Ole HansenOle Hansen , Head of Commodity Strategy, Saxo Bank
Denmark, 01 August 2012 at 14:01 GMT+0
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Gold and silver have dropped sharply during the last couple of hours as weak longs, worried that central banks won't deliver the extra cash, have been heading for the exit. A close below 1600 today on gold could signal another upside rejection and support once again needs to be established. Silver suffering the most after sell stops got triggered below 27.80 has seen the ratio to gold move back out to near recent highs at 59 (the cost in silver of one oz of gold)

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Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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