ETFS Research Note – Precious Metals Ratios, A Good Guide of Relative Value
Summary
• Gold:silver ratio remains elevated as silver rides gold’s coattails lower. However, with economic activity likely to favour silver, traditionally high correlations could break down in 2015/16.
• Gold:platinum ratio shows that sentiment has been the performance driver in the precious metals sector, overwhelming fundamental conditions.
• Platinum:palladium ratio shows platinum undervalued, although a move back toward more historical levels will be prolonged.
• A potential gold rebound? Seasonal demand for gold historically robust in Q3
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ETF Securities Research team
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