Gold and silver prices were already on a tear heading into this week, but they’ve only seen their gains accelerate even more.  With more than a day and a half of trading left in the week, front-month gold futures have rallied, but silver has been the real show stopper with a gain of 16%!

Taking a look at a one-year chart of silver over the last year, things have really gone parabolic this week as the front-month futures contract is trading more than 40% above its 50-day moving average (DMA) and 62% above its 200-DMA.

Were it not for the move in silver, gold’s move would be getting all the attention.  Prices for gold have also seen a major surge in the last month, rising from under $1,800 to the current level of $2,060 per ounce.  While not as extended as silver, gold currently trades 14% above its 50-DMA and 26% above its 200-DMA.

With gold 25.7% above its 200-DMA and silver 62.2% above, the average spread of the two commodities currently stands at 44.3%.   In the 40+ year history of the two futures contracts, there have only been a handful of prior periods where the average spread of the two commodities was larger or even above 35% for that matter with the most recent occurring back in early 2011. This recent rally in the two commodities has certainly been one for the ages.  Click here to view Bespoke’s premium membership options for our best research available.

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