*Dow Theory Letters, by Richard Russell, September 4, 2009
“Speaking of buying, silver looks like a buy to me. Silver is too cheap compared with gold. Study the chart below. This is the ratio of silver to gold. When the ratio rises, it means that gold is outperforming silver. At the end of 2008, an ounce of gold would buy 85 ounces of silver. Since then the ratio has come down in favor of silver. Now an ounce of gold will buy only 63 ounces of silver. Silver is still too cheap compared with gold. At the end of 2007 an ounce of gold would buy only 45 ounces of silver. I think silver is a buy.”
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