Commodities started off with a bang this morning, surging higher in early U.S. trading.
Gold is currently up $20.08 to $1,785.49 and silver is up $1.00 to $35.28, for an opening silver/gold ratio of 50.6.
Last week we we’re stuck in a zone where the underlying technicals are still bullish, but the daily fundamentals, like currency valuations, were neutral. In technical terms that’s what traders and technical people call “chart consolidation” and analysts covering the precious metals markets call “boring”. While promising, It’s too soon to say if today’s breakout is part of a larger trend.