- Silver prices are down over 3% this year compared to a 3% gain for gold, raising the gold-to-silver ratio to over 82x, the highest since 2016.
- Industrial uses account for 55% of total silver demand, according to the Silver Institute. A higher gold-to-silver ratio is seen as a negative economic indicator because money managers cut silver positioning when the outlook for growth is weakening, and gold rallies on rising equity volatility.
- Hedge fund positioning in silver futures is the most bearish on record according to CFTC data. Positioning flipped rapidly from record long last year to record short now.
- "There's just not many people looking to buy silver at this point in time," said Walter Pehowich of Dillon Gage Metals. "There's a lot of silver that comes out of the refineries, and they can't find a home for it," he added.
- ETFs: SLV, AGQ, PSLV, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV, SHNY, DULL
- Now read: What Is Silver Waiting For?
Original article