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Gold hit its second new record high on the trot at the London Gold Fix on Thursday morning, hitting $1441.25 per ounce for US investors as the Dollar held flat on the forex market, and US crude oil rose.
New York's stock markets opened the day 0.5% higher. Silver Bullion jumped to fresh 31-year highs above $37.85 per ounce.
The ratio of gold to Silver Prices "is now convincingly through the 1998 weekly low" notes the London dealing team at Japanese conglomerate Mitsui.
"Technically there is plenty of room for the ratio to continue lower" they reckon, as Silver Prices rise faster than gold, cutting the ratio to barely 38 times at Thursday morning's London fixes, down from a peak near 85 immediately after the 2008 collapse of Lehman Bros.
Trading on Egypt's re-launched stock exchange was meantime halted today for the second day running after another sharp drop at the opening bell.
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In Gold Bullion, "[exchange-traded fund] investors have been noticeable by their absence, which suggests there has been some rotation out of gold," says the latest Metal Matters from bullion bank Scotia Mocatta.
Combined holdings across the trust-fund Gold ETFs which Scotia tracks have shrunk by 5% since peaking at 2,130 tonnes in late Dec.
In gold, "What we may have seen is a period where profit-taking has outpaced new buying," says the bank's latest analysis.
"Silver Prices [in contrast] are exceptionally strong, so strong that we feel there must be some aggressive short covering as well as fresh buying."
On the currency markets Thursday mornning, the Euro rallied back to unchanged after Belgium's prime minister said the European Union was "obviously ready to step in and help" if asked by Portugal - now trying to form a new government following the rejection of premier Socrates austerity budget.
That capped the Gold Price in Euros below €32,750 per kilo, some 1.8% higher for the week so far.
Ten-year Portuguese bond yields rose Thursday towards new post-Euro highs of 7.7%. Bail-out aid from the Euro Stability Fund being finalized today in Brussels would likely cost 6.0%. Greece last week renegotiated its bail-out costs down to 5.0% per year.
RBS analysts reckon a Portugal rescue is now "pretty inevitable" and will require €80 billion in funds. Two un-named EU sources quoted by Bloomberg put the figure at €70bn ($99bn).
