The fiat Federal Reserve note (i.e., fiat US dollar) continues illustrating relative strength versus other full fiat currencies. The last time the fiat US dollar was this relatively strong was nearly two decades ago, in the summer of 2002.

Meanwhile, quickly rising US mortgage rates have now put a full damper on home sales to the lowest levels in 22 years. And it is all for good reason. People are being priced out of US real estate.

Two years ago, the 30 year mortgage rate was 2.96% and today the 30 year mortgage rate is 5.60% and the median existing-home price is $404k.

With a 20% down payment, that’s an 81% increase in monthly payment (from $1,026 to $1,855).

If we are ever to get back towards 2011 levels on this chart, silver and gold values will need to outperform real estate for many years.