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Silver Outperforms as Bonds Struggle
From the Silver Stock Investor Letter: April 2022
By Peter Krauth

Silver has started behaving well since the start of the year. In the first three months, silver is already up 8.7%. The following chart of the last two months shows that silver began climbing in late January, then peaked in early March.
Top safe haven assets tend to be silver, gold, the U.S. dollar, and U.S. Treasuries. Secondary ones may also be highly liquid and widely used currencies like the euro, the Swiss Franc and the Japanese Yen.
What I find interesting is that silver started to climb a full three weeks before Russia invaded Ukraine. It’s as though precious metals were already sensing the impending military crisis, with Russian troops gathering en masse along the Ukrainian border. Silver then reversed, but not much.
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BTW - I really enjoy reading your newsletter - very comprehensive and you do an excellent job of integrating a macro perspective into your analysis.
Hi Gwen,
Thank you so much for this excellent Maven letter. Your market analysis and logic is again exceptional. Your insights, knowledge and feel have given me a wonderful couple of hours. I am now planning my activity. I look forward to seeing you tonight on the Virtual Metals forum, I am pleased that you start first as I am a morning not a night person.
I hope you and your family stay well.
Best Regards,
CLB