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>Silver Was the Best Performing Asset in President Obama's First Term

by Peter A. Grant

Nov 14, AM
(from USAGOLD.com) --

Since last week's US election, the following chart from Deutsche Bank economist Jim Reid has been making the rounds. It clearly shows the silver and gold were the best performing assets during the President's first term in office.

Based on the LBMA spot fix, silver rose a remarkable 211% between November 04, 2008 and November 05, 2012; from $9.95 to $30.91, to lead all asset classes. If measured from Mr. Obama's actual inauguration day on January 20, 2009, silver still leads the pack at +173%.

Just as remarkable perhaps, is that as the President's first term wound down, silver was 38% off its high set in April of last year at $49.78. So at one point in that first term, silver was up 340% from inauguration day and 400% basis election day.

Chart by NetDania

The prevailing sense is that a second term for President Obama has bullish implications for the precious metals, premised on expectations that the next four-years are likely to look a lot like the last four-years. As we pointed out last week, who sits in the Oval Office is of little real consequence; yet I think it is fair to conclude that with the same captain at the helm, the same contentious division of power in Congress and the same super-accommodative Fed, the ship is likely to remain on the same general course.

Philip Klapwijk, the global head of metals analytics at GFMS, summed up some of the driving forces behind silver demand at the LBMA conference in Hong Kong this week. He expects "strong investment demand, higher gold prices on the back of monetary easing, rising inflation expectations and the persistence of ultra-low interest rates," to continue attracting buyers to the silver market. Klapwijk went on to make a prediction: "We are thinking prices will trend higher next year. I'm not convinced that we are going to $50. I think we will definitely see $40 to $45 prices."

Gold by comparison was up 124% between November 04, 2008 and November 05, 2012; from $751.20 to $1683.50; +97% basis inauguration day. It was the second best performing asset class during President Obama's first term.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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>Silver Was the Best Performing Asset in President Obama's First Term