Gold finished Friday up + 18.80 to 1318.90 on moderately heavy volume, silver was up + 1.09 to 21.49 on very heavy volume.  The gold/silver ratio dropped a huge -2.36 to 61.39.  GDX was up + 1.86% on heavy volume, while GDXJ rose + 3.62% on massive volume.  Gold was steadily bid climbing all day long, and silver broke out in Japan and climbed steeply all day long, closing at the high.  Mining shares opened up, but traded sideways all day long, looking somewhat less bullish than gold & silver.

The big story of the week is silver, which caught up to gold in one massive, high volume move on Friday.  There was one high volume spike in Japan morning trading, but after that one violent spike up, COMEX buyers just steadily maintained the pressure on silver moving it up at a steep angle, closing at the highs for the day.  It was a bad day for the silver shorts, who saw no dips intraday they could use to cover.  “That’s gotta hurt.”

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