Last week we noted the character change in the gold/silver ratio, which had set a higher low and a higher high. This has continued with another such stair step up that has taken the ratio above the 50-day moving average. This marks the end of a pattern that prevailed since August, and adds to the character change.
This change has been expected to anticipate the equivalent change in the All-One-Market phenomenon and today's setbacks to stocks, corporate bonds and commodities is interesting.
This is a minor setback and won't be conclusive until the AOM sets a lower low and a lower high.
(Continued on next post)