Gold Prices Stall, Silver Explodes
Alix Steel
NEW YORK (TheStreet ) -- Gold prices were climbing higher and silver prices were soaring Thursday as investors bought the metals ahead of a long holiday weekend in the U.S.
Gold for June delivery was adding $4.50 to $1,503.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has hit another record at $1,509.60 while the spot gold price was flat, according to Ktico's gold index.
Silver prices were exploding $1.29 to $45.76 an ounce pushing the gold/silver ratio down to the 32 level. The lower the ratio goes the faster silver rallies versus gold. David Morgan, founder of Silver-Investor.com, thinks the ratio could hit 16 while Eric Sprott of Sprott Asset Management is on record as saying the ratio could hit single digits.
Gold was rallying for a fifth straight day as the U.S. dollar index continued to tank losing 0.77% to $73.80 at its lowest level since November 2009 and is now trending towards it 2008 level of $72
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