The Long Read · 9 Oct

Silver is 61.10 on the tape, not the 67.15 close from 18 September.

From the 18 September seals, silver is 9.0 percent lower and gold is 4.6 percent lower.

Two gold bars and a short row of coins on a white table beside a folded newspaper.
Two gold bars sit on a white cloth. Coins sit beside a folded paper.

The 18 September page sealed silver at 67.15 and gold at 4,420.4. On Saturday that sentence was still a front-page headline. The tape was not. Friday 9 October the tape printed silver at 61.10, up 3.45 percent on the day, and gold at 4,216.3, up 1.43 percent.

Friday silver outran gold. It did not repair the gap from September.

From those September seals, silver is 9.0 percent lower and gold is 4.6 percent lower. The metals fell by different amounts. They also rose by different amounts on Friday. A day in which silver outruns gold does not close a gap that wide. The gap is the distance from the seals. Friday narrowed nothing that changes the position.

The September page is a date

It can mean that those were the closes on 18 September. It cannot mean that 67.15 is the silver a reader is looking at now. Until the tape prints silver back through 67.15, that page is history. Gold has the same problem at a smaller distance: 4,216.3 is not 4,420.4.

The split is the point. Silver gave up more, and on the up day it gained more. Treating the pair as one metal was already wrong in September. It is more wrong after a 9 percent silver decline beside a 4.6 percent gold decline.

Silver back through 67.15, with gold still below 4,420, would make the September silver seal the live one again.

Silver is 61.10 on the tape. Gold is 4,216.3. The 18 September seals are 67.15 and 4,420.4.

Educational research, not advice. Nothing here is a recommendation to buy or sell.