Cast your mind back to February 2013. It was a chaotic month for metals traders.

• The Bundesbank had just roiled world markets by demanding the repatriation of 50% of its gold holdings from overseas.
• Central bank gold buying had just hit 49-year highs.
• The Shanghai Gold Exchange hit record volumes as Indian and Chinese investors returned to the market with a vengeance.
• India’s gold imports swelled to 18-month highs.

Indeed, as I noted at the time, the silent gold rush was continuing apace and those in the know were keeping a close eye on the precious metals markets.

But there was another story that was taking place at that very moment. A story that, in retrospect, may prove to be more important than any of those just mentioned. Bitcoin reached parity with silver.

Specifically, the price of one bitcoin equaled that of an ounce of silver for the first time on February 19, 2013.

And just this week, the price of one bitcoin equaled (and quickly surpassed) that of an ounce of gold for the first time. (Well, OK, the second time, but in retrospect Mt. Gox’s valuation didn’t count, did it?)

So what does this milestone mean?

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