## 24.6.15

### More of the same...

We have compared gold mines and gold. Now it is the turn for gold versus silver. Be careful with the vertical axis of the graph below because it's based on a logarithmic scale, which is more appropriate for long term periods:

The latest channel ranges from less than 50 to 80. We are getting closer to the upper band, so some experts recomend to hold silver instead of gold. We are not so sure about that, but including silver in the portfolio, clearly makes sense. Obviously there is a big correlation between gold and silver, so at the end both are going to behave in a similar way.

Just one additional note: while gold is usually exempted from VAT, silver is not, so buying physical silver might be much more expensive.