So, traders came back from their summer escapes yesterday (well, a lot of traders, anyway; the trading floor population will likely not come to full force until after the High Holidays). Business, as a result, picked up for precious metals. Gold and silver both were bid up-though the reasons for the buying befuddled some market observers. From talk among the trade, buying was pretty much just something to do.
No matter for gold/silver ratio traders, though. Things are working well for those bulls with a predilection for white metal. When we last examined the ratio („How To Trade The Gold/Silver Spread“), an ounce of gold could buy 64.4 ounces of silver (basis the December COMEX deliveries). By yesterday’s settlement, gold’s multiple had slipped to 63.2x; gold’s purchasing power had been whittled down a bit.
Let’s define „a bit“ more fully……
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