by Adam Taggart, Silver Bear Cafe:
Gold finished Friday up $1.50 on light volume to 1313.50, with silver up $0.30 to 20.51 on good volume. The gold/silver ratio dropped to 64.04, below its 50 day MA. Gold is at its 50 day MA while silver closed above its 50 day MA for the first time since Feburary 6 2013. Over the past week, silver has clearly outperformed gold and it closed right at the top of its trading range.
Over the week gold is up $0.70 [+0.05%] while silver is up $0.67 [+3.38%].
Assisting gold this week was the dollar, down -0.85 [-1.03%] to 81.15. Given that gold didn’t rise, and the dollar dropped, that would normally not be a very good sign. However silver moved up and eventually it should drag gold up along with it. This week it appeared that the taper/don’t-taper thesis primarily drove futures gold prices, while silver futures seemed to be linked more closely to movements in copper and economic developments in China.
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