The Gold/Silver (GSR) ratio has followed the slight bias toward gold and broken upward. What’s more, the US dollar remains firm but the Yen is weak. So there is somewhat of a mixed macro message in currencies.
Regardless, the pressure in gold and silver stocks over the last couple days is no surprise because a) a move in the Gold/Silver ratio often does that amid the running of the inflationist bugs, and b) broad market relief often does that too.
Now, what does a rising GSR say about said relief? It’s too complicated for a brief public post. But I don’t think it’s a good sign for the various commodity/inflation/reflation trades.
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