Silver Surges To 8-Month Highs As Hedgers Unwind

Silver is now up almost 10% from its spike lows last week (up over 5% since Friday), has broken above $16, snapped 2016's highs at $16.17 and is back at its highest since October 2015. Amid the big tumble in commercial hedgers positions, we also note the Gold/Silver ratio has plunged to 2-month lows - just as we suggested.

Silver breaks 2016 highs...

 

To October levels...

 

As hedgers unwind...

A month ago we said, So bottom line, if you’re a speculator in precious metals, now may be a good time to consider trading in some gold for silver.

And since then,Silver is up 4.6% and gold unch...

 

Leaving the Gold/Silver ratio at 2-month lows...