by Alasdair MacLeod
Gold consolidated recent gains this week, losing $3 from last Friday’s close to trade at $1738 in early European trade this morning. On the same timescale silver was up 50 cents at $17.09, 50 cents below its peak on Wednesday.
As our headline chart shows, silver has almost recovered its loss on the year, having rallied 44% from the March low. Its recent outperformance against gold has reduced the gold/silver ratio to 102, after topping 124. This is our next chart.