Was the attack on Saudi oil foreseen by market participants over a month ago? We doubt it (though we don’t know). But what seems clear is that the marginal market participant sees rising risks to be in the dollar, and is choosing to own metal. And at the current gold-silver ratio, the choice at the margin has been to hold silver.
In addition to the growing risks of the irredeemable currencies, there is the problem of negative interest rates. Savers may be disenfranchised—i.e. unable to…
