Crude Oil had its 6th consecutive green week, the longest weekly winning streak since February 2022
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Dollar came off the Gold Standard (excluding the Covid scare) Source: Barchart
➡️ U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June ➡️ The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount. ➡️ The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months. Source: Barchart, CNBC
That move back then marked the start of a long downtrend that eventually took the ratio all the way to 31 over the next three years. Are we heading into a similar setup now? (except we're starting from an even more extreme level). We’ve just dipped below 100; in 2008, the peak was 85. Just to put it in perspective: If the ratio drops to 30 today, silver would be trading around $110 an ounce. Source: Bloomberg, Crescat Capital