Mint Ratio Signals Gold’s Moment of Truth

Dec 07 08:12 2017 Print This Article

Gold has finally broken 1260.00 long-term support in early Europe as the gold/silver (mint) ratio hits new highs suggesting a much more substantial down move could now occur.


Gold attempted a comeback rally after Tuesday’s calamitous sell-off, but it was quickly snuffed out and failed ahead of 1270.00. Instead, the yellow metal ended the day with a whimper, closing near its lows at 1263.70 and appearing to be preparing itself for a severe test of critical long-term support. Gold traders will face a nervous end to the week as gold fails to rally even as the U.S. yield curve continues to flatten and ahead of crucial payroll data tomorrow evening.

With Asian shares solidly in the red and a general risk-off mood permeating the markets, it is significant that gold cannot find any support. The safe-haven bid that would typically appear in times such as these has disappeared from the market’s thoughts. It is yet another black market against the yellow metal.

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