Gold has traditionally been investors' favorite safe-haven, and is somewhere to turn when bonds offer flat or negative returns and stock markets are choppy. This has certainly been the case during the coronavirus crisis, when the gold price has hit record highs."It seems like silver is going for the gold medal," said Mobeen Tahir, associate director of research at exchange-traded product provider Wisdom Tree.
One of these is the injection of more money into the economy by central banks around the world, as part of attempts to stem the impact of the coronavirus crisis. Thirdly, the weakness in the dollar over recent weeks, has also boosted precious metals. As commodities are typically traded in dollars, a weaker greenback often translates into a stronger commodity price.Hansen described silver as "gold with a little bit of a rocket attached," as it tends to rally "higher and faster" than its pricier peer.
"On that basis, a strong rally is less likely to attract increased supply — which could dampen the rally — compared with pure gold mining operations," Hansen added. The gold-silver ratio — the amount of silver it takes to purchase an ounce of gold — makes " silver look cheaper on that basis."Foster said Brewin Dolphin's more optimistic global economic outlook meant the industrial demand for silver was an "added benefit."
"So it's not just a tactical play right now with silver, it's really a strategic play at the same time," Tahir added., but this also requires finding a way to keep it safe, pointed out Hansen.
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