New High in Gold Prices Send Silver Bullish

WikiFX News (28 July) -Gold prices achieved new high yesterday, sending chances to silver, the best alternative, for an independent market.

Gold prices hit $1,920 this Monday, registering a fresh high since 2011. Meanwhile, the appeal of precious metals has been rising as market expects to see high inflation from monetary and fiscal stimulus policies.

Forex market also reflected a risk-on tilt, with the haven-linked USD and anti-risk CHF the worst performers. Besides, SEK was the biggest winner, with EUR not far behind.

Currently, silver price enjoys a powerful basing pattern. It is possible to open its independent market as long as there is no event such as tight monetary policy undertaken by central banks globally.

In addition, the gold/silver ratio also implies a sharp potential growth in silver. This March, gold price was $1,450 an ounce, while silver price was $12 an ounce, that is, a single ounce of spot gold can be obtained at the expense of about 25 ounces of spot silver. According to statistics, the average gold/silver ratio over the past ten years is 69, indicating the upside momentum in silver price later.

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