Silver Surges 3% To $18.30oz; Next Resistance At $20/oz…And Then $50/oz

* Silver has breached the resistance level of $18 an ounce for the first time in two years after surging 3% yesterday



* Spot silver extended gains for a third straight session, jumping 3% to $18.15 per ounce. It reached $18.34, its highest level since September 2017 and is up 11.5% in August, making it the top performing asset in the world



* Gold and silver gained as U.S. stocks fell and a drop in Treasury yields led to safe haven demand for the precious metals due to concerns about slowing economies



* The gold silver ratio has fallen from 90 to 84 to 1 and will continue to fall as silver plays catch up to gold. The next resistance level is $20/oz and a monthly close over $20/oz will open the way to silver looking to target the nominal high of $50/oz in 1980.

Silver moves through resistance at $18/oz

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