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Gold/Silver ratio hits best in a decade

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NEW YORK (Scrap Register): Gold has been outperforming silver and platinum, with the gold/silver ratio this week climbing to its highest level in a decade, said Commerzbank.

The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a rising number meaning outperformance by gold, and vice-versa.

Both metals were hurt Tuesday by a stronger U.S. dollar. The silver price dropped to $14 per troy ounce and the platinum price to below $770 per troy ounce, Commerzbank added.

Besides a falling gold price, silver and platinum were dragged down by the weak base metals prices.

As a result, the gold/silver ratio increased to over 84, its highest level in almost 10 years. The price gap between gold and platinum has widened to $415 per troy ounce.

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