Silver Loses Ground as Evidence Suggests it has Decoupled With Gold, Mint Ratio

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Gold’s relationship with silver and the stock market seems to have changed, writes Jamie Chisholm of the Financial Times.

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The mint ratio is the gold price divided by the silver price. Assuming supply stays reasonably stable, the mint has usually tended to rise when equities fall.

Yet, since mid-2011, the mint and the S&P 500 have rallied in tandem. There is no big jump in silver output to account for this. So does silver’s underperformance mean investors are skeptical about global demand?

Decreasing 1.3% made Indian silver the biggest mover of the day, finishing at INR 37,100 ($600.13) per kilogram on Wednesday, March 4. US silver prices saw a 0.8% decline to $16.23 per ounce. Chinese silver saw its price rise 0.7% to CNY 3,525 ($561.81) per kilogram. The price of Japanese silver held steady at JPY 643.00 ($5.37) per 10 grams.

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Japanese gold bullion ended the day at JPY 4,650 ($38.87) per gram, after the 1.0% drop yesterday. The price of Indian gold bullion declined 0.3% to INR 26,623 ($430.65) per 10 grams. The price of US gold bullion fell 0.2% to $1,204 per ounce. Chinese gold bullion ended the day at CNY 244.29 ($38.93) per gram, after the 0.1% drop yesterday.

Japanese platinum bar finished the day down 0.5% to JPY 4,567 ($38.17) per gram. Chinese platinum bar prices rose 0.4% to CNY 257.00 ($40.96) per gram. US platinum bar prices saw a 0.2% decline to $1,182 per ounce.

At JPY 3,202 ($26.76), the price of Japanese palladium bar finished the market day up 1.0% per gram. The price of Chinese palladium bar increased 0.5% to CNY 186.00 ($29.64) per gram. The price of US palladium bar remained essentially flat at $826.00 per ounce.

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