April 13, 2020 – Precious metals markets enter this week’s trading with bulls eyeing further upside after gold broke out to a fresh new 7-year high last Thursday. In another bullish sign for the metals complex, silver is finally showing relative strength. The gold:silver ratio has narrowed over the past three weeks to under 109:1 – still extremely elevated historically but well off the panic-driven spike high of 126:1 recorded on March 18th.

Just the day before, on March 17th, we had published an article titled “Is This What Peak Fear Looks Like?” It made the case for an imminent peak in the gold:silver ratio and VIX volatility index. The article ended up garnering a lot of attention, including some from critics who confidently insisted we were nowhere near “peak fear” yet.

Since that week of publication, however, market conditions have improved dramatically for both equity and hard asset investors as coronavirus panic has dialed down. And technical evidence continues to mount that gold and silver have each put in their final lows for the year.



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