Silver is headed for a bull market in its best start to a year in more than three decades, fueled by safe-haven buying interest
Silver is headed for a bull market in its best start to a year in more than three decades, fueled by safe-haven buying interest. Holdings in silver ETPs have posted three straight weekly gains, while U.S government data shows that money managers raised their net-bullish wagers to their highest level since August. An ounce of gold bought 71.9 ounces of silver on Tuesday, compared with an average of about 58 over the past decade, signaling silver is still inexpensive relative to gold. On Wednesday, gold jumped to $1,300 an ounce for the first time since August.
Gavin has been a senior resources analyst following the mining and energy sectors for the past 25 years, working with Intersuisse and Fat Prophets. He is also the Executive Director, Mining & Metals with Independent Investment Research (IIR).