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Gold Shines — But Silver May Soon Sparkle Brighter

• Gold’s Performance:
  Gold recently hit a record high before easing slightly, boosted by trade tensions and Federal Reserve policy expectations.
  Over the past year, gold is up 41%, with a 113% return so far this decade — outperforming the S&P 500’s 78% gain, according to FactSet.

• Silver’s Set-Up:
  Historically, silver rallies tend to lag behind gold but can outperform during economic recoveries. Silver benefits both as a safe-haven asset and a key industrial metal, especially in electronics and solar energy.

• Key Indicator — Gold-Silver Ratio:

  • As of Wednesday, 1 ounce of gold = 98 ounces of silver.

  • This is well above the 30-year average of 68, indicating silver remains undervalued relative to gold.

  • Historical context: After the 2020 COVID-19 crash, the gold-silver ratio peaked at 113. Over the next year, silver surged 73%, while gold rose only 8%.

What to Watch Next

• Macro Drivers:
  Continued geopolitical tensions, inflation concerns, and industrial demand recovery could ignite silver’s next rally.

• Market Sentiment:
  If gold maintains strength and macro pressures ease slightly, silver could attract bargain hunters looking to ride the next wave.