Mer från Ed Steers blogg:
”As a result of 65 continuous years of silver inventory depletion, there are now less silver ounces in the world than there are gold ounces; where formerly there were five times more silver ounces than gold ounces. While world silver inventories are down 90% since 1940 to just above one billion ounces, world gold inventories are up from 2 billion oz to 5.5 billion oz. Yet, despite the stunning about face in relative inventories and with silver, in effect, becoming rarer than gold, the relative price of silver compared to gold is the same as it was 60 years ago. In other words, in 1950 the silver/gold ratio was near the same 63 to 1 ratio that it is today.
”How can that be? How can one comparable commodity lose 90% of its inventory and another comparable commodity have its inventory almost triple and there be no change in relative price? There is no free market explanation for what I just described. The only possible explanation is price manipulation, which is why I devote so much time to the subject. Price manipulation is not the focus of this article, but it’s never far away when discussing silver and gold. In fact, the relative inventory change in gold and silver over the past 60 years with no change in relative price is proof of manipulation on its face. It also means that silver is much more manipulated in price than in gold, and an incredible investment opportunity.