Mid-Week, Weekly Review of Gold, Silver, and Palladium
October 15, 2020
The front month contracts for gold and silver were mixed from the close on October 6, 2020, with gold down 0.66% and silver up 0.90% (red arrow identifies close on the 6th). The ratio of the month 1 Gold contract to the month 1 Silver contract (Figure 1) is down 1.55% compared to the close on the 6th. Since a falling gold/silver ratio tends to be positive for gold and it has been moving lower since its recent high at the end of September, we will need to continue to monitor this trend. With the front month gold and silver contracts closing Tuesday at $1894.60 and $24.13, respectively, the gold/silver ratio is now 78.41, 19.7% higher than the corresponding 15-year average. December gold (Figure 2) closed Tuesday at $1894.60, down 0.74% and December silver (Figure 3) closed at $24.13, up 0.87% from the close on October 6th.
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The Fundamental Analytics Team
The information provided here is for general informational purposes only and should not be considered individualized investment advice. All expressions of opinion are subject to change without notice in reaction to shifting market conditions.