The precious metals of Gold and Silver saw net March changes of +$29.90 (1.9%) to $1596.60, and -$2.30 (14.0%) to $14.16 respectively. S/t choppy, but the m/t trend remains bullish, with gold having printed an eight year high of $1704.30.
Gold: A low of $1450.90, a high of $1704.30, and settling in the $1596s. The March candle is dual spiky, and is indicative of capital market instability. There was an element of institutions selling gold to raise much needed cash. The fact gold broke a new EIGHT year high, is a reminder of the m/t bullish trend.
Silver: a second consecutive net monthly decline for 'poor man's gold', printing $11.64, the lowest since Jan'2009. Monthly momentum settled fractionally negative, and leans s/t bearish for early April.
March was a reminder that when things turn crazy, Gold captures a stronger 'fear bid' than Silver. Indeed, Silver further struggled as its a more industrial metal, falling broadly with Copper.
The Gold Silver ratio broke a new historic high, settling March at 112.79. Again, its indicative that Gold is often the better trade than Silver. I do expect the ratio to narrow, but for now, there is ZERO sign of it.