Why Inexperienced & Silver simply is likely to be the brand new Black & Gold

Silver’s unsurpassed conductive properties amongst metals imply it can’t so simply get replaced by different, less-expensive metals. Silver can also be a noble steel, which implies that it’s immune to corrosion and oxidation in moist air — in contrast to most different metals.

With these info in thoughts, it might come as no shock that electronics is, by a big margin, the primary shopper of silver in business.

Many digital purposes make use of Silver pastes

Silver is mined both straight — in silver mines — or as a by-product in Lead and Zinc mines. Smelting and refining removes the silver from the ore, after which it’s often formed into bars or grains. Electronics demand solely Silver of the best purity — which means no contaminants (99.9% silver). The dissolution of Silver in nitric acid produces Silver Nitrate, which may then be shaped into flakes or powder — which may then, in flip, be fabricated into contacts or silver pastes. These finish merchandise are, by and enormous, what are used straight in electronics. Examples of the place they’re used are quite a few, however embrace:

  • the rear defroster in lots of vehicles,
  • printed electronics and Nanosilver (used extensively in regenerative breaking in electrical vehicles),
  • LEDs (which may use silver electrodes),
  • battery applied sciences (which make use of Zinc Oxide or Silver Zinc alloys),
  • superconductors (when paired with silver, the consequence can transmit electrical energy quicker than a superconductor alone)

A said beforehand, silver is a novel valuable steel in that greater than half of the provision is definitely used for industrial functions. The principle driver for that is silver’s glorious reflective and conductive properties. An fascinating utility of silver is inside the photo voltaic photovoltaic business. Silver is used extensively within the manufacturing of photo voltaic panels.

Silver is used extensively to supply photo voltaic panels

In reality, a paste containing silver is vital is each photovoltaic cells, and 90% of crystalline silicon photovoltaic cells. The paste is used inside photo voltaic cells with a purpose to accumulate and transmit electrons whose motion is induced by daylight via the photoelectric impact. In impact, silver helps conduct the electrons in order to create an electrical present; and this electrical energy can then be saved or consumed. The superior resistivity of silver will increase the potential daylight captured, vitality carried out, and in the end the entire energy that’s generated in a photo voltaic cell — the effectivity of photo voltaic cells is thus considerably proportional to their silver content material.

Given the necessity for the worldwide pursuit of extra sustainable energy sources within the face of local weather change, the way forward for solar energy and subsequently photo voltaic cell manufacturing is certainly a vibrant one.

Two elements present a particular risk to the unbridled enhance in Silver demand as a consequence of photo voltaic: particularly, thrifting and other-technology-related effectivity will increase.

Thrifting is the method by which producers attempt to lower down the quantity of silver used in order to chop prices. Certainly, the quantity of silver wanted to supply a conductive silver paste for the PV business could also be virtually halved — from 130mg per cell in 2016, to 65mg by 2028 — that is in response to the report, on behalf of the Silver Institute. The quantity of silver has already decreased to a a lot bigger extent, from 400 to 130 mg from 2007 to 2016. Even with this lower in silver content material, photo voltaic cell output has truly grown and is forecasted to proceed to take action; from an output wattage of four.7 now — to 6W by 2030. This enhance is because of will increase in effectivity and different technological developments in how photo voltaic panels are designed and made.

Photo voltaic PV Fabrication and Thrifting, Per Yr (The Silver Institute)

Regardless of all this, silver’s unmatched electroconductive qualities imply that there’s, in reality, a “bodily restrict” on the quantity of discount in silver loadings potential in photo voltaic cell manufacturing. Merely put, there’ll come a degree the place effectivity losses outweigh the advantages achieved from utilizing cheaper uncooked supplies (copper, aluminium) as an alternative choice to silver.

Regardless of all this, silver’s unmatched electroconductive qualities imply that there’s, in reality, a “bodily restrict” on the quantity of discount in silver loadings potential in photo voltaic cell manufacturing. Merely put, there’ll come a degree the place effectivity losses outweigh the advantages achieved from utilizing cheaper uncooked supplies

The report talked about above forecasts that demand within the PV business of about 70–80 million ounces per 12 months with a decline to between 50–55 million within the mid-2020s. Solely by 2030 is demand anticipated to get well, to roughly 66 million ounces per 12 months. The World Financial institution’s report echoes an identical sentiment, forecasting a decline in demand as a consequence of photo voltaic PV.

What, I believe, these entities fail to think about is that this: don’t underestimate the facility of a era introduced up below the fixed concern of local weather change will do as a collective once they attain the age at which they’re the drivers of the market.

However allow us to handle this utilizing a bit of research:

Seen under are two graphs. The primary is a per 12 months plot of the share of worldwide vitality that’s renewable, the second is a per 12 months plot of complete world photo voltaic vitality consumption:

Whole Share of International Vitality that’s Renewable (Cut up Between Photo voltaic+Wind, and Different Types of Renewable Electrical energy)
Whole World Photo voltaic Vitality Consumption, Per Yr (Our World In Information)

It’s clear that the rise of Photo voltaic vitality is exponential —and the Inexperienced Revolution we’re seeing will definitely not deter us from utilizing extra Photo voltaic Vitality sooner or later.

Fb has a very nice open-source library known as ‘Prophet’ — which is great for univariate time collection forecasting. Additionally it is extraordinarily simple to make use of, let’s throw our world photo voltaic consumption information into Prophet.

Excerpt of Github Gist — See right here

The Github Gists not appear to embed correctly into medium — so comply with the hyperlink to see the code correctly (or verify the notebooks)The ensuing forecast is proven under (obtain dataset right here):

Forecasted International Photo voltaic Consumption Utilizing FbProphet — y continues to be in TWh

To get thrifting information, I used an on-line instrument to map it in from a jpeg graph (the one proven above). I’ve made it accessible within the repository for this put up. The info solely vary from 2009 to 2018. If we additionally throw this into Prophet, we get the next forecast:

Forecasted Silver Loadings in grams/cell (Gist)

Hmm. Effectively we all know that the Silver loadings can’t drop under zero, we’ve got additionally not in any manner embedded our assumption that there’s some ‘bodily restrict on the quantity of discount in silver loadings potential in photo voltaic cell manufacturing’ — and thus that is clearly not evident in our forecast.

The Silver Institute has said of their report that they count on thrifting to proceed and that in 2028 the Silver loadings used might drop to as little as 65mg per cell — lets now modify our information (and forecast) to incorporate this entry:

Forecasted Silver Loadings in grams/cell (Making an allowance for Silver Institute Prediction)

Not very useful to be sincere, however I have to say: this information seems to be awfully prefer it may very well be fitted utilizing an exponential perform, and fortuitously Scipy has a really cool perform that may do that for us in a Jiffy — utilizing least squares regression.

Earlier than we do that, although, let normalize our Silver loadings dataset— from zero to 1. We are able to do that utilizing Sklearn’s MinMaxScaler.

import datetime
import pandas as pd
from sklearn import preprocessing
est_thrifting = pd.read_excel('../information/silver_solar_thrifting_estimates.xlsx')# Normalize Estimated Silver
min_max_scaler = preprocessing.MinMaxScaler()
thrifting_scaled = min_max_scaler.fit_transform(est_thrifting)
scaled_thrifting_df = pd.DataFrame(columns=['Year', 'Silver Loadings (Scaled)'], information=thrifting_scaled)scaled_thrifting_df.set_index('Yr').plot(coloration='inexperienced')

Our normalized information seems to be like this:

Silver Loadings per Yr (Scaled from zero to 1)

Now we will use Scipy’s curve_fit perform to suit the next perform (an exponential curve) to the info.

Exponential Operate Method
import numpy as np
import scipy.optimize as optimize
import matplotlib.pyplot as plt
xdata = scaled_thrifting_df['Year'].values
ydata = scaled_thrifting_df['Silver Loadings (Scaled)'].values
x = np.array(xdata)
y = np.array(ydata)
def f(x, a, b, c):
return a * np.exp(-b * x) + c
popt, pcov = optimize.curve_fit(f,x,y, bounds=([0,0,-0.15], [10,10, -0.06]))
# popt, pcov = optimize.curve_fit(f,x,y)
x1 = np.linspace(zero,2.5,num =50)
fig_size = plt.rcParams["figure.figsize"]
fig_size[0] = 12
fig_size[1] = eight
plt.rcParams["figure.figsize"] = fig_size
plt.plot(x1, f(x1, *popt), 'g',)
plt.plot(x,y,'ro')
plt.present()

Discover that I restricted the bounds for c in order to get a curve that no less than tended in the direction of a price that was lower than 65mg per cell (estimated loadings in 2028 by the Silver Institute). The result’s as follows:

Exponential Curve fitted to Normalized Silver Loadings Information

Within the above graph, 2.00 on the y-axis corresponds to the 12 months 2047. The Silver loadings are likely to a price of round zero.045 — or 45mg/cell. So that is our “bodily restrict”.

Now — after all, this curve is a little bit of a thumb suck, I tweaked the bounds in order that it primarily lowered the graph to a price that ‘regarded about proper’, even considerably conservative.

Now, the place this will get actually fascinating, is whenever you mix the 2:

(Normalized) Photo voltaic Demand Forecast Utilizing Solely Silver Loadings and Photo voltaic Consumption

I cannot put up the code for the above graph right here, just because it took loads of tweaking, scaling, creating new DataFrames and whatnot (my Pandas expertise could depart one thing to be desired too). A separate pocket book containing all of the code is, nevertheless, accessible right here. Please, guys, verify my logic on all of this and get again to me within the feedback — I might simply have screwed one thing up and want to learn about it if that’s the case.

This whole train is after all assuming sole and direct proportionality of photo voltaic Silver demand to each photo voltaic consumption, and silver loadings per photo voltaic cell — which does appear to make sense: after all photo voltaic Silver demand is proportional to ‘quantity of silver in every cell’ in addition to ‘quantity of photo voltaic panel vitality consumed’ — proper?

Anyway. What it seems to be like, if that graph is to be trusted, is that we’re at a turning level for the photo voltaic Silver demand. If there may be certainly a bodily restrict to the quantity of silver that may proceed for use in photo voltaic panels, then it appears that evidently — assuming a rise of photo voltaic consumption equal or much like our forecast — the demand for silver from the photo voltaic business will start to climb comparatively quickly sooner or later, significantly when it reaches this restrict.

What it seems to be like, is that we’re at a turning level for the photo voltaic Silver demand.

The above graph additionally appears to correspond with the previous CPM Silver Yearbook information (as seen on GoldSilver’s weblog put up):

Precise Silver Demand for Photo voltaic Panels per Yr (GoldSilver weblog, CPM Silver Yearbook)

A biocide is outlined within the European laws as a “chemical substance or microorganism meant to destroy, deter, render innocent, or exert a controlling impact on any dangerous organism”.

Silver could have elevated future purposes in water remedy, however that is speculatory at finest

Silver is a effectively know, and broad-spectrum biocide, proving to be efficient in quashing a rising checklist of bacterial threats, together with legionnaire’s illness, E. Coli, Streptococcus, and MSRA; these microbes account for a big proportion of germs that we encounter every day. Due to these properties, silver has for a very long time been utilized in water remedy, being offered in lots of filters worldwide.

Though the WHO World Well being Organisation has declared that — in its present purposes — that Silver is “not an efficient disinfectant for ingesting water”, developments within the area nanotechnology and the usage of Silver Nanoparticles may even see this variation in upcoming years. Current research have proven that silver loss from Ag (Silver) Nanoparticle sheets had been decrease than the requirements for ingesting water put ahead by each WHO and the Environmental Safety Company (EPA), with the conclusion that filtration via paper deposited with Ag Nanoparticles may very well be an efficient emergency water remedy. Along with this, latest research have been completed investigating the plausibility of utilizing Silver as a biocide for spacecraft water techniques. In reality, NASA is contemplating silver as the longer term biocide for exploration.

Current research have proven that silver loss from Ag (Silver) Nanoparticle sheets had been decrease than the requirements for ingesting water put ahead by each WHO and the Environmental Safety Company (EPA), with the conclusion that filtration via paper deposited with Ag Nanoparticles may very well be an efficient emergency water remedy.

On the usage of Silver within the remedy of water, to summarise; in the event you, like Michael Burry (the person behind the story of ‘The Large Quick’), imagine that the longer term will deliver a substantial scarcity of accessible freshwater — and that this similar future will see a drastic enhance in house exploration, you might simply need to hedge your bets on this fascinating steel.

Christian Bale as Michael Burry in ‘The Large Quick’. Burry has been identified to be concentrating on freshwater, as he thinks freshwater reserves per capita will lower sooner or later — and it’ll thus develop into an ever extra economically beneficial commodity.

An evaluation of the Silver provide is now due, and the provision information is actually fascinating too.

The full world Silver provide is proven on the graph under:

Whole International Silver Provide by Yr since 1977 (GoldSilver Weblog Submit)

Once more, the Silver Institute’s information is extra granular:

provide =  pd.read_excel('../information/silver_institute_supply_and_demand.xlsx', 'Provide')
provide.set_index('Yr', inplace=True)
provide.fillna(zero, inplace=True)
provide[['Total Supply']]
.iplot(type='bar', xTitle='Yr', coloration='#1C7C54',
yTitle='Provide in Tons',
title='Whole Provide of Silver, Per Yr', width=four)
provide[['Mine Production','Net Government Sales','Scrap', 'Net Hedging Supply']]
.iplot(type='bar', xTitle='Yr',
yTitle='Provide in Tons',
title='Whole Provide of Silver, Per Yr', width=four)
Whole Silver Provide (Silver Institute)
Whole Provide by Yr and Supply

Some key takeaways thus far:

  • A lot of the world Silver provide is from the bottom (mines)
  • Each mine provide and scrap provide (the 2 largest sources of Silver) appear to be declining however why?

The lower within the provide of Silver from mines appears to be as a result of Silver value. I used the Python libraries requests and BeautifulSoup to scrape the historic Silver costs, earlier than plotting with Plotly:

import requests
from bs4 import BeautifulSoup
## Silver
res = requests.get("https://www.macrotrends.web/1470/historical-silver-prices-100-year-chart")
soup = BeautifulSoup(res.content material, 'lxml')
tables = soup.find_all('desk')
headers = ['Year', 'Average Closing', 'Year Open', 'Year High', 'Year Low', 'Year Close', 'Annual % Change']
df_silver = pd.DataFrame(pd.read_html(str(tables[0]))[0])
df_silver.columns = headers
def convert_to_float_if_applicable(cell):
if isinstance(cell, str) and '$' in cell:
strive:
cell = float(cell.substitute('$', '').substitute(',',''))
return cell
besides:
return cell
elif isinstance(cell, str) and '%' in cell:
strive:
cell = float(cell.substitute('%', ''))
return cell
besides:
return cell
else:
return cell
df_silver = df_silver.applymap(lambda cell: convert_to_float_if_applicable(cell))
df_silver.rename(columns='Common Closing': 'Common Closing, Silver', inplace=True)
df_silver.set_index('Yr')[['Average Closing, Silver']]
.iplot(type='line', xTitle='Yr', coloration='#C0C0C0',
yTitle='Common Closing Value in Dollars ($)',
title='Common Closing Costs for Silver', width=four)
Historic Silver Costs per 12 months since 1969 (macrotrends.web)

The low silver value implies that Silver mines have been struggling to function at a revenue — resulting in them committing less-and-less capital into exploratory tasks and into growing manufacturing. Word within the graph under how each single nation within the checklist of high 10 Silver producers, is mining much less silver.

Mine Manufacturing from High 10 Silver Producing Nations (CPM Yearbook, GoldSilver Weblog Submit)

Additionally, even when the Silver value spikes, it should take a while, years even, for Silver mines to extend the output — this ‘lag’ might imply an extension of the interval during which excessive Silver demand is met with an insufficient provide.

“…even when the Silver value spikes, it should take a while, years even, for Silver mines to extend the output”

However wait, there’s extra.

In keeping with GoldSilver’s weblog put up earlier this 12 months, the silver “mine capability” — the quantity of Silver anticipated to enter the market from new mines — has dropped extraordinarily sharply (“fallen off a cliff”, to cite); it has fallen virtually 90% since 2013, and can also be a results of the low Silver value (low value means persons are much less more likely to begin new Silver mines).

Additionally, in response to the CPM yearbook, the Silver scrap can also be down (a 20-year low) — once more, low Silver costs appear to be the perpetrator as scrap sellers are discovering it more and more tough to become profitable.

International Silver Scrap Provide Per Yr (CPM Yearbook, GoldSilver Weblog Submit)

Now if the worldwide Silver demand will increase, however the provide stays stagnant — the place will the Silver come from? To cite, once more, from GoldSilver’s put up: “Not from authorities stockpiles. Governments don’t stockpile silver anymore. No nation makes use of it of their foreign money, in order that they stopped hoarding it”.

International Authorities Silver Inventories Per Yr (CPM Yearbook, GoldSilver Weblog Submit)
High Silver Producing Nations and Firms (The Silver Institute World Silver Survey 2019)

While the earlier sections have checked out Silver via the lens of Provide-Demand Idea with a particular point of interest on the commercial purposes of Silver, this part will take a extra macroeconomic strategy — and can discover a number of concepts and potential occasions that might dramatically affect the value of Silver sooner or later.

In keeping with billionaire investor and hedge fund supervisor Ray Dalio, the economic system works in a easy — and mechanical — manner. He explains this idea in a implausible YouTube video, however primarily he says that the economic system is pushed by three essential forces:

  1. Productiveness Progress
  2. Quick-term debt cycle
  3. Lengthy-term debt cycle
In keeping with Ray Dalio, The Economic system is the Results of the Accumulation of Three Forces

In keeping with Dalio, ‘debt-swings’ happen in two massive cycles (long-term, and short-term) of 75–100 years, and 5–eight years respectively; and at this time limit (December 2019) we’re in a interval much like that in 1935–1940, which exhibited the next, shared traits:

  • Massive wealth hole (the highest zero.1% of the inhabitants’s web value is now equal to the underside 90% mixed)
  • Because of this, we’ve got populism and social unrest
  • We even have much less efficient financial coverage as a result of earlier two financial downturns (the 1990s and 2008) and thus decreasing rates of interest & quantitative easing is not going to be so efficient as a way to reverse the subsequent financial downturn
  • We’re coming into the part during which we undergo a ‘tightening cycle’ (much like 1937)

In Dalio’s phrases: “the subsequent downturn will occur, in all probability in a few years” and it is going to be one during which the social and political issues shall be nice — this added to the lower in effectiveness of the ‘levers’ utilized by central banks (rates of interest, quantitative easing) will imply that we are going to wrestle to ‘reverse’ the subsequent downturn. It is going to be a tough one.

“The following downturn will occur in all probability within the subsequent couple of years” — Ray Dalio, September 2019

Along with this, individuals resembling Michael Burry (the person who efficiently predicted the 2008 housing market bubble) have just lately been speaking about how we could presently be in an index bubble. Burry has made the purpose that “Passive investments are inflating inventory and bond costs in an identical manner that collateralized debt obligations did for subprime mortgages greater than 10 years in the past…like most bubbles, the longer it goes on, the more severe the crash shall be”.

“Passive investments are inflating inventory and bond costs in an identical manner that collateralized debt obligations did for subprime mortgages greater than 10 years in the past, Burry advised Bloomberg Information.” — Michael Burry, September 2019

Now I don’t know whether or not we’re, certainly, in a bubble or not. Nor how distant the subsequent downturn/recession is. However I do assume that we haven’t had our final one; and what occurs throughout an financial downturn? The reply is that traders flock to valuable metals — like Silver — and this might imply a gargantuan enhance within the Silver demand.

The international locations China and India deserve particular point out on this put up. These two international locations, particularly, appear to be those to observe in terms of Silver (demand & provide). The demand for Silver fabrication in China has grown over 420% prior to now 18 years — this with an inflation charge decrease than that of the USA. China was additionally the principle contributor to the Silver demand in 2018, accounting for nearly half of the brand new photo voltaic panel installations in addition to reporting a 2% enhance in silver manufacturing in relation to 2017, realizing 114.9 Moz; Silvercorp’s Ying Mining District loved the best enhancements (each in throughput and in grade).

Chinese language Silver Fabrication Demand Per Yr, (CPM Yearbook, GoldSilver Weblog Submit)
Annual Chinese language Industrial Silver Fabrication (Left) and Asian Mine Manufacturing (Proper), World Silver Survey
Silver Provide Chain in International PV Trade (2018), The Silver Institute
High Exporters of Photosensitive/photovoltaic/LED Semiconductor Gadgets (2017), Observatory of Financial Complexity
High Importers of Photosensitive/photovoltaic/LED Semiconductor Gadgets (2017), Observatory of Financial Complexity

Trying on the above charts, it will appear that China is about to profit from a big chunk of the electronics and renewable vitality powered Silver demand enhance (assuming it does enhance).

It could certainly be a good suggestion to spend money on the Chinese language Silver supply-end (mines and scrap firms) — as that is the place China will look to fulfill their demand most cheaply.

High Exporters of Silver, Observatory of Financial Complexity
High Importers of Silver, Observatory of Financial Complexity

India, alternatively, appears to be extra eager about Silver as a retailer of worth. Trying on the above treemaps, India was the highest importer of Silver in 2017. Trying on the world as an entire, after being in decline for 2 consecutive years, the entire world bodily silver shopping for rose 5 p.c to 161.zero Moz in 2018 — and far of this spike in demand was attributable to India. India noticed a rise of bodily Silver buy of 53 p.c, additionally dominating the Silver bullion commerce, with imports growing to 36 p.c (the best stage since 2015).

India’s silver jewelry fabrication has elevated by 16% year-on-year to 76.5 Moz (2,378 t) in 2018. India could certainly be a big world Silver demand driver within the upcoming years.

That is the part the place I’ve determined to form of stuff all the things else — that which didn’t appear to suit elsewhere. We are going to take a look at potential future purposes of Silver, in addition to a little bit of technical evaluation (Gold/Silver ratio).

  • Electrical autos
  • Silver nanoparticles & emergency water remedy
  • Silver within the house business
Silver Demand within the Automotive Trade, Silver Institute

Attributable to its glorious electrical conductivity, Silver is broadly utilized in and across the electrical powertrain and different purposes which might be more and more featured in hybrid Inner Combustion Engine (ICE) vehicles and Electrical Automobiles (EVs) alike. Additionally — concerning water remedy — nanotechnology could create an setting during which Silver may very well be very efficient in emergency water remedy, for this reason NASA has it shortlisted as the longer term biocide for house exploration.

The gold-silver ratio represents the quantity of silver mandatory to buy one the equal quantity of gold. What’s fascinating is that the ratio is nearing record-high ranges, which means that Silver is changing into more and more undervalued relative to Gold.

The Ratio of the Gold Value to the Silver Value, Per Yr Since 1969

The above graph was plotted utilizing the code under, which primarily makes use of Plotly and Cufflinks to plot the ratio of the Gold & Silver costs (scraped from the web).

import pandas as pd
import requests
from bs4 import BeautifulSoup
## Silver
res = requests.get("https://www.macrotrends.web/1470/historical-silver-prices-100-year-chart")
soup = BeautifulSoup(res.content material, 'lxml')
tables = soup.find_all('desk')
headers = ['Year', 'Average Closing', 'Year Open', 'Year High', 'Year Low', 'Year Close', 'Annual % Change']
df_silver = pd.DataFrame(pd.read_html(str(tables[0]))[0])
df_silver.columns = headers
## Gold
res = requests.get("https://www.macrotrends.web/1333/historical-gold-prices-100-year-chart")
soup = BeautifulSoup(res.content material, 'lxml')
tables = soup.find_all('desk')
headers = ['Year', 'Average Closing', 'Year Open', 'Year High', 'Year Low', 'Year Close', 'Annual % Change']
df_gold = pd.DataFrame(pd.read_html(str(tables[0]))[0])
df_gold.columns = headers
def convert_to_float_if_applicable(cell):
if isinstance(cell, str) and '$' in cell:
strive:
cell = float(cell.substitute('$', '').substitute(',',''))
return cell
besides:
return cell
elif isinstance(cell, str) and '%' in cell:
strive:
cell = float(cell.substitute('%', ''))
return cell
besides:
return cell
else:
return cell
df_silver = df_silver.applymap(lambda cell: convert_to_float_if_applicable(cell))
df_gold = df_gold.applymap(lambda cell: convert_to_float_if_applicable(cell))
df_gold.rename(columns='Common Closing': 'Common Closing, Gold', inplace=True)
df_silver.rename(columns='Common Closing': 'Common Closing, Silver', inplace=True)
precious_metals_avg_cls = pd.merge(df_silver, df_gold, how='interior', on = 'Yr')
precious_metals_avg_cls.set_index('Yr', inplace=True)
ratio_gold_to_silver = precious_metals_avg_cls
ratio_gold_to_silver['Ratio of Gold to Silver'] = precious_metals_avg_cls['Average Closing, Gold']
/ precious_metals_avg_cls['Average Closing, Silver']
precious_metals_avg_cls[['Ratio of Gold to Silver']]
.iplot(type='line', xTitle='Yr', coloration='#1C7C54',
yTitle='Ratio of Gold Closing Value, to Silver Closing Value',
title='Ratio of Gold Value to Silver Value', width=four)

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