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Silver and platinum rise ahead of Warsh Jackson Hole keynote
Silver climbed more than 2% to reclaim levels above 70, helping push the gold-silver ratio down to about 65.1.
Silver and platinum led gains in precious metals in the hours ahead of Fed Chair Kevin Warsh’s Jackson Hole keynote, while gold stayed essentially flat, according to Action Forex.
Silver rose more than 2% and broke back above 70, and platinum advanced by about 2.6%, pushing the gold-silver ratio down further to around 65.14.
The piece notes that the move is notable because gold has been among the most crowded precious-metal longs in recent CFTC-tracked positioning and is most directly tied to the “fiscal-credibility and Fed-independence” trade that Warsh’s speech could test.
Action Forex said the divergence could reflect traders holding off on adding gold exposure right before an event with asymmetric risk for the gold-focused thesis, or a relative-value rotation that would favor silver and platinum if investors view gold as comparatively fully priced near term.
Latest closeGold $4,666.20 ▲0.6%|Silver $68.61 ▼0.0%|Platinum $1,850.60 ▼0.1%