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Gold/Silver Ratio Hits 2021 Highs

COMMODITIES
  • Oil benchmarks rallied into the Wednesday close and have traded horizontally since. Markets appear to have shrugged off reports of a plea from the White House yesterday to prompt OPEC+ to open the production taps.
  • Recovery off the lows this week has improved the outlook slightly, but the picture is far from bullish while prices hold below the $71.50 50-dma for WTI.
  • NatGas storage change data takes focus Thursday, with markets expecting a build of near 48BCF for the latest week.
  • While gold has recovered well off the sharp decline seen earlier in the week, silver continues to lag, with the gold/silver ratio touching the best levels of the year. The imminent formation of a golden cross may suggest further gold outperformance over silver in the medium-term.

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