Precious metals rose yesterday as the Dollar fell to new lows, but the metals finished well below their morning highs. Gold rallied 9.30 to 1381.20, its 17th record high in a little more than five weeks. It hit an all time high of 1388.30 yesterday morning. Silver gained 0.58 to 24.63 and traded at a 30-year high of 24.95 in the morning. Platinum was up 6 to 1711 but had been as high as 1729. Palladium rose 8 to 602 and hit a 9-year high of 609. Copper finished down 0.0050 at 3.8155 but earlier traded as high as 3.8675, a 27-month high.

The ratio of the price of gold to that of silver dropped to the lowest since August 2008 as investors sought a precious metal that may also benefit from economic growth.

Silver is in need of a technical retracement, ideally back to at least 23.50 (Spot). At the same time, current technicals suggest we’re next likely headed to 26.50 and then 28.00-28.50.

Gold may satisfy my forecast for seeing a 1500 target by year-end (of course, overall on its way to 2000 and 3000).

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