Watching the trading over the past few days, silver has been outperforming gold. Yesterday (Tues 16 July) in particular, gold was flat to down, whist silver was up around 35 cents. The 3-day charts on www.kitco.com clearly showed the trading for silver was stepping higher over the past three days whilst gold was within a tight trading range.

Now, today, there are up-moves in both metals, gold +1.26%, silver +2.58% about a 2x out-performance on the upside move.

There will therefore have been a down-move in the gold:silver ratio from its extreme levels of late around 95:1.