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Silver, Gold and Broken Records
We may have started to sound like a broken record with our repeated stance in favour of silver over gold over the last 6-9 months, via our numerous bearish takes on the gold/silver ratio. But one broke that broke is the number of speculative longs in silver at the Comex, which reached a net 105,515 contracts, compared to gold net longs, which reached 172,666 contracts, but remain 50% below the record reached last summer.
Silver bears may be pointing to the failure to break above the 50% retracement of last year's high-low move, but the bulls remain fixated on silver's higher lows and the potential golden cross on the daily and weekly charts. The higher lows on the gold/silver ratio are the less obvious but more powerful signal.