The last on the Gold/XAU ratio is 10.24. During the past five days gold has been the relative strenth favorite. This could signal a step up in the naked shorting of the shares. The Gold/XAU chart seemed to turn more bullish by passing above the 50 day average recently, although the 10.25 area would seem to indicate resistence. Gold would have to surmount this level to put more relative strength pressure on the shares. In the past weeks the shares had been gaining on gold but all this ended with the crossing of the 50 day average at 10.24.

All we can do is hope that gold's dominance over the pm shares reverses, but for the moment the metal remains the better of the two.

http://stockcharts.com/h-sc/ui?s=$gold:$xau