Scalping Ranges and the Gold/Silver Divergence

Here are the one standard deviation historical high-to-low ranges—we call them our "scalping ranges.”

About 68% of the time, the high-to-low range are under these ranges. If the market intraday range is out of this, it could be considered "unusual.”

For example, in March the one-standard-deviation, high-to-low range was 122 points. That was an increase from February's 83 point range.

Gold has increased in price considerably more than silver.

The gold-to-silver ratio has hit a new high at almost 92 ounces of silver per a single ounce of gold. It peaked in August 2024 at around 91. Gold and

Silver have had strong rallies this year—it's just that gold's rally has outpaced silver.

Trading for the ratio to contract (move lower) would be to short gold and long silver.