Silver led the way higher for the precious metals today as gold was capped at the 1140 level.

The Gold/Silver ratio has dropped a bit but is still quite high at 72.

There was little action at The Bucket Shop except for the usual slow bleed of bullion out of the warehouses as is shown below.

The Sprott Gold and Silver Trusts lost a little more bullion to redemptions as discussed in the intraday commentary here.

If there is a major disconnect between the Western and Eastern paper and physical metals markets, one might wonder what will happen to the available bullion in ETFs like GLD and SLV and the trusts that have redemption features.

After today's rally my own trading account is all cash. Some times I like to do this, and just kick back and watch where the market seems to be going at what feels like a pivotal area. Long term holdings remain unchanged as my general view of where things are going continues to be supported by unfolding events.

Have a pleasant evening.