The premiums of some of the more popular Funds are back to 'normal' levels, but certainly not overly enthusiastic.
And we see a significant divergence between the metals and stocks today, suggesting perhaps that the selling in the metals had been overdone. Stocks are sharply lower, but the metals are stubbornly positive. And yet the US dollar is higher as well. A flight to safety? It looks like it.
The Gold/Silver ratio at 58 reflects the underperformance that silver has shown of late, in response to its higher beta and partial industrial component, and most recently I think because of its option expiration at the Comex tomorrow. The call holders may have been shaken, and so it is now time to skin the put buyers.
