What is happening with silver. It appears to be falling into the abyss. Why is it happening when the fundamentals are so good?
Perth Mint silver sales collapsed from 364 thousand ounces in May (already the lowest since April 2012) to 294 thousand ounces in June. This is 37% less than 464 thousand ounces in June 2025. The silver price dropped from $75.00 per ounce to $58.50 per ounce, a 22% drop in June.
Gold bar and coin sales moved in the opposite direction, jumping 53% from 19.4 thousand ounces to 29.7 thousand ounces.
What is actually happening is that investors, particularly retail investors are dumping silver and buying gold. Silver, being monetary and industrial, is first to sell when risk increases, the funds go to the gold safe haven. Central banks bought 41 tons of gold in May. (Not from Perth Mint).
So western retail demand for silver has cratered.
Structural silver demand has not changed. Solar panel, electronics, Chinese industrials, military, electric vehicles, demand are all still there. So is inflation and a depreciating dollar. The gold/silver ratio at around 68 says that silver is very undervalued at present. The silver deficit is getting worse. All of this may change if we have a worldwide recession. The major buyers are not buying from Perth Mint.
What changed? Sentiment has changed. Probably big banks also had short positions that needed to be covered.
I think that silver based stocks could present great value at these prices. I would wait for technical buy signals before buying either stocks or physical metal.
Just for fun, Alasdair Macleod thinks that China has at least 50,000 tons of gold and will use it to back its currency. What then happens to the value of the dollar backed by paper promises and a relatively shrinking tax base?
PLATINUM
BUY: On the Daily chart (06 July 2026).
URANIUM
SELL (12 May 2026) URA.
BITCOIN AND GOLD
Bitcoin outperforms Gold (10 May 2026). 15.99 One ounce gold coins buys one bitcoin, this was over 41 ounces August 2025.
ETHUSD: BUY: ( 11 June 2026)
BTCUSD: BUY: 2 July 2026. NASDAQ (Cyan).
GOLD AND SILVER STOCKS
24 June 2026 Gold outperforms gold stocks.
Silver outperforms silver stocks (06 July 2026). Holding on by a fingernail.
GOLD AND SILVER
Silver to Gold Ratio
Gold outperforming Silver. (28 April 2026) Silver is coming out of the ground at about 8:1 and the Gold: Silver ratio is 70.27:1.
GOLD TO USD
Gold outperforms USD, (04 July 2026). A struggle at present.
Copper (SELL: 23 JUNE 2026). A very difficult market to trade right now. I worry that the falling copper price is giving us an early indication of a worldwide economic slowdown. Many of the effects of the on-again, off-again closure of the Straits of Hormuz are only now beginning to be felt.
GOLD AND SILVER CHARTS
| Today | Last Week | |
|---|---|---|
| Gold Price | $4,003.00 | $4,124.00 |
| Silver Price | $56.24 | $60.13 |
| Gold:Silver ratio | 71.20:1 | 68.67:1. |
| Gold Miners bullish percent index | 22.67 | 25.33 |
| Dollar Index | 100.58 | 100.94 |
| Dow: Gold Ratio (BahaUS BahaUS 52,796.00 Gold price, 4,003.00) | 13.19 | 12.71 |
| Current USA inflation rate (Dept. of Statistics) | 3.5% | 4.2% |
| Mannarino Market Index | 287.0 | 286.0 |
| Buffet Index -strongly overvalued markets 2.1 standard deviations above normal | 219% | 219% |
| 10 Year Yield | 4.59% | 4.56% |
Gold’s low of the week was $3,973.00 and the high was $4,116.00 now trading at around $3,986.00.
- Gold Monthly: is a SELL. (25 March 2026). Looking more positive. Still negative signals.
- Gold Weekly: (SELL 19 March 2026)
- Gold Daily: (BUY 6 July 2026). Interestingly gold daily is holding its buy signal.
The low for Silver this week was $55.38, and the high $59.67, trading around $55.73 at present.
- Silver Monthly: (SELL: 20260430. ( Buy $24.00 March 2024 to Sell May 2026 $73.13 = 204% Gain in 2 years 2 months).
- Silver Weekly: (SELL: 09 February 2026).
- Silver Daily: SELL (18 June 2026). A baby breakthrough buy indication on one indicator. Wait.
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Clients who request an introduction to an independent precious metals supplier may contact our preferred partners by clicking here.
Any purchase or sale is conducted solely between the client and the selected supplier.
A video by Mike Adams on the Goldbacks. Well worth a look. watch here
On the Stockcharts.com charts above, the blue vertical lines are our proprietary system buy signals and the red vertical lines are system sell signals – for information purposes only
An interview with Josh, owner of Scottsdale Mint: watch here
Please contact us to arrange the purchase and storage of your gold and silver requirements in a safe, insured location outside of your jurisdiction.
If you are interested in an overview of Fort Kobbe, you may want to have a look at this video: Mike Brown, Director, Fort Kobbe, International Vaults, A DotCom Magazine Exclusive Interview
This is my interpretation of the market and is not to be taken as financial advice. Before making any buy or sell decisions, I recommend that you consult with your professional financial advisor.
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