Market Report: Up, Up and Away!
by Alasdair MacLeod
Gold Money
Gold has had a good week, breaking out from a consolidation pattern, and heading into new high ground for this year.
Silver, which has been left behind, appears to be merely pulled along in gold’s wake. As of early this morning UK time, the gold price is at $1,261, up 19% on the year, while silver is a little better this morning relative to its recent underperformance at $15.30, so is up only 10.5% on the year. Silver’s underperformance is a mystery to many, probably explained by the big money shifting into gold having been dangerously underweight, while the silver price is still reflecting moderating industrial demand. The result is the gold/silver ratio is now over 82 times.
Whoever is buying gold is probably less of an important issue than the simple fact that prices rise when there are more buyers and sellers. We started from a base of maximum bearishness, with traders and investors in western financial markets owning almost no gold.
Continue Reading at GoldMoney.com…
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