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Gold/Silver ratio plummets to 13-month low
Jul 1, 2016 17:56 The gold/silver ratio has dropped to the lowest level in more than a year, said Commerzbank.
UNITED STATES July 01 2016 1:17 PM
NEW YORK (Scrap Register): The gold/silver ratio has dropped to the lowest level in more than a year, said Commerzbank.
The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a declining number meaning outperformance by silver. Analysts noted silver made "disproportionately high" gains of 2.9% on Wednesday.
At one point, silver was up by almost 4% and peaked at $18.48 per ounce, its highest level since January 2015.
“Silver has also been outperforming gold so far, with the consequence that the gold/silver ratio has dropped to below 72, its lowest figure in 13 months,” Commerzbank noted.
“Silver is clearly profiting from two different sides at once just now -- from the higher gold price on the one hand, and from firm base metal prices on the other, as silver is used for the most part in industry,” analysts added.
Gold/Silver ratio
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