The price of silver has hit a 30-year high, rallying to $24.92 per ounce in trading on Thursday, according to ETF Securities (ETFS).
ETFS head of research and investment strategy Nicholas Brooks says this price surge would have marked an all-time high for silver, had it not been for the anomalous price spike in early 1980, following the Hunt brothers' failure to corner the market.
Silver has very much been moving in lockstep with gold as the US dollar in particular has been falling recently.
ETFS senior analyst Daniel Wills says silver has historically been something of a geared play on gold prices, although it also tends to be more volatile than gold.
He says: "What we tend to see in terms of the activity is that when the gold price is rising often the silver price actually outperforms. Of course the converse is also true; when gold price falls, silver can fall quite sharply."
He adds: "In terms of the out-performance of silver versus gold, if you look at the return since the end of 2008, silver has outperformed gold by a cumulative 28 percentage points."
Wills says silver prices are also significantly lower than gold still.
He adds: "Silver is considered a store of value in uncertain times, so we have seen a very strong correlation between gold and silver, particularly in 2010."
However, silver is more closely correlated with industrial production than gold. Wills says: "If we did see industrial demand start to decline this could well have an impact through onto silver more than it would onto gold."
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