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

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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