Silver in early January started outperforming gold. Since that time, it continues to build up relative strength against gold. In January you could have purchased 78 ounces of silver for each ounce of gold. On today's last, you only get 69 1/2 ounces of silver for each ounce of gold according to Kitco.com. You just divide silver into gold to get the current ratio spread.

In the last two years the gold/silver ratio exchange rate has been as high as 93 during the September 2008 sell-off to as low as 46 in early March of the same year when silver was above $20. Some people just keep exchanging their gold and silver, back and forth, hoping to increase their changing positions in both.

The historical norm for the ratio has been about 16 to 1. If the ratio returns to its norm and if gold is higher as some expect, it is possible that silver will be in the excess of $100 an ounce. Considering this possiblility, the current price of ECU looks like a complete absurdity.