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A Change in Character

Despite an air pocket earlier in the week, conditions in the precious metals sector continue to improve. Most notably, silver has taken the baton and is starting to strongly outperform gold.

Silver:Gold Ratio Chart
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Copper 2010- Present versus Copper 2006-2010 Chart
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Gold 2004 versus Gold 2013 Chart
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Buttressing this momentum is the swift recovery in the gold miners this week, which as of this morning have recaptured their 50 day sma. Having both silver outperform gold and their respective miners outperform spot prices is a significant change in character for the sector. Onward and upwards.

2008-2009 BKX versus 2012-2013 GDX Daily Chart
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XAU Gold and Silver Index 2004 versus 2013 Daily Chart
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