatility in the US stock market, could drive a change in the performance of precious metals relative to US Treasuries. In contrast, US Treasuries and T-bills with yields approaching 5% may regain their attractiveness.

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