Silver-To-Gold Ratio Exceeds 90-To-1

GOLD

Profit taking hit the Gold market this morning, with the price dropping to $1,324 per ounce. In the past three weeks Gold has rallied $70 per ounce, a dramatic and quick move from $1,275 to $1,345 per ounce. It would be very good for Gold’s long-term outlook to consolidate between $1,320 and $1,350 for a short period of time. At 11am PT today, Gold is trading at $1,328, down $14 per ounce on good volume.

SILVER

Short term profit taking and short sales took the price of Silver down $0.31 per ounce to $14.69 this morning. Silver badly needs to build a base above $14.50 before its next attempt to break above $15 per ounce resistance level. With today’s drop, the Silver-to-Gold ratio has gone over 90-to-1. At 11am PT today, Silver is down $0.35 per ounce, trading at $14.67 on excellent volume.