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The gold-silver ratio is at 109, having fallen below the 110 level for the first time in a few weeks as silver gains ground on the yellow metal, said Commerzbank analyst Carsten Fritsch. The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a declining number meaning silver is outperforming gold, and vice-versa. Gold rose sharply on Monday as equities did likewise, and the yellow metal is holding onto those gains so far Tuesday. One theory for gold’s rise is that when COVID-19 lockdowns end around the world, pent-up demand will meet limited supply, resulting in inflation that could benefit gold, Fritsch said. “That is one explanation why stocks and gold were moving in tandem yesterday,” the analyst said. “Up by a good 4%, silver gained even more sharply than gold yesterday.” As of 8:22 a.m. EDT Tuesday, spot gold was steady at $1,660.70 an ounce, while silver was up 22 cents to $15.23 and earlier was even higher. “As a result, the gold/silver ratio has dropped to below 110 again for the first time since mid-March,” Fritsch said. “That said, silver remains considerably undervalued.”