Over the last few months, we have questioned the dollar debasement narrative. However, in this commentary, we suspend our views and assume that debasement is real and, further, that it fully explains why gold and silver are rising rapidly. The goal of this exercise is to use gold returns and math to find a fair value silver price. The graph below on the left shows a relatively strong correlation between the 50-day percentage changes in gold and silver. Note that the trend line formula is “y=1.2223x.” This tells us that for every one percent increase or decrease in gold prices over the last 50 days, silver should ... (full story)