As I wrote early this year, it's been my view that GLD and the iShares Silver Trust (NYSEArca:SLV) could be in for a hefty pullback as inflationary speculation cools down and the dollar catches a bid. While gold did have had a mild pullback to the $1,390 area, both SLV and GLD found aggressive buyers that pushed the precious metals higher again, taking them back to new highs last week. SLV's recent outperformance can be seen in the chart below through the lens of the gold to silver ratio.