Loading ...Dennis Gartman…
“Turning to gold, a much-needed correction has taken place since yesterday and seems also already to have run its course as spot gold traded to $1550/oz for a short while earlier this week and for an even shorter while fell nearly to $1525 before finding support. We said here yesterday that the inevitable correction or consolidation would be ephemeral in nature and it appears for the moment at least that we were correct.
Even more impressive has been silver’s strength. Indeed, silver’s taken the lead from gold as the Gold/Silver Ratio stabilized last week at or near to 88:1 but is now trading just a bit below 83.1. Indeed, for a few brief moments yesterday morning this ratio actually traded down toward 82.5:1!…We needed to see the GSR break down through 86:1 to truly feel comfortable. It’s done so and it is so this morning as it trades down to 83.15:1 and is heading to the 60’s or lower.”
Even ole. Dennis. has been on the money for. quite. a. while…
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