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Thursday, March 28, 2024

I Traded Some Gold For Silver

Courtesy of Mish.

Last Friday I decided the gold:silver ratio was so out of line that I swapped some of my gold for silver. The ratio is a measure of how many ounces of silver it takes to buy an ounce of gold.

Exchange Rate

My exchange rate last Friday was as follows: “USD 38.2355/goldgram & USD 16.3589/silver ounce” where 1 gram (g) of gold Equals 0.032 troy ounces (oz t) in gold.

Simply stated, I traded some of my gold at $1194.859375 for an equivalent dollar amount of silver at $16.3589.

This does not constitute a recommendation, I am merely stating what I did.

Previous Physical Metal Transactions

On April 27, 2011 I announced Taking Silver Profits – Swapping Silver for Gold.

I have held physical silver and gold investments continuously for 5 years, and on and off before that. Today I cashed out of silver, trading it for an equal dollar value of gold.

For the sake of full disclosure, my physical precious metals holdings are now entirely at GoldMoney and I have an affiliate relationship with them.

At the time, silver was roughly $46 and gold roughly $1500. Since I sold every ounce I had that was a good move. My next move wasn’t that great.

On May 1, 2012 I announced I’m Swapping Some Gold for Silver.

Fortunately I only bought back about 1/3 of what I sold. Here was my exchange rate: “USD 53.4986/goldgram & USD 30.9600/silver ounce“.

My expectation all along was for silver to dip to the low $20s but a couple rebounds from the high 20s to the 30s caused me to change my mind….

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