by Alasdair Macleod, GoldMoney:

On the back of a further rise in the Fed Funds rate, the gold price made little progress this week. Silver outperformed. In European morning trade today, gold was at $1652, up $48from last Friday’s close. Silver was at $19.90, up 68 cents over the same timescale. 

Our headline chart shows that silver has been outperforming gold since 1 September, when silver bottomed at $17.56. Since then, gold has continued to decline, down $50 from that time. 

This puts the gold/silver ratio at an interesting juncture, as our next chart shows.