Silver is benefiting from growing investor interest amid a climbing gold price and from strong industrial demand
Gold has hit record highs but the spot price for silver has seen larger gains, shooting up 44 per cent this year.Gold has been on a hot streak this year, but silver, also known as the “poor man’s gold,” has been doing even better.
“When gold goes up, you expect silver to outperform gold,” says Mr. Rutten, who oversees Mackenzie Precious Metals Fund. “The reverse is true on the way down, where silver underperforms gold.” But Mr. Rutten doesn’t have a target price for silver, noting that it’s “not as liquid as the gold market,” and certain parties have attempted to buy silver aggressively to boost its price.
Ms. Smirnova, who is also lead manager of Ninepoint Silver Equities Fund, points to silver’s duality as a precious and industrial metal. The problem is that there are not a lot of new silver mines coming online soon, she adds. “If we continue to see these deficits, we could see silver at US$50 an ounce and above.”
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