Precious metal ratios and recessions
Mar 13, 2024 Goldmoney Staff
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The ratios of gold to other precious metals such as silver platinum and palladium have been increasing over the past year. In the case of platinum, the ratio is near all-time highs. We find that historically gold has strongly outperformed other precious metals during every US recession since 1971.
Gold prices and interest rates tend to move in opposite directions. We have already extensively written about this before (Gold Price Framework Vol. 2: The energy side of the equation, May 28, 2018, here (Part II, 10 July 2018) and here (Part III, 24 August 2018), as well as some follow up reports that built on the model (Gold Price Framework Update – the New Cycle Accelerates, 28 January 2021), (Gold prices continue to weather the rate storm, 13 April, 2022 and Gold prices reflect a shift in paradigm – Part I and Part II, March 15 & 16, 2023)
However, despite the rise in interest rates and, in turn, real-interest rate expectations, gold has rallied over the past twelve months (see Exhibit 1)
Exhibit 1: Gold prices are higher than a year ago even as real-interest rate expectations (TIPS yields) moved higher
$/ozt (LHS), 10-year TIPS yield in % (RHS)
Source: Goldmoney Research
At the same time, other precious metals are stagnating or are even declining. Silver prices have been rangebound for the last twelve months and even the recent rally in gold to new all-time highs didn’t manage to push it higher. Platinum did slightly worse, and palladium is outright collapsing.
Exhibit 2: Other precious metals have performed significantly worse
% change in value since February 2022
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)
Source: Goldmoney Research
This means that the gold-to-silver, -platinum and -palladium ratios are all sharply up. In the case of platinum it set a new all-time high.
Exhibit 3: the Gold-to-Platinum ratio set a new all-time high
Gold price / platinum price
![](data:image/png;base64,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)
Source: Goldmoney Research
This is remarkable given that gold is the most interest-rate-sensitive of the four precious metals. Importantly, gold is not outperforming other precious metals because it is extremely strong (it rallied 13% over the past twelve months while the S&P500 is up 35% over the same timeframe), but because the other precious metals have been performing poorly relative to almost everything else as of late.
When looking at historical periods in which gold outperformed other precious metals, what stands out is that this happened in almost all US recessions that occurred since US President Nixon temporarily suspended the gold standard in 1971.
Exhibit 4: Gold outperformed silver…
Gold price / silver price per same weight
Source: Goldmoney Research
Exhibit 5: …Platinum…
Gold price / platinum price per same weight
Source: Goldmoney Research
Exhibit 6: …and palladium in all US recessions since 1971
Gold price / palladium price per same weight
![](data:image/png;base64,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)
Source: Goldmoney Research
The below table shows the outperformance of gold vs other precious metals during all US recessions since 1971 (where price data available).
Table 1: Gold outperformance during recessions
Source: Goldmoney Research
We think there are two main drivers for this phenomenon. First, in a recession, the Fed tends to slash interest rates to ease financial conditions and in an attempt to mitigate the tightening of financial conditions a recession can have. All western central banks tend to act that way, and increasingly in coordination. More recently – since the great financial crisis - central banks have much more aggressively tried to “stimulate the economy” not just by cutting rates, but by deploying policies like quantitative easing. In our gold price framework, we have demonstrated how declining real-interest rate expectation and QE drive up gold prices. It also has a positive effects on other precious metals, but the impact on gold is far greater and thus gold outperforms other precious metals when the Fed uses aggressive policy to combat an economic downturn. However, often the Fed does not slash rates aggressively, or – in some cases – doesn’t even lower rates at all until the US is in a recession for several months (see Exhibit 7). Historically, the Fed also has continued lower rate even as the economy was no longer contracting and left rates low for long after the recession ended.
Exhibit 7: The Fed tends to cut rates marginally or not at all until several months into a recession
%
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q1NfsWQtWoOGwYTKitGtgvngm1Tycm1D78HPvxMKFeYAX6FCAbhFqdCbUVueeNZ0Lt060JtQ8/xzahXmID2nHLvdW1EKq+HewRaivqe8czofbpx4Tah59jm1AvsQGdCWWk2upaCZWpZhNqK+p7xzOh9unHhNqHn2ObUKfYwJ//xY9fjqfkEtcZ1J5/aN5CqDqqY0LNaebe/ibUPv2ZUPvwc2wT6hQbEGGyQJ1yIrbUu1K/FkKVXH/39//waZTqTUmliO8fzoTapyMTah9+jm1CnWIDIszcZwW1ltmTeQuh8iF+pnyRS6NUE2qPFvaKa0Lt04cJtQ8/xzahTrEBCBPiym060vGVnsxbCFVrt8hlQu1Bf8+4JtQ+vZhQ+/BzbBPqFBsQoeb+k8zVhIpcJtQpqr80URNqH/wm1D78HNuE+mIDHz58eLx79+7TRcPU4yBMRqi5/3XKO6aFe1zLCPX9+69e5Ao/kO8p3x4t7BXXhNqnDxNqH36ObUJ9sQFGa6wrQjhv3rx5tP4HGBmUCJVNQCkHoebepcKn/FoIVedfTagpRO/vZ0Lt06EJtQ8/xzah/oYNMEqFVHsdhJkbhX78+PHl3RWEqv84w8jZU769Wt4vvgm1Tycm1D78HNuE+skGqEyMTiGaM8f/EKXxSl2kI0JlLTUOo88OQmrxu5rfuW9GiihTd47LaHSs94x0a/J12LTed8ClxCas77z+SvBTvSm972AXliGv89HY5OxidD6z0jv7NsIPHo/HT88IkveMTBmh9joqpQiVqd/Y8dEH3uc2LMXhc79bpnxRtjZESfFeQ80hfD9/Kpn0mrufVZj7lXqcxB6hjsPytaaU65QxCHsGV0SoNDKMTns+BSiwNAIVqdKwhWuyWsfMHalROmf3VkLVGVg1uCbUM6Tv896E2qcrE2offo7tKd9PNjCqB6ERqDYmiViVPiNT/AjX41oJVR+dMKH2oL9nXBNqn15MqH34ObYJdbgNaAQKcbKbVmdSWb/E6eMKvaPhVkLV5wf1tSSPUIebwGUJmlD7oDeh9uHn2CbU4TYgwoSwcCJYTfHq83/Mtfe4VkKVfMjDKNWE2qOFveKaUPv0YULtw8+xTahDbAByg6i4wilVEteaKu8gMI1Ye4mslVBF8JKnV44hADqRIQiYUPtgNKH24efYJtQhNqBRp9ZLuWs3JXd+M9Uqsk3t/q0VpJVQRfDI4xFqLep7hzeh9unHhNqHn2ObUIfYgIgSsuKKp3N1VEU7bCHDXtdKqJAoBI/MJtReLewV34Tapw8Tah9+jm1CHWIDIspcYnovYs2Fq/E3odag9TrCmlD79GxC7cPPsU2oQ2wAomTEl3MawWrqNxeuxr+HUEXsHqHWIL5/WBNqn45MqH34ObYJtdsG+GjDGVGyAYgwXDyPcCbUESg+Vxom1D59mlD78HNsE2q3DWiTzxFRKgyEquMzvRn3EKqmoD1C7dXCXvFNqH36MKH24efYJtRuG9AxlDOiZJoVQtUHHnozNqH2Ini/+MyGaONb6k4H6ezS7vP7lX6+xCbU+Rg/ew7+lm+nhnVk5owotY466txnD6FKFo9QO5W/OLr0puWD+M7Mgwm1XSkm1HbsHPM7BEyonZagT/md9fwBuvf7vaGoJtQQjdfxzCwHF8sL8aV3JtR2WzChtmPnmN8hYELttASNGjqTqY7eQ6jqBDBtOGrEXF0AR6hGANJkFJpy4br4EamedfxSab8WPxPqa9H0vHKaUDuxhVBp6Fa7HkLVNDUjZhPqas2158cUL/aWcibUFCp1fibUOrwc+ksETKhfYlLlo4asKtKAwD2EynQhjTMbqUyoA5SxKAl0xuxCyqljdzQ65Z1HqCn0vvMzoeax8ZsyBEyoZThlQx1Nw2UjDXjRQ6j6n6zcTagDlLEgiY8fP750go4IFcI1obYrw4Tajp1jfoeACbXTEu5MqIxUTaidBrAoOrvIIUx0lnJayzehptAp8zOhluHkUHkETKh5bIre0Mjl1rWKEmgM1DNC1dlZE2oj+BdE4//rYmvMKqScNpqZUFPolPmZUMtwcqg8AibUPDanb379618fTsOdJtARoIdQ9eUmGmGPUDuUsDCqOkG5D4iIUBnJHpGq11DzSjOh5rHxmzIETKhlOCVDQWqMGtg1u9r1ECoNrkbWJtTVmmvLT+veubPM2rlNZ8mE2oaxCbUNN8f6jIAJ9TMW1U9n61rVCVZE6CVU1n65TKgVoF8YVDuzIcyUE6EyNWxCTSF07mdCPcfIIY4RMKEe43P4ltHC0brWYeTOl72EynEfZDehdipiUXQRJhU25US42KQJNYXQuZ8J9RwjhzhGwIT6PT4fPnx4vHv37vH+/VfHiAVvz9a1gqDDH3sJVWtupGO3PwLSV64DJEL9+uuvTaiN6jShNgLnaJ8QMKE+Hi//wYMRgHr2n9A5eThb1zqJ3vW6l1DVADNFaLc/AjoWk5NUtkgnT3acuntTUg7Bx8OEmsfGb8oQMKE+Hi+j0rdv377cSwiGtVN9IYlpU9a1aKhWXr2VXw0w95Vyj8iLzg/4hxcdhBFp75iGOj+seefkkz6ZYUkRqfz4n6m5NF67f64xFHYt99eO6Wsrf86G7oJDbgZM3YkfPB6Pn+pH7k4jxHQvZPrmzZsHoBw5wmlTD406X7FBkJVXL6FSBjoDkNNKuUfkBfbILh3wjB5GpL1jGpSNMuqYU0pGLT9ArEcNP4Saim+/X00ZoRrXte3i1XgfEerVspXkz1HQI1dMqJAqvQgIlQbpyDFCvdr1TvlSRhrpKz5K0YtdLPfZdGhvflfHj8ubkqeUULFxuzQCvZ3UVEcmnZN9nxWBHKGeEdVd8CgiVECASLkg1rPCn41gV4AzglAZ4TH6uZvTaE1ya8POP/3zv8jrae6UKS5vqnDacc70cKphl58JNYXed34m1Dw2flOGgAn1e5wgUYbEJW6HRmkEoUKmkOqdXOoj8VpjLFn/vlNZkVVT85TxyIXhRJ6p+w62e1SOK9+ZUK9E/znyNqHeVI8jCFVTpaUdiR2gSn1MQ6Mz1g+fzWmzEVO6R06fkwx3q5tQjxD78p0J9UtM7FOHgAm1Dq9tQo8gVBpfphNzX9/ZprCBIBqJheQJcVAOyvNsTjqijEcuxCBFpPLzCDWPogk1j43flCFgQi3DabtQIwhVox+mfhmtcmEQOzttvolHbBAq09cqB/c4zM7lyslGOSjb2bo+ZEA41pNFnqm7CTWHtM+h5pHxm1IETKilSG0WbgShMtqDhGiIdZ2t1V0NgzoBTPOGTkdLVA7ud9xwFZaJ59J17nDzUopI5WdCjRH+/Nsj1M9Y+KkNARNqG26XxxpBqDSyWj8NG+TLC3cggDYgnU1TlxLRQVZbvCrdic0Ilk6ER6jtajOhtmPnmN8hYEK9qSWMJlRgoEFminFnpzXFs6lpTZXuXJYz2ejsiCTPwvJe+tNoNHX3CDWPpAk1j43flCFgQi3DabtQMwj1DqM6nTnVyDqnGBEvpHJXp527pdPwJtQ+TZtQ+/Bz7MfLHpRUR/ZsD8RdsCv6sMNdChPKOYNQ7zCqK5Uxt9YaYrj7c24DVk5uE2oOmTJ/E2oZTg6VR8Aj1Dw2W7+ZQaga1dGw7OpKR9E6XlM6utuxvKXrxZJd662pHrL8POUrtL68m1C/xMQ+dQiYUOvw2ib0DELdeVTHrl4IH9LgOnM9m6yYnoHMyK/nIo2WqR6mesmXzgOjzrPpbWEhbBjZikDjuwlVaH15N6F+iYl96hC4A6HSNv7lT375G9eP/uxnD66zwZSnfH/+82zjSmMbNtY7f3FI5ALB8FziNAVaEjYMIxyI33vFx3vCfHLPYVlLOg9KR/G4x0Sq3yZUofXl3YT6JSb2qUPgDoQKcf7+n/xN8uLdkTOhVhAqDQoEwuhoNwexQBQYbNgJOJKT8DWEpLQ0UmekR34tl9Y/SavWhWWtIUDkVJlFoPG9Jr1aue8e3oR6dw1eLz91MK5z/G6ZqZpVmj/+0799cDFSja8zOU2oFYSKAltHdbOUr3RFMvpdci/dwBSnRYcCHM6mP+J44W8qVmvnpFUHLAOYUEMt1D2bUOvwcugvEbgDoTI6PRuJflmy73xMqJWE2kJcOfBH+reQjIgRoqlxrUQc59Eicw8RU07Jnuol4+cRaqylz79NqJ+x8FMbArsTKiNSCJU11BZnQq0kVBrklmnSFuXUxGkhJ03d1q5japRXI18qbEvnROu3LVPFEKrO6fJfeVKkakJNaeo7PxNqHhu/KUNgd0JFPhNqQpc0nqkGs9YvXo9Ug0xPZhfHvD6Eimw1rpWcIEI6Fr2uhZhbOwHIGhIqx4ZStmBCzWvVhJrHxm/KENidUBmZQqi0FS3OI9TKEWrt2ccWpdTG+eabb5rWIzFuETHkWnopTq2ccXh1TkpIjA4M8mnKtsXgiaNpbtJ6bYRK+Ut1HIdDRybU2IL9uxaBnQmVgYl2+HI0L7zogHN9/PjxsMgm1EpC7dmdeqiJjpcQAyTXsvuYeC0XHYteV9M5EflK1pa8IRTlmTuLWkLuLXnvEIcZAeFXewd/E+oOWry3DDsTqsj0qJ68efPmUAEm1EpCZe2NxqiFvA410fGy9pu2YVaMRJhGrb1GEI86J9zPnKaHkROZWxyEqilj7q9thMpUPVetrrF3ZgZMqC1W5zghAjsTqo7L0NZwff3115+u9++/enAh/5EzoVYSqtYrR6whHimm5h0EQ6NHQ3knp85JyWi3ZQNTjAWEKhInz9dEqHSAsJHadXYwFPYm1Nii/LsWgZ0JVcdlsPezkWiu3CbUSkIFSDUwOVBX+9+VUNU5OWvke8gg1IXWEDXD8JoItWcWQ/ZuQg2tyc8tCOxKqLRFIlTah3fv3rUU72FCbSBUTT82IT4hkkZdJVOnE7LvSlKN9VEiPWQQpguhKi1I/DURao+NyN5NqKE1+bkFgV0JlbYBQlU9Ybq3xRURKlNzMDZXa0YtwvXEAaBUg1nrFx+bQSYaY3ox9Gp2cFoXbF1bvLIMaqyPZJCR93YYZBPojin7lC2MWBs+KstV77QZi7pc67Sz2oRai5zDxwjsSqg6LqO2lI53iysiVLYLQ6Zk0lIhWwTrjaPGM9Vo1vilCLWnceotVyq+5EFPd3NqrI86Jzrq0mt7sonXSKg9nUDFNaHerXbtJ+/uhPr27duXwRJHEVtcMaGSEaNTyOjM0Tgi0JVXTnE1ZEpYGuG4HOrFcI/fXfFbhEOH54r8e/I8k12NOSSY0kVN3rIJTTOnbKE3jxp5VobVTEBLntIBHZoUZj1+LfI4zrVtaw/+OVvpSbM3ro7LqHNPW5NL82wGq4hQ6Zky+mHbMLufUqO2M5Jd/V6jkZwCS/1TZdU6HCPDHZxICcK4m1PnJDedCxFg4ITrdbIJCJUrZQM7fQGrt7xhfHUiQr/SZ9kXbUAKsx6/o5mJUvkc7j4IqFMb20yqnV1VKo7LsH6qTueHDx+asy4iVH0dgh4qhHrG0s3SDIyoxjNWXO3vlKJH7TodVVyNIO5IBmedkx4iiPGVTajipGzhDrYdl+vsN6Slae6zsKn36vSwRp/CrMcvlZ/9nheBHKFe2bGCUBml0ta0HpeRxooIlaleMuLypqTvoBvZ0EsZrXcRamv8K+PRCaCxpwyx6yWCOD0RqqZ2UkTwjIRKOcGYkWaLCzeFpTDr8WuRx3Hui8COhBoel2Fps8cVESoZ0NBc2YuoLaQaz57KTtzUCBVZNMqplWtGeBHEjLRXpEnnhDLEDvx7iCBOTzYhvFK28YyEKkJsnTYPzzmnMOvxi3Xk38+NwG6ESoc+JFSWNXtcMaH2ZHJFXDWePZWduDlCVaN8RdniPHeSJZat5HeucxI25CXpnIWRTWhEz3RzbB/PSKi9u8DDafkYr97fZzrz++dCYDdCRZ7w/GnvSQkTasOHHTBxbdRAIVe7HCFdLVdp/rkOQS8RxPmLUKW71JrgMxKqOhCta+zYuGYKenu3krUAACAASURBVAk0jh/ryL+fG4HdCFXnTzkWio33tucm1EZCDTdqXFUFIAamSzEE7nd1IjjKEF6Ui6uVCGI8RKgiaqZC4wb+2QhVZQXHVgcmxIeYY7x6f7fK5Hj3RGA3QmUz0u/94Q8/taO9y5om1EZCHT0d2VI9RKaMUGk47+qYZqEMqSu1Wam1nCJUdYa4x4TwbIQqG6HT0uMgVGYSYrx6f/fI5Lj3Q2BHQqXdwb57NyShDRPqzQkVY7ArQ0CEqk06dEJiQng2QhURliGUD6WZgxiv3t/5HP3mGRHYjVA5MoNt01kc4UyojYQabtQYoYiWNEY1li153zGOCJWjX2DHqC0mhGciVMpLOUeM8rXOHePV+/uOdmSZ2xHYjVDZkKS2oL1Un2OaUBsJFcMYqYjPKil/GtVYlud475AiVKaYhV1MCM9EqCOXJbSxKbUzOsaw5ve9LcrS1yKwE6HqyAxtAZuSRjgTaiOh8q3HKwlV+Y8YfYwwpDukIULli1+vgVC1Vgyx9jptbkpt5Koh0Dhsr1yOfy8EdiJUZGFDEm1Bz+cGQw2YUBsJVV/xuYrQRAp33owUGuKKZxEqjTqVKLXJ5plGqNo9TcPR6zTaTa07xyRZ87tXLse/FwI7ESpHZkSotKcjnAm1kVABX43yCEXUpqEGjlGIXRkCIaGyEYENXXHj/yyEil1oh28ZOseh1AkhzZGj1ONc/fbZENiFUJGDDUnaGzCq3ptQb0qo2qnK3a4MgddEqDoKMGr3IjMyYZpxR6T1d5nmHOpZENiFUMN/2UYncZQzoXYQqkY5o5RRk87I9bGafO8cNiRUyAH9xUQwqqd6NU4zbJN/46h0Y9xaf1+Nk/Nfi8BOhMoIlXZgVKcTJE2oNyVUbRJh16VdGQKvhVDpFGjTVRkyZaEg1FxHxIRahuFrD7ULoUKmOoPa+y/bQp2aUG9KqCM3nIQG8czPIaFq7SQmgmcYoc46Iw2hCjc2ccTYtfx+Zntz2b5EIEeouX9C8mUKY3xEqHQ8Rx2ZQTITagehqrc+RsV1qehc4GpDrJNyr9AhoQq/mASegVBnra9DqOrIsSkuxq7l914WYmlmI7AToWrZbOT/+Dah3pRQNVKYXQGeKf0UofKRh5AInoFQtRww6iiAbABCVSPEPcSt9Vlp+/46ENiFUPlCkurJyGUzE2oHoV5BaowMGF2xOYTLrhyBkFBzI61nIFSNvnv/c0aMLISq41rg10qiYbw4D/9+bgR2IVTOnzLDyJQvH8kZ5UyoNyNUGQGGwLNdOQIhoap3Gp+pfAZCnbUUAaHqgyKQdkiMrc/l2nPIZ0BgB0KljqsdHT0oMaF2EKpGAisNXccW+A7l6BHIynJckVdIqLmpy2cgVNnIaIwhVIhTO4hbSTSMN1pGp7c3AjsQKm2nOp2j21AT6gBCHfUPsEuqwqzGsiTvu4cJCVUbdxiphg383QmVBgLCYzlitAsJlfRD3FqfR8vo9PZGYAdCxY4hVK7RzoTaQahah8NIVrlZjeUq+a/MJyTU3Frg3QlVU7LY5mhnQh2N6OtLbwdCRYZZAxMTagehah1u9G7KXDXT6IOpZrt6BEJC1VnNeC3w7oSqkTdT2qOdCXU0oq8vvR0IlY/iQ6gzZnGKCfXjx48vB2BHntmZaU5h49k6HUW8o3OeWofj6MUKR5kYoc4YfayQ/+o8YpvQaD+0j7sTqjp5I48CSG8iVPXuQ9xan5W2768DgV0Ilbo/8gtJ0l4xob5//9WLACO/KiEhZtzjxrO1wpcQKo0YIwPuM52m82bnM7MMV6Yd28QzEqo2ys1Y1zehXmm9z5H3ToT69u3b4aAWESogkDmj0xJCZWqSsz1XXjnF1RIrjXCuHJpeo2HWBdnlwvf6a91vZh69Mu4cP7aJ1EgL0ti5DGey6TjAWbiW98IvhVttvVL4Fjkc59q2tQd/6T2+H7WzPfml4vKfZmiv4bTU+yO/sxmsIkKFRCFTEerRqG045TcmGI9GYgWW/j4qKx0HSFWjU5Q0c/QoAuduV49AbBPaOh/awoyRXb2k7TFEdu0p5GN6hJrHxm/KEFCnLKxzPB+1s2Upl4fiO7601cy6jnbFhAqbs3bHvPOqTTg9hY0bz1iBpb9LFU1DjJJmbhjSmi0jVbt6BGKb0JeuQlu4O6FigzM2W4C2CbXe5hzjNxHYgVDVjs7YD1REqILkw4cPRVO+Cn/lPW48w0az5rmUUCnrzMaM9Bn9kseMDSdX6mpV3rFN6NgTHRTZxJ0JFcLDPmZtWhOhpkb2wq/2vkr3zmcPBHYgVLWjMzaTVhEqKmGa8w4ubjxrK7rC1xCqGppZ+IgAaNjs6hGIbUIVix6r9H1nQtUaO+WZ4UyoM1B9XWnuQKh8x3fWwKSaUO+i/rjxVINZe68hVE0hzsJIOzjv0qmZhUNrurFNaE2ajors4s6EqqmsWUsCJtRWy3M8IbAToVLnRzsTaseHHWJlaATJlCyN92g3m7BHy7tbejGh6hgSuPJMBbsrodLJUodrhu2hSxPqbhZ9P3l2IFS1o3xbYbQzoQ4kVI0QmE6YMaUwe0p5tHHtll5MqBAou2LRFZXszoQqMqUss5wIVQ0SePVes2R1unsisBOhzpjpM6GeNAo1U76MbliXU4Mz+njLzCMRe1a/sVKlCJVOELhy3ZlQ1dkabXOhBmYQ6oxGLZTZz3shsBOhzkDGhDqQUKWgWZtDNJJSPr7XIZAiVEhUHaA7E+qKzpYJtc7eHPpLBHYgVHU+v5Su38eEOoFQ9eF1RqujHIYIoc46EjFKzp3TyRGqpkvR2x3XUPl6C7ZBOWY6E+pMdF9H2lcTKjMiJtQGW8s1nrVrPjVTvhJzBvnNGvVK5tdwz9mEjs8wXXpHQp3RgUvZgwhVHRBt5KqtU2F4T/mmkH5ev6sJlfYcQuWa4TxCnTBCRWmjRwza8DTrSMQM49otzRyh6vgMxHpHQpX8M9dP0aUJdTeLvp88VxMq9Xvm8ogJdQKhYuaj1zt1JAdSsGtDIEeofDFFHaA7EqpG2LM/CRoTKiPjcLTZ8uwRapst3zXWLoTKvokZzoQ6iVBH94K0cWaGEbyWNHOEChGoA3RHQtUU7GxyEqGqc0dHpIVEwzizZX4ttn2Xcl5NqLQBtM0m1EqLOWo8wwp99tyyhoqoowl15kJ6JbS3DX5kE9LXHQl1lW3EhMryw1n9OXtvQr1tdWoS/GpCJX/NRjUV4CSSR6iTRqijGzmNoE706dcHCJwRKqR6R0JVZ+Cg6ENemVCHwPiqE9mFUPmvaTOcCfUGhEojP7NXNcOwdkzziFDVAboboTLCW2UbIlSt2bIJ6mwEevbeI9Qda8o8ma4m1L/8yS9f6sus44cm1EmEOnLNU5tmaMjs2hE4IlTp626Equ8Rr7ANE2q77TnmdwjsQqj8f+8ZzoQ6iVC1UaR1DTZUto/MhGi0Pz8joa46MgPqMaG+f/+VR6jt5vgqY15NqD/6s5+9jFDfvXs3BX8T6iRC1U5IDKjXKS2mz+zaETgiVHWAII07OU2/coRlthOhqoPH/WxK9+y9p3xna22v9K8mVHVA6QzOcCbUSYSqho61ud5pRE1HuvHpqwJHhKpOywpi6ivF59g0DmxIYg2Vzw/OdibU2Qg/f/pXEip5//6f/M1Lffn666+ngG1CnUSorHuqsaPh63HaMNOThuM+Xv5HbW7EpA7Qnb5EpY4W9xVOhKpePpjl8Cz1dydxheb2yeNKQmW69/f+8IcvhPrhw4cpoJhQJxEq2hq1mWjVsYgpFrZRokcjVE1j9nZ+VhZ3tV2YUFdq9znz2oVQaZtnOBPqREIdcdxlxneBZxjSHdI8IlSNuiDWu7jVZ5NNqHexjH3l3IVQZy3tmFAnEipm3dvooXjSYHrNrg+BI0JlTeVOONMwIe+s83QppEWo+s9H5F06tZsL5ynfFNLP67cLoc767nURoVIZ2GbMNYvZR5vQUeOZq9wp/95jL73rnxo53WkqcrQuR6V3ZBOanl9JUD3lEqmtHFGbUHs05rggcCWh/vGf/u2nNVTkmOGKCBUShdHZajzrQOzowh01ninizPn1Eqo2jrSWT5tl7tKRaS3ninhHNqEPJHB85g5Oa74rN1GJUNX5AKtcvSn19wj1DtY2TsarCVXH47755ptxhQpSKiJUSIVKBJnOOr8TyDTk8ajxLK3shOslVB3HQJEtl3YK98oxBNSbJ3JmE73T8yvhkV1RplVOhKplCGZfIPSa+hSHNaGu0t4e+VxJqByZwWap57Pa0yJC5Ywba0wQKtdZJeA9PYArr5zi4gp99psGq6ccmrJFia0XRtAjg+N+Z4tnNqFds3fASzMfK2UVfozm1dHrHaWulN95Xdsmg3+uve1tZ0t0qzqD7ZaET4U5O+9dRKgUFpJklMpX+slod4fMOeXV+M/qyeyO3zPKd2YTItQ7lL13bb6ljBqhqv5oRK/fLfezznmLnI6zLwLqlMW2sqKdFaHORKeIUBmdQqRcnvKdqQ6nPROBM0K9gqRayysya43fEs+E2oKa44QIXEmoK+p3EaECCEPdFb2IEPye57PGM+4h5X7fqcw9eL2GuGc2saLCjcB5xPnmFjlMqC2oOU6IwFWEykzIivpdTKghKHd4Pms8cwQa+5tQ76DtMhnPbGLFlFCZpMehtMt29dnkmFA1RR7XmZrfnvI91vWzvb2KUGnHTagd1nTWeJZWehNqhxI2i3pmE9pSv3sjryMzq88mm1A3M+gbinMVoTKrow7gTNg8Qp38paSZynPadQiUEirEsaujDBpJ0ylc6VKESiNV2jlNhdu987IS39eQlwn1plo+azxTlTvl5xHqTQ0gIfaZTehs584f0dAomk1Jq8koJlRNoaXqTanf6jIkzMJeCxG4ilCp+3T+6IzOdB6heoQ60762SvuMUPVVqpVfH6oFSCQ261ukR/KYUI/Q8bsSBK4iVPKlE0qHdKYzoZpQZ9rXVmmfEepVa5M1IK1YB8rJExNqOPVcOiKNw3mEmkP7Of2vJlSOfs50JlQT6kz72irtM0LVV61WfnC+BiDIZ0UvOyeTCTWHjP1LEbiKUP/yJ798qTuz//mFCdWEWloXbh/ujFD1H1xWH0cpBVYf8L9KvphQtZ4bjzprfnuEWqr95wh3NaHO/ucuJlQT6nPU1IJSnBGqPvo+uxdbIGoyiEbQq4/LSJgcoYJbDYmGYU2oQvd13K8i1B/92c9eRqj8C9KZzoRqQp1pX1ulfUaoNPRXTqmegaVNU1ftQo4JVbui+dBESJI1zybUM63v+54TEJzvTF05vV5FqOqMzv50rgnVhLpvjR0sWSmhzt5a31osTbGe/ceL1vTP4uUItedfuOUa3jNZ/P56BPiH3fxLtNTFmmXKXUGoyPJ7f/jDl84y36Wf6UyoJtSZ9rVV2iWEeuUu2jOwdGTmLNys9zGhasRM779mVBqGNaHO0tbcdBmdQqRMpUJY4SX/lARXECoyilA/fPiQEmuYnwnVhDrMmHZP6O6EejXZ5wiVabSQJGueTai715q0fNQliDM1EmXkypVyVxMqyxMznQnVhDrTvrZKu4RQrx4FHgHG+u6V09ExoercLvcaEg3DmlCPNL7vO4gUQoUgY8eIkHcpdzWhzt5/YEI1oabs/in9SghVHyvYDQAaIgj1yh3IMaFqowdTvyFJ1jybUHeztDJ5RKhsSIrd0burCXX2F8ZMqCbUuD487e87E6rOyF750QkT6tNWjeqCHY1CRaip0esVhMr0s9ZQUzJVF/4gggnVhHpgHs/1qoRQtZM21fO+Eg1Nr175neGYUEXyjJprRqVhWI9Qr7Sq9ryP1kmpZ7n11asIVfX6m2++aS90QUwTqgm1wEyeI0gJoepsJY3+Lk5kypQvZbjKxYSqf3ROYxWSZM2zCfUqbbblq5EphKn9BmyWiy9GhClSvYJQNTql/sw+cmZCNaG21awbxiohVB0Fmb0bsAY+reteuX6KvDGhQpzaKFVDomFYE2qNJVwfFpJkdAqxontIlQ/Oh5dsgrCEC90VhKr6M/srSZTThGpCDe39qZ9LCFWjwas+75dSgEYCqXcr/VKEqqM8IUnWPJtQV2qwLy+WQTTqRMcQZ+rLQxAYNpuaFr6SUPtKXxbbhGpCLbOUJwhVQqjauXrl5p8YakiLRupqlyJUkX0NiYZhTahXa7U8f8hQhMoHEiDU1EwOo1VsVtPDYQ5XEKpsNJRj1rMJ1YQ6y7a2S7eEULXRhqnfHRyjAhou1imvdilC1XRaSJI1zybUq7Vanr9272KTjEyxSwgydkyt8k6EyleV5Eyoj8fLhgNA4pp9MFbA995LGs+Sih8aQ69Mjn8tAiU2oX+RdvV6pZDSxp8dCD5FqNrERUekpD7FYUyo0vT+dxEkOuPfoEGaKf3xvVzeMdvDiJZ6J7eaUGm/txuhUqm5INTZ//FcwPfeSxrPuHKnfptQezWxT/wSm4A0aAx2GBGC3E5ruilClXzcU/XnzC/VIO9jMZYkRABCZV0Up3XS8L2eGXRRh7AJTRHr3WpCZTStdX7JMPNeNeXLML/kH7RSSdiefOWVqvxnlTv1/uPHj5eW40oMny3vEpvgnBqNAQ3GDuXXCJCR89XypBpDjUbUaDEa0MUIJVWnQr+ry+T8z9tpESnkSL3QNH+ujmAn1CFsgiMrTBUL51D34fOsdpY6L9uUDD33swFWMaHS62B0WvrpJjK+8ippPEOF5p5R9JXlcN7j7KjEJiBUVcAdsFfjRSNwtTwpQqU90JQauOmiQaUzkKtX8t+hXFfjunv+ECkXo1MRJTpngJWTHa4gLOEgZIWT3uP7LDvAZrFJ6pFk6LmfzagUESqFByCmfc8SnDmcrkm7ZHovVmrqN+DbPQcCJTZBB0oEsUOpd5KlpENCHdK6b8kHH+7SnuxgC1fIQPunaVvqDyTJ0l+Jw3a5NE1MnFSnDJuZ1c5qtLxqCaeIUOmJQKi6qFi7u5LGM0Wgsd8sRe+O3zPKV2ITEKpGhTtgoNHyDrKUEqrW0EyoO2itTwbqjAhVei39J93wBfa7A6EiywpXRKgrBBmdR0njGZNn6rcJdbRmrkuvxCYgVK1bEv5Kh+0xIljVuz4raymhaqe0CfUM0f3f66gMIz2tl5cu+2knMISsmYjVI1Tkpw5Rp1c4E6rPoa6wsy3yKCVU7Vy98kP0AKYRwQ5HZpCnlFDpmNKIMdJPdVJDPzW0WxiIhfgCAREqa5xM9aJXnkuczqqyMYndtrirCLVkM21Jmc7CmFBNqGc28jTvSwlVH3eAWK90+moT9x2cCXUHLayVQWdPyVVTuKUSaC0dQoVIcasJFfnpBJSu+5aWLRfOhGpCzdnG0/mXEqpGWGyoYJR1dLFGNGMky+iU/GkMeN7BmVB30MIaGRiZ6rgMhMiUqXbLlkoAeWqmgnVU0tOFTYczFbOW1kSojJZXOBOqCXWFnW2RRymhMg1J40FjUHJBuKMd64/kjRyzGptamWsIFbnpEISNZurZU761WlgTHgJk7ZMrrAs1Iz10K0JVWrpDdKE9zLJxzfKUbqTqRdeEakLttaHbxC8l1NICzfzOLmREQ7aTM6HupI25skB8kB7rpZBiDZGGkmmWR36QqNJeQajaD8HH/Fc4E6oJdYWdbZHHaEKlUDQ2M3bhaoS3BXDfC2FC3Ukb82ShowjpMe2rHdutU6bM3kCqcqsJdfX/NzahmlBl609/n0WoM6Z8NVW2k1JqCZVOQTgKST17yncnDX8nC2ufItSjf9NWIrmOzkjPVxHqqn0IJlQTakm9eIowMwh1xkhSmzlWnZ0rVW4NoWrKOkWioZ8a2lIZHG4+AjoqQ33R0Rd03+Li+CLrVWuobKiic1p6draljGEcE6oJNbSHp36eQagijpHA7XJsJy6TCTVG5Dl/i1BZP9UIs7Wk8Qj3KkIl3xXOhGpCXWFnW+RxF0LVRooZx3F6FGFC7UFv/7isnUKm7PBlZMfOWDqM4RpobSmYjWCEyGwL6TFiJW3yCGcqZu3y1W556v4KZ0I1oa6wsy3ymEGorJ/SYIx0qxuBUtlrCFW4hI1m6tlTvqXozw/HNCxrp1wsZWDXXD3fwYUolU54x8ZDe5hFqLLD0q879aJsQjWh9trQbeLPIFSR30gQ1AiMTHNEWibUESjumwajRi7qiYiUtcdeMiI90uHS94BXE+oq1E2oJtRVtnZ5PjMJlY/qj3Iz1mVHyGZCHYHinmkwU8DIlFEq/xMYQm09e3pUQkalpE2nceUI9Uimke9MqCbUkfa0dVozCFXn3EbuIpyxc3iEYmoIVSP3sNFMPXvKd4Rm+tMIz55yxATSm/F1odWEurpzakI1ofbXxpukMINQR28g0poThLSbayFUOhopIpWfCXUPLWv3LXdNy844u0n6q0ao2JYJdZB9lTSeqtRH91mL5YOK6WQqECixidqpW30rdNR/hIGAaHB2+ZdtIbwthMp/HDmqXybUEOHrnnVUhpEqU73YIPVltFtJqLTdJtRBGixpPI8qut6ZUAcpZINkSmyillB1ZpRjATyHF2RS4yAXTSGPIuia/M/C1hAqeNAog4fqUupuQj1Dffx7MEeX4aUdvoxK2dWL7ma4lYRK52D18omnfD3lO6PebJnmDELVehMNUOqqIUZNH5POjOm2XqWYUHsR3CO+yFNHZHRnNCcb5nmGE6GSftjBmjFwEaGyAWqVM6GaUFfZ2uX5zCBUCgVpQobhpZFmzecDtZGnhoRXglpDqCo/ZQkbzvjZI9SVGvwuLx2PYZo3vCA5LtZQ0dMMB6Fq1BjawgxCpb6Tlwl1gCZLGs9QobnnGYoeUDwn0YBAiU3UTvkeiUFvv6YyE5Y4uzoT6q6aqZMLQmWUGjtsr6YDGMcv+b2SUDUaXrnBzyNUj1BL6sFThFlNqOqJl4JHeK5dXQ2havqae66zir9HqGu1Dd46bxrmTN2AUFv/TVuY1tHzFYTa86Wno7Kk3plQTagpu3hKv9WEyvRZDUHWjmhXK8mEuhrx8fmF503D1LUXYPY/4l5JqExnrxh1hzgWEyo7FtlOfZcp0JLG86jnrHd3KW+oVD+nESixiZFTvloTLbEhfZ1m5fRUGqW8bw2hsnZKY8ZaqupS6u4Rah7vGW90PAZiC53Ono78QEmYvp6vIFT+Y84qV0SoIlOGzr3fdVxVsJLGM1XBY7+SxnBVmZxPHwIlNjGSULUxp2THro7fMEW6qzOh7qqZcrlEqIxUQ6ezp7Pbd9pXzdyEbe2MdpZ1Yjp1Mz6hGGIXPhcRKhGoTKWESq+THveVFz2hUGGtzzTCV5bDeY+zoxKbwM5HYa51RCp16cXIblT+o9MpwU/1TCMeyn20jjpaRqf3ZX2hkxgeldHmt9gmWZ6YjR/2kSLUGe2sZkkg1FHlOutwTCHUkLGveq7pTasRSN3PALyqfM63HoHVI9SX9ao/+KMH07il1872VlOnmDpUw83O0VTdws9TvvV23BJDhMpdhMZUaHjRCZrt0LnyD21ixghVHdoV5RJuJlRvSpItPP19NaE+G6A1hEpjyVIRoyA6E2HjGT6bUNdYic6ekhsj0ZU7X8MSovvVhDp7o1VYviJCZQ0IBehi+Ly7q638YSUPn2f0nHbH7lnlM6H2aba2TmnnqAm1D/cRsXVUhg4MnZyVG3VC+VcSqvYw1H4CNJS39rmIUGsT3SF8beUPSTR8NqHuoM0xMphQ+3CsrVP60L8JtQ/33tjhURnaNgh19nnTnMzkz1IAo2TsQ23tjHb29/7why9lLdkUmJO31t+E6infWpu5bXgTap/qaglVjTcNqBrO+O4p3z6dlMRmMxkjVHb4ahp+5agtlBH9a219FaGSzypnQjWhrrK1y/MxofapwITah99VsXVUBvtnZMoIFWK7wl1BqHQoVjkTqgl1la1dno8JtU8FJtQ+/FbHhkjZjMTolOlPbQaCUK+aGVhJqBoJr9zzY0I1oa6u55flZ0Ltg76FUFkroyGnIU1dVzXsfUjcI7aOykCqIhfuV21IAjVsgDV1SH3mlC92pTLPWJ/NWYAJNVPRVflXKiOnJPuPQcCE2oejCbUPv9Wxw6MydGogmKtdSKhsFprVzrIRizJD3CudCdWEutLeLs3LhNoHvwm1D7/VsXVUhnwhlqvOnoblXk2ozJCsdCZUE+pKe7s0LxNqH/ythEqjppFIfPeUb59OcrGZWROhsoYIoa78pm1OrpBQ2Wksexg9E8hGJEaoXCudCdWEutLeLs3LhNoHfwuh0qCZUPtwb4mNreuojD6wsfITfDmZIVA+RQnB8w8hZhKq1u9zsszwN6GaUGfY1ZZpmlD71GJC7cNvZWwdlWGkpn9UsPI8Zq6sqwiV8kOoq9eNTagm1JztP52/CbVPpSbUPvx6Y7PRhp27JRcbkjgqw7qpNucQ/2q3glCp55T/inVjE6oJ9eo6tix/E2of1C2EqqML4REJTfNx9xpquU406tTu3bO7sL9ipJYrFTrn2A5kx79Xky2MXEPVcSHyWH1EyIRqQs3Z/tP5m1D7VGpC7cOvN7aIojQdCHX1ppwz2SBQfbR+BaGu3ohlQjWhntWBp3lvQu1TZQ+hhmcONSrh7hFquU40Ii2Nwch0h6MyobwrCBWc2JDFCHX1PwEwoZpQQ3t/6mcTap96WwhVX8UxofZhT2yIglFqiWMK9YopzzPZIFRGjcjGPwBX52rklC9kesU/F6fsJlQT6lkdeJr3JtQ+VfYQanhEQo0od49Qy3QCTjpXWhIDbK8YoZ3JhlwiuxmECjGHhLr6v+qYUE2oZ3Xgad6bUPtU2UKoqTOHJtR6PYT/07Qk9ocPH14IdTWhnMmG7vUfb2YQKnU8JNTVR4VMqCbUszrwNO9NqH2q7CFUTVfGRz7YuXq3izKsllkbkpguhZDOLtZOGaGu/NdlJdYVEqQY/QAAEdhJREFUEiqbk2QPo/AUTlpqWF1+E6oJtaQePEUYE2qfGlsIVUckGDX46sNAx2AgypKLTUm7TamHhMo52Rk2EeL07bff9hl9ZWwTqgm10mTuG9yE2qe7FkLVBhS+1sP0W3wxlXm3Czu6QmZNnzPqKrmQcTcHoerLTUz5yh5GYsronM7Ex48flxffhGpCXW50V2VoQu1DvoVQtV7Gmh6NaXztNoLqQ2hu7B3PldaWOCRUbEP2MHKX75U4mVATlVxK5j5S0bXG5/BjETCh9uHZQ6iMSsJ6pWcTarlO+EgDZHFnh961YWoWoV55/taEakK9c/2skt2EWgXXF4FNqF9AssyDjgfrpqs/pTe6gCGhshygjtWogQtrpuBE2le4IkJFSHoTCLnbNuwcaC2VX8oN76MUnZPT/usQMKH2Yd1Sp7ReFo5GwvrlEWqZTlgzhSjA8c4O3cMhIj3Zwqh2ljVZ0sburnBFhIpwIlMWfPmHtbu7lsov5Yb3UYreHa/XIJ8JtU/LLXVKhMrIiuf4onG920UZmLZcKTdEClGQ751dSKhwiexhFJ7wFDihmytcEaEipBQJCPQCjhwjWirfrIve2sy0Z6Y/S26la9nzdmds+rGpxZCGjQbO1xgM+ISj6nrJvVZfJWmGYVrS1yhypk2QRyhn6rlF9rNjONMIdebIbuYImSmomdutSXvmNJexyXf17owNst/VbmgLzhqivNbO38zUK7nPTN/Y5PV7R2yKCJXpBi4MixEqU2dHjspjQk0jZEJN44KvscljY0I9xib/tv+NCTWPobH5TWyKCJV5b4iUq2RRnJ70zN70TLJG7pnpz0wb1c5M39j8ZuUJfxmbEI3ffAYbrllups0j88z0jU3eKu6ITRGhUmQKN9Ow8rD6jREwAkbACBiB/REoJtT9i2IJjYARMAJGwAhch4AJ9TrsnbMRMAJGwAg8EQIm1CdSpotiBIyAETAC1yFgQr0Oe+dsBIyAETACT4TAMELlIC0fgODi8HH4Gz9+tzo2RLG7mHS4szmK7dry6/0qRiot+fWmTZnZJS1seOZ4iGTnSyE9DmxIg/S585uPcCi/XvmFA+mRFr+VNnd98KO1DDE2qfK0pk28GBtsBz/w73UcD5MewSaUHf/es5ccRhfWshv95t67STDGRmUh7V58YmzAGoyUdu+/FpNdhvYtW+Le6+K0JDvy80GAXqf0pMMQ+970Y2xGtsWUO8ZGv8GmF/swLXgEF5enFftU/Uzl15o+8YYRavhpMZ45q4rR0OBy3EbgtAhLXP4XIIbGnd8YIBd5kH5P45VKC+NQmVpkDuMoHVUayhFig8G0OtIhfSoNOHBXecCJRrnHKS3hjKw8c6ELGuUeF2OTKk9r+iEmod2QJ1evEyEJG2wee1e++Pc4kQ/5IC+6VDl66hMySUbuYZrILNvvkT3GhoZL9kn6vXYjGZUOdglGvW0NZU6lBS6UgTyoEz1OGIftFjrAdtBrb2cjxmZkW5zCBkzQg9q3XmxCfEgrLk9r+upMkz7YC2/qALJTjl43jFAlkMCVYAiNsdA7aHU0JABAHqTFCA+Q+a13Pb26XFqkrwrbKjvxkB0lSpH4qVMAXuqltuQBvqQBJtz5jdyUCdmpAD0uh40ayF7CjrFJladVfsqP/DjhwbPyaE1X8UiTtHCUg4oJLuTL7x5sqC+kQXrCGhvHj/R7CTWHDbZIHcNWe1yMDTghO4079snV61L1E9l7sZFcYVrqLI3AhvTVbmkgQLqUB9x72gPJnsIGHZBPT1us9ENs0Gvcvilc6x35ac/kUuXRu9o7ukRm7ASskZ28yKPXDSNUKihCyTAQDMXxW41Oq7DqFVFJSY+GhcaL/LgAp6fxyqU1Solgg9zCBxzUoOHfIzvYgItwAGvKIyPhXY87wqY3beEQYpMqT6v8wpj4yMpvHBiBV68jTdk2NghW6iipwrbmQUUnDchUREqnCb1SDuXXmn4OG9In7d5GPYUN9Qldc41ovFL1k7RnECp6kPwjZI8JFdyxJeSXnbbqlngxNqPaYskU4oy8/A7bN4VruaO/2L7j8rSkSxzsGtvkAhM6NMiP7Fy9nY0hhIoQAoBGhWf8VDnVC2sFIaz8FJrfKrjy62kAcmmNUqLSVzloGJEX8gArcGp1pM1FmqRFxSddnAylNW3iSfYQZ/Xw8Ot1Sl/YpMrTmge4Yi9gzV04jyJU7INLeqSR5JkykB/vehyNFDJz8Uw9oizc0XUPcaSwkdzootfF2GAz0m1Itj35kEcsa9jQ96RN3DAt5MeRJ7rtdSGhggv1lzvYxGVqySvGBn1jM71tsWQJsUFunOqwwrTcNRuDvEqXdOLytKQtfNEfOPBbdil81Ha2pE+cIYSqAqMwLgqPwzj0/OLR+AeQUaAujBHl8Zv8AKPHpdIC9Lg8rXmAA7KSJqMN9cBIn3c9Ri6iIy1VxFD2nkaX8qawwY88RrgYm1R5WvMBV2EhnLFH6bW3DKr8pEe6IlZ+o2/e9ziIX7Ji47Hd9HQiU9gI+95GhTLH2CCryiJd9GAjvaawx6+nTQj1qLTC/HrSpsyhHklfMxA8kw/tW48LZVX7C+Z67kk7hU1ch3vSD+sneIBFqjwteWggQLpc5EVbFv5uSTeMM4xQSZRKGlbysIcRZtryTFox8fB7VB4j04rLl5JdI404bMvvGHfSGFmeOC3KMwr3FDap8rTgojikN8shf2zzI/Mj7RBrfof59ZYrljXMqzftGBvkjvPrzWNlfGQfiU8oO+nOxGaW3JRhtuwhTjOewX1UnRpKqDMK6zSNgBEwAkbACNwBARPqHbRkGY2AETACRmB7BEyo26vIAhoBI2AEjMAdEDCh3kFLltEIGAEjYAS2R8CEur2KLKARMAJGwAjcAQET6h20ZBmNgBEwAkZgewRMqNuryAIaASNgBIzAHRAwod5BS5bRCBgBI2AEtkfAhLq9iiygETACRsAI3AEBE+odtGQZjYARMAJGYHsEXgWhxp+V4nf4KS7+/+DMz36VWgEy8JHsOzrwBFddKoN+h5jLL9SBwuvON0P5zmbvd1NJ47U4sNJH3GeWmW/+cu3iZE8pGwv9ZKNHdkeZwBG76fmm8VUYrc53VX7oorctWGGvtyBUKgAfkK69BCAfKg8bGj6KzIfHSZcPO/PxZS78rnRU4rsSAJjqHwCAJZ0DKgAfng7x1ce18SM8+Ie6Ef76cHVPw41+yX+EQ8bdKzRY9uBVitNOdhraEzYlIgztDlvCyUZlpyl9omfe8wH7ns7tKIyw4Zp2aVS+u9kCdo197+5uQaj0MvnvFbWXwKeChI02FQsjJT3eYbRccQXiNxfK1DtGs/wOe6/ElWw841LhYj/KRVp0FHDkEaaLP+81eiY85SAM+Smvl8gX/wHTuIHitxoziacGi9/ITwNAQxiWhfLhR3ww4z9OUHacdMIz+IBNiBH+8iNsSKhgRtgwrzBN3hGH92FYfmMvVGjyVHzKEudNejjiy0l+6U/xwjJRTtIO4xFfYWMbIGz8X0lEqMhEvNARPpSVvMP4ypfy52SRfKsb7bAc8TPlpA6HLuXH+9BGKbuIU3HRKzaH7VHWURjF9V75yR5CXcZ64jc2zF02kEuPdGPdxOnJFglLPSMtHGnLZpALewjtg2fly3s55Ud42ZDekb7qlPzCMJJFOKTaNaVBOiZUodh5l4KltNK7ss0RqhpcGks1korDHWMhLoqkx0q+VDYqJv4oGcd7/LkTJxWOvAjDe5EM4XnmwnBknKSJn96Tl4yNZ+XF+1GOivejP/tZ9fWXP/n8fyJzhErZucA4buzwo8EIKy/phLhTTjDFhRhpFAJWhMdOqPQ84wdOIlTiCU90GTrexfkJf+LQ2HBXuvzGZkhf+VA+OZVJv4mLrVAG5YMf8QlL/tIpd37jUnkojTBcmI9k5K5yqizc8VcjhQy4UN5YFmTASRbigKlkfHnZ8QedCQvKVHOBaWxPiCI/2R154Ch/aKOUCT+5WM9hI96KETJIV2Fe5BnrEkzBQnpCHvzAGz/Cc5GewqgNUhkIL90QJkwPveMnnfJOYbnjT55KX3KTNmFluyJe/Ikn/zC8OiahnCGGSjOsF8QnHy4c70hbacj/5eWmf171CFVKQ5FcGGvoMBaUKSdjxKD0Tj1IjAVH5c2FI4/QGKkoYYUgTS7SxJCUJunhr8pEHhg+8RVGMrbeIcbf/5O/qb7++E//9kUGZEQe5KacuJAYqQw0LmrsQjkJH+LAO8JLH+GzMCIM+QlP6S9sJGlACIMThim8SJP3oSNcGB/5wgpNushH/viHDTVxlS9p8p740h/vucAKvzB/0lPcVB5KQyQRyhzKgTz8ztlSWJ5Q3lAWCJk0cMiqTo+wDPNufaa8v/07v/v4rd/6V9UXcggv5OOi3PJDdi7ZFuFDPYXlk/whLuFzK0bgH9d75ZXTpUiN9+hZ9kA8yoCNU8ZQV0oTP66c3lVmpau6yp04qj+kT/nBFAeOvItdKAP2IVm5y15kiyGGSpM8QhzCdi3Ul9KI89/t96sgVIxFykUBoaKkEAxDxhX64S+nCkp8GXZY6Y7C8Q6DJA/iYlyKix9kQ15c8ld6xMMfw0MGOYyWdHZwKUypBPiHjoqqSoq/Khn+oaOclBcXPgsj/MPyEwbcwvdKm7CkjyzkrXRfEo9GvfiRhvSkBiLUiRoj0tPFe7kwX/wkW6w/+adkVsOi9LmTR5yG8gzz4Vny6q5wsqXQP5Q3lEV56T13XBhG6V51j+0JOVJ++INhSKhggV/oQlzCZ2FA2LD8JRjF9V75Ka5+Q3ayO+yU/GVrCoPNcMkuSDt0ki2UnffSu+yKvEiD/AjLHUd8yaA88JetvgQK/ig/vISR8pC9UE7S1HtFV5oxDqrXek/4uDxKY7f7qyBUFIPicShbjSoVj1EILjSqF4+o4uCHgYUGjLFD1KRHuhgMvbxUOL1XBSFf/HDIh4HLOOM0eU9DkDM8yXvlnTKHjRWynBEqWFBmyhc7/CgvTuUHX56lS1U8hUGH5Kn0+C1CFNboD1lDJ9zxk34ITydH8eMKLRsiDnJxhY546JhLjSPl4Vm6Jww2KAxII7TDVB6xDYR5htiQJuU8siU1ciFOIRZhXpIl1kGY/xXPKfJM+SFbaKMawVH20IV6pvy9GKXqvfIL8cUP/dEOgDH5IgvP2Al2iaMMcRuk9LhLfzm9E4Z8SF9tDs/Ew4X1h9/KlzgxVrwnHu9StqvwhFGdy9UL0pAjDOmFZVU+CrPr/RaECrgotvYS6BgXRsNFwyDjQeH8lr8MQPHUq9PvMB3iiEBQPOlw4ZcKR9qSAeNhrY/fPHOn8Q7zQ0bJRvpgEFdAGZ7ku/KOjMJDclBhkVHYUD7IRH6Um3iUPXbgQnlxSkd4SX9h+QkPxjRghFNYwuB4L6zP9Kxw3BWfdKUPdIdM/FZYGujQhfpDFsrCpTS4qxzcCYMfF2njUnnENhDmiSySh/SwQ1woi2wJe1JY7ipnaINhXuhWshNesof5X/GcIs/QxpAZeXGUnXKqHMI5lBvbUPgRGMX1njTlQnzxA3vJhv5kp8iDP/Km2halpzSkm5TeCYMuwUGbjHhGFhxtLPmRPxeY4fCTPC8e3/9BZsIhn2TklWxX6aAnXCgT78g3xgF5wEmdHsKRP9fu7haEOgpE9RbD9FAc/inHu7ACKEwqHZG9wnCPwxEmzCvOO86P38QJXShP+ByGueJ5tCxxeuAQ+4W/w2fKL9xC/1gfwokwYTj8pafQn2f5K24uzZQMajhIR/IRjkaGK1VGyRLLofzDu8LEMhImzlPxFFZxuetZ8RQ2fBeG0fur7qNlidPrxQi9Ko0Yozgv2UDsH8fndxyGtPEL/XkObU35x2HkrztxwnhheIUJ75I79MvlrXTDNI+eU+HDfHZ6flWEuhPwluX1ISBCjUtOL5/LzggYgXsjYEK9t/4svREwAkbACGyCgAl1E0VYDCNgBIyAEbg3AibUe+vP0hsBI2AEjMAmCJhQN1GExTACRsAIGIF7I2BCvbf+LL0RMAJGwAhsgoAJdRNFWAwjYASMgBG4NwIm1Hvrz9IbASNgBIzAJgj8f/hJJJpB75RNAAAAAElFTkSuQmCC)
Source: Goldmoney Research
Hence, the positive effect of declining interest rates on the gold-to-precious metals ratios usually only plays out deep in a recession and beyond the official end of a recession. In the current environment, the Fed hasn’t cut rates, but the market increasingly speculates that the Fed will begin cutting rates in the next few months. This has led to a reversal in treasury yields and TIPS yields from 2.5% to 1.8%.
Exhibit 8: Expectations for Fed rates cuts lead to a decline in yields on US government debt
% 12 month T-Bill (LHS), % 10-year Treasury note (RHS)
Source: Goldmoney Research
This reversal in long-term rates has supported gold prices for the past few months and in our view, this is the reason why gold prices are up. It also explains partially why the gold-to-precious metals-ratio is up, but this effect is small and limited to the more recent reversal in real-interest rate expectations.
Importantly, historically gold tends to outperform other precious metals from the beginning of a recession, not only from the time when the fed aggressively cuts rates. Hence, there must be another reason why the gold-to precious metals ratios decline early on or even before a recession starts.
We have extensively written about the different price drivers of gold and other precious metals such as silver and platinum. Gold is primarily used as money. Its main price drivers are real interest rate expectations, long-dated energy prices (the most important cost drivers of mining and processing) and central bank policy. While there are industrial applications of gold in the field of dentistry and semiconductors, almost all of the gold used in industrial processes is later recycled. That means that the above ground stock of gold consists of almost all of the gold that has ever been mined. It is very stable and is growing at the rate of global mining output. Silver, platinum, and palladium on the other hand, are mostly used in industrial applications. Their above ground stock is a lot smaller than the gold stock because a large share of what has been mined over the years has been used. The prices of these metals are driven largely by industrial demand and supply and to a much lesser extent by monetary demand. In other words, gold prices are behaving like money while prices for other precious metals behave mostly like commodities and only to a much lesser extent like money.
Because precious metals other than gold are largely consumed in industrial processes, a decline in industrial demand for these metals has a very large effect on their price. In a recession, demand for commodities declines. Hence, in the beginning of a recession, gold tends to outperform other precious metals because the demand for these metals is declining.
Importantly, this doesn’t mean that silver and platinum prices always decline in a recession. Because they are both a commodity and money, monetary demand can offset the decline in industrial demand for these metals. However, the decline in industrial demand weighs on the prices of these metals relative to gold. And because the fed often doesn’t react very aggressively to an ongoing recession for quite some time because the data that would show it is lagging, this is probably the main reason why gold outperforms other precious metals in the early stages of a recession.
The question is: Do rising gold-to-precious metals ratios always indicate recessions? The answer is no. Although it appears that in every recession gold outperforms other precious metals meaningfully, there have been several other periods where this happened, and the US wasn’t officially in a recession.
However, there is more to it. Historically, when gold outperformed other precious metals outside of a recession, it seems to be often driven idiosyncratically due to the negative performance of one particular metal. The reason for this could, for instance be, that prices of that metal went up due to some supply issues and then subsequently came down again. During recessions, all three other precious metals underperformed simultaneously, as it is the case now.
We believe that if the current rally in gold-to-precious metals prices is indicative of a recession, it is likely that the recession is happening outside of the United States for the time being. The economies of the world have become ever more interconnected, and we think recessions are increasingly global in nature. The significant shortfall of energy in Europe and the corresponding high prices have led to a massive decline in energy consumption in Europe. The industrial base of Europe has greatly suffered, and many plants have closed, probably permanently. Hence, Europe is the epicenter of the global economic weakness, and many countries are probably already in a recession. But also, China is struggling to gain momentum, and several attempts by the Chinese government to jump-start the economy have been met with indifference by financial markets. Hence, even if gold-to-precious metals ratios indicate a recession, it might not be a US recession, at least not yet. It might simply be that global industrial demand for precious metals is weak.
However, if the economic situation in Europe and China worsens, it will probably have spillover effects to other parts of the world, which all have to cope with sharply higher interest rates. The rally in the gold-to-precious metals ratio may not yet be indicative of a global recession just yet, but it certainly is a warning signal.