Although both gold and silver traded higher on the day, it was silver that outperformed gold by over 4 to 1. Both precious metals were aided by a falling U.S. dollar which is down by .59%.

Typically, a market with extreme bullish sentiment trades to new highs, but also has period of market consolidation or a shallow correction before returning to a bullish rally. It also will typically trade to a new high.

With the last trading day of the month concluding we can look at the overall performance of individual assets in the precious metals complex. What we see is a break from the traditional correlation between gold and silver.