The gold/silver ratio has peaked over 70:1 only a few times in history including right before the 2008 financial crisis. The ratio measures how many ounces of silver it takes to equal an ounce of gold, priced in U.S. dollars. The gold/silver ratio rises notably during times of crisis or economic slowdown, and at this time, it stands near 81:1 and hit a ten-year high last week. Kitco News speaks with global trading director Peter Hug to get his thoughts on whether the ratio is signalling whether or not silver is a buy. Hug also comments on the much anticipated U.S. Federal Reserve’s Open Market Committee (FOMC) meeting that ends Wednesday afternoon with a statement and press conference from Fed Chair Janet Yellen. ‘It was suggested that longs might take some money off the table ahead of the Fed meeting this week. Yesterday’s action suggests more a paring of exposure than a trend reversal. When gold failed to hold the $1,250 level, the selling accelerated,’ Hug said. The veteran trader added that it feels ‘like we are in the eye of the hurricane.’ ‘The market remains long which opens the possibility of further weakness but until there is real evidence of economic growth, gold will remain a viable alternative,’ he said. Gold prices ended the U.S. day session solidly lower Tuesday with the lowest closing level of the month. April Comex gold settled at $1,231 an ounce Tuesday, down $13.90 on the day. May Comex silver settled down $0.26 on the day at $15.261 an ounce.